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Harding and Company – IPO Market – 2nd Half of 2018 Preview

Top IPO's for 2018

Harding and Company looks at what is in store for the remainder of the 2018 IPO Calendar, highlighting the major players looking to list by the end of the year.

NEW YORK, NEW YORK, UNITED STATES, July 18, 2018 / -- The first half of 2018’s IPO market saw several heavy hitters list. Most notably were Spotify, Dropbox and Xiaomi who were instrumental in seeing a 5% increase over 2017’s figures for the same period despite fewer companies coming to market.

Spotify the digital media company listed in New York back in April and has since seen its stock (NYSE: SPOT) gain over 25%.

Dropbox (NASDAQ: DBX), the cloud storage arm of Microsoft spiked 50% post listing, however, since that move the stock has settled at just over the $30 range showing gains of 10% to date.

Xiaomi, Spotify’s Chinese competitor, listed just a few weeks ago in Hong Kong (HKEX: 1810.HK) and has subsequently seen gains of +30% since its listing.

“Whilst the IPO market is always an exciting prospect, what we have seen so far this year is a more tentative approach” said John Preston, Senior Advisor at Harding and Company. “After 2016’s bumper year, we saw a significant withdrawal in large IPO’s through 2017. Now in 2018 that has reversed, and we are seeing significant increases in both interest and demand for the larger, more well-known IPO’s that have come to market so far this year.” Commenting on the second half of 2018’s IPO Calendar, John said “Given the caliber of companies still to list in the last half of the year, the IPO market and its performance as a whole for 2018 is looking to be exceptional, probably even record breaking!”

Key IPO’s still to come in 2018

China Tower

China Tower is the infrastructure-sharing joint venture between China Mobile, China Unicom, and China Telecom. The company was established in 2014 to prevent the duplication of towers by these three telecom firms.

China Tower has plans to raise up to US$10 billion through an IPO in 2018 and has appointed China International Capital Corp Ltd and Goldman Sachs to lead the IPO. The company’s shares will be listed in Hong Kong.

“With an expected valuation of $40 billion, this would make China Tower the largest mobile phone tower operator in the world with massive potential for expansion.”

Tencent Music Entertainment

Tencent Music – Chinese internet giant Tencent’s music streaming and downloading service – -has twice as many paying customers as Spotify. Tencent has a far better business model than Spotify and their revenue streams will be what sets them apart.

Media reports state that the company will list either in New York or in Hong Kong at a valuation of approximately US$10 billion.

John Preston commented, “Tencent Music has a dominant status in China. It would make sense to spin off the unit, allowing it to create strategic alliances and unlock value for investors. It could be one of the most-anticipated IPOs next year.”


The accommodations-rental platform has already raised U$4.5 billion from investors, and its current value is estimated at U$30 billion. Since its establishment in 2009, Airbnb has grown rapidly, and it currently operates in 65,000 cities across 191 countries.

According to a recent tweet by CEO Brian Chesky, the firm facilitated accommodation arrangements for over three million guests on New Year’s Eve last year.

While a 2018 IPO has not been confirmed, Chesky said that in March 2017, the firm was “halfway through a two-year project” to raise money from the public. But he added that he didn’t mean that there would be an IPO in 2018 – “it just means we’ll be ready.”


Saudi Arabia’s oil company, Aramco, is likely to launch its IPO in 2018. It will be valued at US$2 trillion, giving it the highest market capitalisation of any company by far. The world’s biggest stock exchanges are competing for the listing.

The New York Stock Exchange has even received an endorsement from President Donald Trump, who has tweeted, “Would very much appreciate Saudi Arabia doing their IPO of Aramco with the New York Stock Exchange. Important to the United States!”

“The Saudi Aramco IPO is possibly the most highly anticipated listing of the decade, and will be a major feather in the cap of the stock exchange that secures it.” Quoted John Preston.

To find out more about up and coming Initial Public Offerings and how you can get involved, contact an advisor today at or visit to see how you can benefit from an independent advisory service that is 100% committed to your financial security, strategy and wealth management.

Jefferson Wilde
Harding and Company
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