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ADARx Pharmaceuticals Inc. (Ticker: ADRX US) is a U.S. late-stage biotechnology company developing RNA-targeted therapeutics across complement-mediated, genetic, cardiovascular, thrombosis, central nervous system and metabolic diseases, including obesity. The company has developed technologies designed to selectively control the expression of disease-related targets and is advancing a pipeline of RNA therapeutic candidates. ADARx also has a collaboration and license option agreement with AbbVie covering siRNA therapeutics across multiple disease areas, including neuroscience, immunology and oncology.
ADARx plans to list on Nasdaq on September 25, 2026, following expected pricing on September 24. The company is offering 21.875 million shares at $15-$17 per share, representing an IPO size of approximately $350 million at the midpoint. The offering consists entirely of primary shares, with proceeds therefore going to the company before fees and expenses. J.P. Morgan, Morgan Stanley, TD Cowen and UBS are acting as bookrunners.
RoboTechnik Intelligent Technology Co., Ltd. (Ticker: 3757 HK) is a Chinese provider of intelligent manufacturing equipment and systems for the photovoltaic (PV) and silicon photonics (SiPh) industries. Its offerings include PV cell automation equipment, complete production lines, intelligent manufacturing systems centered on its R2Fab MES platform, and, through ficonTEC, SiPh assembly and testing equipment.
RoboTechnik plans to list in Hong Kong on September 29, 2026, offering approximately 11.88 million primary shares at HKD 436 per share and raising approximately HKD 5.18 billion (approximately $660 million). The offering includes a 15% greenshoe facility covering approximately 1.78 million additional shares.
According to CIC data cited by the company, RoboTechnik ranked fifth globally in intelligent PV cell automation manufacturing equipment by 2025 revenue, with a 2.6% market share, and first globally in intelligent SiPh manufacturing equipment, with a 20.5% market share. Citigroup Global Markets Asia, Futu Securities International (Hong Kong), and Huatai Financial Holdings (Hong Kong) are among the offering managers.
Red Avenue New Materials Group Co., Ltd. (Ticker: 9607 HK) is a Chinese new materials company engaged in the R&D, production and sale of rubber additives, electronic materials and fully biodegradable materials. Red Avenue, which has been listed on the Shanghai Stock Exchange since 2018, plans to list its H shares on the Hong Kong Stock Exchange on September 29, 2026.
The company plans to offer approximately 68.12 million primary shares at HKD 39.00-44.00 per share, raising up to approximately HKD 3.0 billion (approximately $382 million). Its products include phenolic resins and other rubber additives used in tyres, semiconductor and display photoresists, CMP polishing pads, high-purity solvents and PBAT biodegradable materials.
According to Frost & Sullivan data cited in the prospectus, Red Avenue ranked first globally in phenolic resin rubber additives for tyres by 2025 sales revenue, with a 41.4% market share, and ranked first among local suppliers in China’s semiconductor and TFT-array photoresist markets. The company operates seven production facilities in China and is developing a new rubber-additives production base in Thailand.
Shenzhen Kinwong Electronic Co., Ltd. (Ticker: 3228 HK) is a Chinese printed circuit board (PCB) manufacturer serving automotive electronics, telecommunications and data infrastructure, smart devices, industrial control, AI computing and other markets.
Kinwong plans to list its H shares on the Hong Kong Stock Exchange on September 29, 2026, offering approximately 72.94 million primary shares at HKD 69.88 per share and raising approximately HKD 5.1 billion (approximately $650 million). According to CIC data cited in the prospectus, the company was the world’s largest automotive electronics PCB provider by revenue in 2025, with a 10.6% market share, and ranked eleventh among PCB providers globally with a 2.5% share.
Its products include multilayer, HDI, flexible, high-layer-count and other advanced PCBs used in areas including autonomous driving, AI computing infrastructure and next-generation communications. The company served more than 800 customers across 53 countries or regions during the track record period. CLSA, Guolian Securities International Capital and Merrill Lynch Asia Pacific are managers of the offering.
Direct Drive Tech Limited (Ticker: 6731 HK) is a Chinese robotics and precision motion-control company developing and manufacturing direct-drive motors, power modules and robotic systems.
The company plans to list on the Hong Kong Stock Exchange on September 29, 2026, offering 50.00 million primary shares at HKD 21.60 per share and raising approximately HKD 1.1 billion (approximately $138 million). The offering implies a market capitalization of approximately $1.0 billion.
Direct Drive Tech’s product portfolio includes direct-drive robotic platforms such as D1, TITA and DIABLO, as well as related motion-control technologies and robot middleware, with applications including inspection, delivery and other mobile-robotics use cases. The offering includes a 15% greenshoe facility covering 7.50 million additional shares. CLSA, CMB International Capital, China Harbour International Securities, Futu Securities International (Hong Kong) and Neutral Financial Holding are managers of the offering.
