In this episode, we sit down with Quynh-Boi Demey, the CFO of Exosens, a French industrial tech company that listed on Euronext Paris in June 2024. Exosens specializes in advanced imaging and sensing solutions for demanding environments such as aerospace, defense, and scientific research. It is best known as the leading non-US manufacturer of light-enhancing tubes for night vision, but also develops a broad range of complementary technologies, including high-performance photodetectors, infrared sensors, and scientific imaging systems used in industrial inspection, medical diagnostics, and space exploration. With Quynh-Boi, we go through the timing and preparation of the IPO, the transition from being owned by a Private Equity firm to being listed, the importance of meeting, or beating, the IPO guidance, and the benefits of being publicly listed. If you have feedback, or there are any topics you would like us to cover on the show, please reach out at contact@ipostories.com Disclaimer: The discussion in this episode is not financial advice, nor an investment recommendation, nor a solicitation to buy or sell any financial instruments or an offer for financial services or any other transaction. The information contained in the recording has no contractual value and is intended for informational purposes only. Amundsen Investment Management and the participants in this podcast may have holdings in the companies being discussed. Any views expressed are those of the guests only, and not of Amundsen Investment Management.
Michelle Lowry is a Professor of Finance at Drexel University, and has dedicated her research agenda to IPOs, corporate governance and retail investing. With Michelle, we discuss some of the factors behind the drop in the number of listings over the last 20 years, in particular the change in the type of companies that are going public, the optimal corporate governance structures for newly public companies, in particular how it differs from that of mature public companies, and how the occurrence of IPOs are an important stimulation for retail participation in the stock market. If you have feedback, or there are any topics you would like us to cover on the show, please reach out at contact@ipostories.com Disclaimer: The discussion in this episode is not financial advice, nor an investment recommendation, nor a solicitation to buy or sell any financial instruments or an offer for financial services or any other transaction. The information contained in the recording has no contractual value and is intended for informational purposes only. Amundsen Investment Management and the participants in this podcast may have holdings in the companies being discussed. Any views expressed are those of the guests only, and not of Amundsen Investment Management.
In this episode of IPO Stories, we are thrilled to welcome Caroline Escott, Head of Investment Stewardship and Co-Head of Sustainable Ownership at Railpen, one of the UK's largest pension schemes. With over £34 billion in assets under management, Railpen is a significant player in both public and private markets. Caroline leads Railpen's global investment stewardship efforts, engaging with portfolio companies on governance and strategy, and voting at annual general meetings. Caroline shares insights into how companies should approach governance as they consider going public, drawing from Railpen's experience as an active investor in pre-IPO and IPO situations, and long-term ownership of a global portfolio of equities. Caroline discusses the importance of good governance for long-term value creation and how Railpen's stewardship team actively engages with companies to ensure they are well-prepared for public listing. She highlights the role of governance in managing risks and opportunities, emphasizing that well-run companies are better positioned to thrive over the long term. Caroline also shares Railpen's approach to pre-IPO investments, where they work closely with companies to support their growth journey and prepare them for the heightened expectations of public markets. If you have feedback, or there are any topics you would like us to cover on the show, please reach out at contact@ipostories.com Disclaimer: The discussion in this episode is not financial advice, nor an investment recommendation, nor a solicitation to buy or sell any financial instruments or an offer for financial services or any other transaction. The information contained in the recording has no contractual value and is intended for informational purposes only. Amundsen Investment Management and the participants in this podcast may have holdings in the companies being discussed. Any views expressed are those of the guests only, and not of Amundsen Investment Management.
Jay Ritter is a Professor of Finance at the University of Florida's Warrington School of Business. He has become known as «Mr IPO» for his substantial work on IPOs through the years, starting with his PhD dissertation about IPOs at the University of Chicago in 1981. Through his work, Jay Ritter has attempted to provide data-driven insights into the dynamics of IPOs across the world. His work has focused on the underpricing, or day 1 performance, of IPOs, as well as the long-term performance of those IPOs versus the market. Jay has also focused on making his data and analysis public, and maintains a trove of IPO-related data on his website. With Jay, we discuss the critical importance of valuation for IPO success, the differences between institutional and retail-focused IPOs, the takeaways for management teams, and innovations in the IPO process. Disclaimer: The discussion in this episode is not financial advice, nor an investment recommendation, nor a solicitation to buy or sell any financial instruments or an offer for financial services or any other transaction. The information contained in the recording has no contractual value and is intended for informational purposes only. Amundsen Investment Management and the participants in this podcast may have holdings in the companies being discussed. Any views expressed are those of the guests only, and not of Amundsen Investment Management.
