GenIP, a portfolio company belonging to Tekcapital LON:TEK, is planning to IPO on London’s AIM market. GenIP leverages artificial intelligence to determine the likely success of technology organisations, as well as deploying its proprietary tech in the recruitment field.
The company has an executive recruitment platform called Vortechs which it says will enable better and faster recruitment of experienced executives and business leaders for tech companies. Its Invention Evaluator software can assess the relatively likelihood for success of individual tech companies.
The GenIP technology is being aimed at research institutions and venture funds, among others. GenIP has already been instrumental in commercialising a number of technology companies, including listed spin-outs. Tekcapital said it felt that GenIP was now ready to stand as a listed company in its own right.
Lord David Willetts, the current Chair of the UK Space Agency will serve as Non-executive Chair of GenIP and Dr. David Gann, Oxford Professor and former Chairman of the UK Atomic Energy Authority will serve as a non-executive director.
The AIM IPO is anticipated to be completed in the next few weeks. Tekcapital Plc, through its subsidiary Tekcapital Europe, on consummation of the IPO is expected to own ~63% of the share capital of GenIP with an anticipated raise of approximately £1.5m.
Hozon New Energy Automobile preps for Hong Kong IPO
Hozon New Energy Automobile said its Hong Kong listing plans were progressing faster than anticipated, with positive sentiment returning to the Hong Kong equities market. The company has also been making progress with the sale of its Neta X EVs in overseas markets.
Hozon founder Fang Yuzhou said the progress of the sales of Neta X models was having a positive effect with investors in Asia. Based in China, Hozon New Energy Automobile submitted its IPO application in Hong Kong in June. The size of the IPO has not been disclosed, but insiders said the company and its brokers were shooting for around USD 1bn.
If successful, Hozon would put Hong Kong back on the map for IPOs in Asia, especially for Chinese companies. The listing would follow the successful IPO in Hong Kong of appliance maker Midea Group, which raised USD 4bn in a Hong Kong listing last week.
Hozon has so far raised over USD 3.74bn in a series of capital raises. Among its backers are Chinese cybersecurity firm Qihoo 360 Technology.
Wealthsimple CEO sees IPO as part of his strategy
Canadian wealth management business Wealthsimple told media last week that an IPO was on the cards. CEO Michael Katchen said the company was going to be remain independent and would not contemplate a merger with a Canadian bank.
Wealthsimple famously shelved global expansion plans when it pulled out of the UK and US markets to concentrate on Canada. It now has over CAD 50bn in assets under management. Katchen told Bloomberg that an IPO was “very much on the cards” although formal steps towards a listing have not been taken yet.
Wealthsimple currently has around 3m Canadian customers.
