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Upcoming Global IPOs
Latigo Biotherapeutics (Ticker: LTGO US) is a U.S. biotechnology company developing non-opioid treatments for short-term and long-term pain. Its medicines are designed to block pain signals in the body without acting on the brain, which may reduce the addiction risks linked to opioid painkillers.
The company’s lead drug, LTG-001, is being developed for moderate to severe acute pain, including pain after surgery, and is expected to begin Phase 3 testing in the second half of 2026. A second drug, LTG-321, is being tested for chronic pain caused by conditions such as knee osteoarthritis.
Latigo plans to list on Nasdaq on August 7, 2026. The company is offering 16 million shares at $16.00 to $18.00 each and aims to raise approximately $272 million at the midpoint of the range. The IPO implies an estimated market value of around $1.0 billion. Goldman Sachs, Jefferies, Leerink Partners and Guggenheim Securities are managing the offering. Latigo was founded in 2018 and has not yet generated product revenue.
BlossomHill Therapeutics, Inc. (Ticker: BLSM US) is an American clinical-stage biotechnology company developing new cancer treatments. Its research focuses on medicines designed to target genetic changes that help certain cancers grow, including forms of lung cancer, leukemia and other tumors that can be difficult to treat.
BlossomHill plans to list on Nasdaq on August 7, 2026, following expected pricing on August 6. The company is offering 7,812,500 newly issued shares at a price of $15.00 to $17.00 per share. At the midpoint of the range, the IPO would raise approximately $125 million. Because all shares are primary, the proceeds will go to the company rather than existing shareholders.
The company’s most advanced drug candidates are being studied for a type of lung cancer that has become resistant to existing treatments, as well as for certain blood cancers. BlossomHill also has an earlier-stage drug candidate aimed at tumors linked to KRAS mutations, which are common genetic drivers in several cancers.
BlossomHill previously raised $100 million in a Series B financing. J.P. Morgan, Leerink Partners and Guggenheim are serving as bookrunners.
NASN Intelligent Tech (Zhejiang) Co., Ltd. (Ticker: 2261 HK) is a Chinese intelligent-driving motion-control technology company specializing in brake-by-wire systems, chassis electronic controls and steering components designed to improve vehicle safety, comfort and efficiency. Founded in 2016 and based in Hangzhou, China, NASN plans to list on the Hong Kong Stock Exchange on August 7, 2026.
The company is offering 57.59 million H shares at an expected price range of HK$10.42 to HK$11.18 per share, seeking to raise up to approximately HK$644 million, equivalent to approximately $82 million. The offering comprises entirely primary shares and includes a 15% greenshoe facility covering approximately 8.64 million additional shares.
NASN is backed by investors including Contemporary Amperex Technology and Hillhouse Investment. The offering is being managed by BOCI Asia, Haitong International Securities, Orient Securities Hong Kong, SDICS Securities Hong Kong and other advisers.
Londian Wason New Energy Tech (Ticker: FOIL US) is a Cayman Islands-incorporated, China-based producer of electrolytic copper foil used in lithium-ion EV batteries, as well as flexible copper-clad laminates, electric energy meters and energy storage systems. The company is headquartered in Shenzhen and operates manufacturing facilities across China, with an additional plant under construction in Malaysia. Its customers include CATL, BYD, LG Energy Solution, Samsung SDI and Panasonic.
Londian Wason plans to list on the NYSE on August 12, 2026, offering approximately 3.57 million American Depositary Shares at a price range of $20.00 to $22.00 per ADS. Each ADS represents five ordinary shares. At the $21.00 midpoint, the IPO is expected to raise approximately $75 million. The company’s estimated market capitalization is around $1.6 billion. Cantor, Huatai Securities, CMB International, US Tiger Securities and Fortune (HK) Securities are joint managers of the offering.
Ingenia Therapeutics (Ticker: 952509 KS) is a U.S.-based biotechnology company developing treatments that repair and protect small blood vessels damaged by disease. Its drug candidates are being studied for retinal diseases, chronic kidney disease, glaucoma, cancer and pulmonary hypertension.
Ingenia plans to list on South Korea’s KOSDAQ market on August 18, 2026. The company will offer 5 million new shares at KRW 12,000 per share, raising KRW 60 billion, or approximately $41 million. The offering values the company at around $409 million after listing. Samsung Securities is the sole lead underwriter.