In this episode we sit down with Michael Shapiro, Apollo's co-head of Capital Markets and Syndicate, to unpack what it really takes to engineer a successful IPO in today’s market. Drawing on Apollo’s deep experience across public and private markets—including recent IPOs like Lottomatica in Italy, Sun Country in the US, and Ventia in Australia —Michael explains how the firm builds IPO readiness from the moment of investment, why purchase price matters more than ever, and how to turn complex businesses into compelling public stories. We dive into the practical playbook Apollo uses: early investor engagement, dry-run earnings reports, capital structure optimization, and building credibility long before the listing. Michael also challenges old assumptions about investor categories, advocating for a focus on fundamentals over labels like “long-only” or “hedge fund.” Throughout the conversation, he emphasizes the importance of predictability, simplicity, and investor alignment to maximize post-IPO performance. Whether you're a company preparing to go public, an investor evaluating IPOs, or simply fascinated by how public markets work, this episode offers a masterclass in IPO execution from one of the industry's top capital markets practitioners. Disclaimer: The discussion in this episode is not financial advice, nor an investment recommendation, nor a solicitation to buy or sell any financial instruments or an offer for financial services or any other transaction. The information contained in the recording has no contractual value and is intended for informational purposes only. Amundsen Investment Management and the participants in this podcast may have holdings in the companies being discussed. Any views expressed are those of the guests only, and not of Amundsen Investment Management or Apollo Global Management.
Marco Sammon is an assistant professor in the Finance Unit at Harvard Business School. He and his co-authors have researched on how indexing interacts with IPOs, particularly relating to fast-track additions to equity indices in the US, and the behaviour of firms in response to equity index rebalancing. With Marco, we try to draw some conclusions for investors and management teams about how to adapt to the growing share of passive ownership in equity markets – which can be both frustrating at times, and beneficial to companies going public. Disclaimer: The discussion in this episode is not financial advice, nor an investment recommendation, nor a solicitation to buy or sell any financial instruments or an offer for financial services or any other transaction. The information contained in the recording has no contractual value and is intended for informational purposes only. Amundsen Investment Management and the participants in this podcast may have holdings in the companies being discussed. Any views expressed are those of the guests only, and not of Amundsen Investment Management.
In this episode we sit down with Eben Upton, CEO and Founder of Raspberry Pi - a UK-based technology company known for its single-board computers, initially founded to promote programming education and growing into a global leader in embedded computing. We are joined by Aditi Venkatram, Managing Director at Jefferies, one of the bankers advising on the IPO of Raspberry Pi on the London Stock Exchange in June 2024. We deep dive into the key strategic and operational considerations for a successful Tech IPO outside of the US boundary, discuss the rationale for the Raspberry Pi listing, how to balance demand from both institutional and retail investors, and building long-term success post-IPO. Disclaimer: The discussion in this episode is not financial advice, nor an investment recommendation, nor a solicitation to buy or sell any financial instruments or an offer for financial services or any other transaction. The information contained in the recording has no contractual value and is intended for informational purposes only. Amundsen Investment Management and the participants in this podcast may have holdings in the companies being discussed. Any views expressed are those of the guests only, and not of Amundsen Investment Management.
In this episode, we sit down with Marc Hammoud, VP of Investor Relations at ADPorts Group, to discuss the pivotal role investor relations plays in the success of publicly listed companies. With over 15 years in MENA capital markets, Marc shares his expertise on how IR functions as a bridge between a company and the financial community, ensuring transparency, effective communication, and optimal shareholder engagement. He highlights the key functions of IR, from managing investor expectations to shaping company strategy, and explains why IR should be a core component of a company’s journey—ideally even before an IPO. The discussion also covers liquidity challenges and solutions for newly listed companies. Marc explains why stock liquidity is essential for valuation and how companies can proactively enhance it by broadening shareholder diversity, engaging with the right investors, and ensuring market visibility. He shares insights into how capital markets work, how companies can leverage IR to drive long-term shareholder value, and the importance of investor education in preparing for capital-raising events or shareholder divestments. Disclaimer: This discussion is for informational purposes only and does not constitute financial advice, investment recommendations, or solicitation to buy or sell financial instruments. The views expressed are those of the participants and do not necessarily reflect those of Amundsen Investment Management. Neither Amundsen Investment Management nor the podcast guests take responsibility for investment decisions made based on this discussion. The participants in this podcast and Amundsen IM may hold positions in the companies mentioned.
In this episode we tell the story of the IPO of Norconsult with CFO Dag Fladby. Norconsult is a Norwegian engineering architecture & urban planning consultancy company, owned exclusively by its employees before the IPO, and which to become the best performing European IPO of 2023 two years down the line (+140%). With Dag, we trace back the journey from the IPO decision, involving all the employees in the process, to managing the company post listing. Disclaimer: The discussion in this episode is not financial advice, nor an investment recommendation, nor a solicitation to buy or sell any financial instruments or an offer for financial services or any other transaction. The information contained in the recording has no contractual value and is intended for informational purposes only. Amundsen Investment Management and the participants in this podcast may have holdings in the companies being discussed. Any views expressed are those of the guests only, and not of Amundsen Investment Management.
Our guest in this episode is Dr. Ilham Kadri, the CEO of Syensqo, a global speciality chemicals company listed in Brussels. In 2023, Ilham led the spin-off of Syensqo from Solvay, the 160-year old Belgian chemicals conglomerate. In this interview, Ilham discusses the strategic rationale behind the decision to split Solvay into two separate entities, highlighting the aim to unlock the full potential of both companies. She explains how Solvay, a historic leader in commodity chemicals, and Syensqo, a new entity focused on specialty chemicals, were positioned to pursue their unique growth strategies. The conversation delves into the meticulous planning and execution required for the separation, emphasizing the importance of stakeholder engagement and maintaining operational continuity during a volatile global environment. She highlights Syensqo's focus on innovation and sustainability, detailing its ambitious goals for carbon neutrality and its role in advancing technological solutions. The episode also touches on the broader implications of the spin-off, including the strategic benefits of being a publicly listed company and the impact on stakeholders, from employees to investors. Dr. Kadri's leadership and vision provide a comprehensive view of the complexities involved in creating two independent champions from a long-standing conglomerate. Disclaimer: The discussion in this episode is not financial advice, nor an investment recommendation, nor a solicitation to buy or sell any financial instruments or an offer for financial services or any other transaction. The information contained in the recording has no contractual value and is intended for informational purposes only. Amundsen Investment Management and the participants in this podcast may have holdings in the companies being discussed. Any views expressed are those of the guests only, and not of Amundsen Investment Management.
In this episode we welcome Anne Ross, EMEA Equity Syndicate Manager at Fidelity Management and Research, our first guest from the buy-side. With her background at JP Morgan and now on the buy-side, Anne provides invaluable insights into the IPO process, from the role of bookrunners and strategic selection of banks, to the importance of understanding investor types and maintaining a strong shareholder base post-IPO, offering her view of what it takes to successfully navigate the public markets. Anne also delves into the evolving nature of IPOs, highlighting the impact of market trends and the necessity of aligning management incentives with shareholder interests. She emphasizes the significance of timing and strategic planning, advising companies to be well-prepared and adaptable. Whether you're a company considering going public or an investor seeking to understand the IPO landscape better, this episode is packed with practical advice and expert insights that are sure to enhance your understanding of the IPO journey. Disclaimer: The discussion in this episode is not financial advice, nor an investment recommendation, nor a solicitation to buy or sell any financial instruments or an offer for financial services or any other transaction. The information contained in the recording has no contractual value and is intended for informational purposes only. Amundsen Investment Management and the participants in this podcast may have holdings in the companies being discussed. Any views expressed are those of the guests only, and not of Fidelity Management & Research or Amundsen Investment Management.