According to published terms, the IPO proceeds will be used to advance clinical trials, develop additional drug candidates and expand partnerships with global pharmaceutical and biotechnology companies. Ingenia’s lead retinal disease treatment, IGT-427, was licensed to EyeBio in 2022. EyeBio was later acquired by Merck & Co., which is now leading late-stage clinical development of the treatment.
The IPOX® Newsletters
IPOX® in the News
IPOX® Associate Muehlbauer was quoted in Reuters on Londian Wason’s planned U.S. IPO, which targets a valuation of up to $1.7 billion and could become the largest New York listing by a Chinese company in more than a year. He said the relatively small offering would be encouraging rather than signal a definitive market reopening, while highlighting stronger growth, profitability, battery demand, and investor concerns over the company’s reliance on a limited number of major customers for future growth prospects.
IPOX® Associate Lukas Muehlbauer was quoted by Reuters on Westinghouse Electric’s confidential U.S. IPO filing. He said the company’s investor appeal comes from offering exposure to nuclear growth through an established operating business and a well-known American industrial name. Muehlbauer added that energy-security concerns and rising electricity demand from data centers have improved market sentiment toward nuclear power.
IPOX® CEO Josef Schuster was featured in Bloomberg's ECM Watch, discussing muted U.S. IPO debuts and rising equity risk. Following mixed first-day performances from Jersey Mike’s and Reformation, Schuster said elevated risk is pressuring the IPO market and making investors more selective. He added that prospective issuers may need greater flexibility on pricing expectations and fundraising targets. Bloomberg also cited the IPOX® 100 U.S. as a benchmark for recent large U.S. IPOs and spinoffs amid volatile market conditions.
IPOX® Associate Lukas Muehlbauer was quoted by Reuters on Jersey Mike’s NYSE debut, noting that raising roughly $1 billion showed investors remain willing to back large, established consumer brands. The sandwich chain’s shares opened 8.7% below their $23 IPO price, valuing the company at about $6.7 billion. Muehlbauer also cautioned against overinterpreting the first-day decline, citing broader market volatility as U.S. IPO activity continues to recover across technology, defense, industrial, consumer, and retail sectors this year after a prolonged slowdown.
Reuters reported that Permira-backed womenswear retailer Reformation was valued at $886.1 million in its NYSE debut after shares opened at the $15 IPO price. IPOX® Vice President Kat Liu said investors now prioritize financial performance over sustainability narratives, though sustainability can still strengthen brands and customer loyalty. Liu also noted that Reformation’s high share of returning customers signals genuine loyalty, lower retention costs, stronger lifetime spending, and more predictable revenue as the company pursues store expansion and product diversification plans.
The IPOX® Update
Global IPO activity spans major U.S., European and Asia-Pacific deals, led by potential multibillion-dollar listings from CyrusOne, Westinghouse and Nscale. Recent U.S. debuts from Jersey Mike’s and Reformation showed cautious investor sentiment, increasing pressure on pricing and fundraising expectations. Smaller transactions include Braveheart Bio, Space-Eyes, Karman Line, Vogenx and NASN Intelligent Tech. Across sectors, investors remain interested in established brands, nuclear energy, data centers, biotechnology, defense technology and artificial-intelligence infrastructure, despite heightened volatility and greater scrutiny of financial performance metrics.
Jersey Mike’s leads the pipeline with a potential $1.09 billion NYSE offering, followed by Reformation, Amapá Minerals and Saudi lubricant producer Petrolube. Other notable candidates include Lyntris, AlphaSense, Moonshot AI, AgiBot, TAWAL and Pepkor’s planned fintech spin-off. Together, the transactions span North America, Asia-Pacific, MENA and Africa, reflecting continued demand for sizable public-market opportunities across diverse industries and global markets.
Global IPO activity is accelerating, led by large technology and infrastructure deals. In the U.S., Switch, Anthropic, Holtec, JERA and YPF Electric Energy are pursuing or considering listings. Europe remains mixed, with Utmost and Howden advancing plans while AS Watson may delay. Asia-Pacific is especially active: CXMT has raised $8.6 billion, while Zhongji Innolight, Eoptolink, Shein, AirTrunk, DeepSeek and Kopi Kenangan prepare offerings, though Syngenta’s Hong Kong IPO could slip to 2027. Market conditions and regulatory approvals remain key uncertainties.