Norva24 is a leader in underground infrastructure maintenance services in Northern Europe – that is the maintenance of all the infrastructure related to sewage and waste water. It is a Norwegian company, that has grown through the acquisition of smaller players over the years. In 2021, Henrik Damgaard, the company's CEO at the time, led Norva24 to an IPO in Stockholm, joining a number of other so-called ‘M&A compounders’ listed there – but all in different industries. With Henrik, we discuss all the specificities of the Norva24 IPO, such as his experience of managing an IPO in a new industry to investors, listing a Norwegian company in Sweden, with a Danish CEO, and the specificities of listing an M&A compounder. Disclaimer: this discussion is not financial advice, nor an investment recommendation, nor a solicitation to buy or sell any financial instruments, or an offer for financial services or any other transaction. The information contained in the recording have no contractual value and are destined for an informational purpose only. Amundsen Investment Management and the participants on this podcast may have holdings in the companies being discussed.
In this episode, we explore the journey of Taaleem, a leading operator of international private schools in the UAE, and its path to becoming one of the few listed education providers globally. Alan Williamson, the CEO of Taaleem, shares his experience taking Taaleem public in Dubai in November 2022. With Alan, we delve into the role of private education in the UAE, the unique challenges and opportunities of listing in a sector with few listed peers globally, and the positive impacts of raising capital for Taaleem's growth. We also discuss Alan's outlook for the education sector in the UAE and the broader GCC region. Disclaimer: this discussion is not financial advice, nor an investment recommendation, nor a solicitation to buy or sell any financial instruments, or an offer for financial services or any other transaction. The information contained in the recording have no contractual value and are destined for an informational purpose only. Amundsen Investment Management and the participants on this podcast may have holdings in the companies being discussed.
Matts Johansen is the CEO of Aker BioMarine, the global leader in krill fishing and production of krill-based products, such as omega 3 supplements and aquaculture feed. Aker BioMarine was founded as part of the Aker conglomerate, and Matts has been the CEO since 2015. In July 2020, they listed the company on Euronext Growth Oslo, in the middle of covid. They then up-listed it to the main exchange in 2021. With Matts, we discuss his experience of listing an innovative company with few listed peers in Europe, a very rapid IPO process during covid, and how to maintain a long-term focus even after listing. On the way, we will learn a lot of details about krill, a very interesting nutrient source at the bottom of the food pyramid. Disclaimer: this discussion is not financial advice, nor an investment recommendation, nor a solicitation to buy or sell any financial instruments, or an offer for financial services or any other transaction. The information contained in the recording have no contractual value and are destined for an informational purpose only. Amundsen Investment Management and the participants on this podcast may have holdings in the companies being discussed.
Øystein Kalleklev is the CEO of not one, but 2 listed companies: Flex LNG and Avance Gas, two leading shipping companies in Liquefied Natural Gas (LNG) and Liquefied Petroleum Gas (LPG), both listed on Euronext Oslo. Øystein shares his experience steering these companies through volatile market conditions and his rationale behind dual listing Flex LNG in the US in 2019. With Øystein, we discuss what being listed means for these companies, the technological evolutions in shipping, the challenges and opportunities of the energy transition, addressing methane emissions, and the broader implications for the shipping industry. Disclaimer: this discussion is not financial advice, nor an investment recommendation, nor a solicitation to buy or sell any financial instruments, or an offer for financial services or any other transaction. The information contained in the recording have no contractual value and are destined for an informational purpose only. Amundsen Investment Management and the participants on this podcast may have holdings in the companies being discussed.
Saudi Arabia has evolved from having 4 IPOs per year 10 years ago, to 40 IPOs per year over the last few years. Nayef Al Athel has been in the middle of this evolution, as he headed the listings activity at the Saudi Exchange between 2018 and 2023. With Nayef, we discuss the policy decisions and incentives that have made Saudi Arabia one of the most active IPO markets globally, how going public has affected the strategy of the Tadawul group, the internationalization of the exchange, and the road ahead for the Saudi capital markets. If you have feedback, or there are any topics you would like us to cover on the show, please reach out at contact@ipostories.com Disclaimer: this discussion is not financial advice, nor an investment recommendation, nor a solicitation to buy or sell any financial instruments, or an offer for financial services or any other transaction. The information contained in the recording have no contractual value and are destined for an informational purpose only. Amundsen Investment Management and the participants on this podcast may have holdings in the companies being discussed.
Not all IPO processes end up with an IPO. The path is filled with twists and turns, in some cases cancellations, postponements, or even a strategic sale before reaching the stock market. In this episode, we sit down with Maria Hedengren, who led the IPO processes of both iZettle (bought out by Paypal in the final stages) and Readly (listed in Stockholm in 2020). Through Maria's lens, we explore the critical moments, strategic decisions, and leadership challenges encountered when steering a company towards an IPO. From the decision of listing location to the intricacies of board composition and investor relations, Maria sheds light on the essentials of IPO readiness, the importance of strategic exits, and the impact of these decisions on a company's trajectory If you have feedback, or there are any topics you would like us to cover on the show, please reach out at contact@ipostories.com Disclaimer: this discussion is not financial advice, nor an investment recommendation, nor a solicitation to buy or sell any financial instruments, or an offer for financial services or any other transaction. The information contained in the recording have no contractual value and are destined for an informational purpose only. Amundsen Investment Management and the participants on this podcast may have holdings in the companies being discussed.
In 2018, Spotify was the first company to do a direct listing instead of a regular IPO process – foregoing the usual bookbuilding process in favor of opening the shares directly on the market in an auction. Dakin Campbell is the author of the book Going Public, where he recounts the history and the inside stories of some of the major IPOs in recent memory, starting with the 1956 IPO of Ford, and focusing on the innovations that have occurred through time. With Dakin, we discuss what led Spotify and others to prefer a direct listing transaction, and some of the pros and cons of a direct listing vs. a traditional IPO. Disclaimer: this discussion is not financial advice, nor an investment recommendation, nor a solicitation to buy or sell any financial instruments, or an offer for financial services or any other transaction. The information contained in the recording have no contractual value and are destined for an informational purpose only. Amundsen Investment Management and the participants on this podcast may have holdings in the companies being discussed.
Criteo, a French adtech company, listed on Nasdaq in 2013. Edouard Lassalle joined in 2012 to prepare the company for the IPO, and later served as head of Investor Relations for the company until 2022. One of the topics that comes up at an early stage during IPO preparation is the choice of listing location. In earlier episodes, we have heard from tech executives at Wise, DeliveryHero, OVHCloud and Exclusive Networks why they decided to list in Europe. Today, we look back at the 2013 US IPO of Criteo. Criteo was founded in 2005 and backed by leading VC investors such as Elaia, Index Ventures and Bessemer, with a global customer base. In 2013, the company was listed on Nasdaq, raising $280mn to fund its growth. Edouard Lassalle joined the company in 2012 to prepare the company for the IPO, and later served as head of Investor Relations for the company until 2022. Edouard shares with us his list of pros and cons of a US vs European listing for a European tech company, as well as considerations around the different characteristics of US and European markets, and the impact is has on the company. If you have feedback, or there are any topics you would like us to cover on the show, please reach out at contact@ipostories.com Disclaimer: this discussion is not financial advice, nor an investment recommendation, nor a solicitation to buy or sell any financial instruments, or an offer for financial services or any other transaction. The information contained in the recording have no contractual value and are destined for an informational purpose only. Amundsen Investment Management and the participants on this podcast may have holdings in the companies being discussed.
Middle Eastern equity capital markets have captured investors' attention the last 2 years, as the only truly active IPO market in the world throughout 2022 and 2023 - with close to 50 IPOs listing each of those years. To learn more about GCC equity markets, we are joined by Wassim Al Khatib, the CEO of Lazard in MENA. Lazard is an independent financial adviser, advising companies and their owners on all aspects of corporate finance, including organizing the IPO process. Before Lazard, Wassim was the CEO of Citigroup in Saudi Arabia, and before that the Head of Investment Banking at NCB Capital. With Wassim, we explore the reforms and opening of GCC capital markets to foreign investors, the IPO activity and diversification of the stock exchange beyond oil & gas, and the question of listing location for local, innovative companies. If you have feedback, or there are any topics you would like us to cover on the show, please reach out at contact@ipostories.com Disclaimer: this discussion is not financial advice, nor an investment recommendation, nor a solicitation to buy or sell any financial instruments, or an offer for financial services or any other transaction. The information contained in the recording have no contractual value and are destined for an informational purpose only. Amundsen Investment Management and the participants on this podcast may have holdings in the companies being discussed.