Accelevation (Ticker: ACCV US) is a U.S.-registered infrastructure company that designs, manufactures and installs power distribution and white-space infrastructure products for mission-critical environments, serving hyperscale, colocation, AI, cloud and other large-scale data center customers.
Accelevation is expected to list on Nasdaq on September 30, 2026, following pricing after market close on September 29. The company plans to offer 30 million shares at $20.00-$24.00 per share, implying an IPO size of approximately $660 million at the midpoint and a range of $600 million-$720 million. According to the published terms, the offering consists of approximately 29% primary shares and 71% synthetic secondary shares. J.P. Morgan and Morgan Stanley are serving as bookrunners, with Morgan Stanley acting as stabilization agent and bill-and-deliver bank.
Oura Inc. (Ticker: OURA US) is a Finnish-founded health technology company operating a health intelligence platform centered on Oura Ring, a smart ring that tracks more than 50 health metrics, including sleep, activity, stress, readiness, women’s health, metabolic health and heart health. The company serves millions of members globally and also works with research teams, healthcare providers, sports organizations and other partners.
Oura plans to list on Nasdaq on September 30, 2026, following expected pricing on September 29. The company has filed to offer 50 million shares at a price range of $40-$44 per share, representing an offer size of approximately $2.1 billion at the midpoint. Approximately 27% of the shares are primary and 73% are secondary, meaning most of the IPO proceeds are expected to go to selling shareholders rather than the company. J.P. Morgan, Goldman Sachs, Morgan Stanley, Allen & Co. and Jefferies are acting as bookrunners.
Duksan Navcours Co., Ltd. (Ticker: 266690 KS) is a South Korean aerospace and defense technology company specializing in positioning, navigation and timing (PNT) systems, including precision satellite navigation, GNSS/INS navigation and anti-jamming solutions for military, aerospace and civilian applications.
Duksan Navcours plans to list on KOSDAQ on September 30, 2026. The company priced its IPO at KRW 14,600 per share, at the top of the indicated KRW 12,400-14,600 range, offering 3 million shares and raising approximately KRW 44 billion (approximately $30 million). The offering consists entirely of primary shares. At the IPO price, Duksan Navcours has an estimated market capitalization of approximately $189 million. Daishin Securities is acting as manager of the offering. The company was founded in 2012, is headquartered in Daejeon, South Korea, and has been part of the Duksan Group since 2021.
The IPOX® Newsletters
IPOX® in the News
Reuters reports that Accelevation is targeting a valuation of up to $5.37 billion in its U.S. IPO, seeking to raise up to $720 million. IPOX® Vice President Kat Liu said investors are becoming more selective as AI infrastructure offerings expand, focusing on companies’ value-chain positioning, backlog quality, and ability to convert demand into revenue, margins, and cash flow. Accelevation provides power distribution, cooling, and modular infrastructure for data centers supporting growing AI computing demand.
IPOX® CEO Josef Schuster commented in Barron's on how growing retail access to IPO allocations through platforms such as Robinhood, SoFi and Coinbase could influence short-term trading in newly listed companies. Discussing Oura’s upcoming IPO, Schuster noted that restrictions on future IPO access may discourage investors from quickly selling allocated shares, potentially affecting early trading dynamics. The article also highlighted IPOX®’s broader role in IPO market research and its index tracked by the First Trust US Equity Opportunities ETF.
IPOX® Associate Lukas Muehlbauer was interviewed by Kauppalehti, Finland’s leading business and financial newspaper, about Oura’s planned U.S. IPO and growth outlook. The article examines Oura’s strong revenue momentum, targeted $12.8–14.1 billion valuation and offering structure. Muehlbauer discussed how the valuation reflects significant future growth expectations and noted that much of the stock being offered comes from existing shareholders, meaning Oura itself is expected to receive only a portion of the proceeds raised through the transaction as part of the IPO.
Reuters reports that ADARx Pharmaceuticals raised $446.3 million in an upsized U.S. IPO, with shares opening 30% above the $17 offer price. IPOX® Associate Lukas Muehlbauer, who commented ahead of the offering on AbbVie’s backing and biotech investor selectivity, spoke with Reuters again after the company began trading. He highlighted AbbVie’s validation, ADARx’s Phase 3 lead drug and broader development platform, while noting that investors remain focused on mature clinical assets and key catalyst milestones across the biotech IPO market.
IPOX® VP Kat Liu comments on Oura’s planned U.S. IPO, which targets a fully diluted valuation of about $15.6 billion and could raise up to $2.2 billion. Liu highlighted Oura’s beginner-friendly, fashionable positioning in wearables, while noting that the valuation reflects expectations for continued strong growth and a greater shift toward higher-margin recurring revenue. Oura is expected to price next week and trade on Nasdaq under the ticker OURA, following its fall roadshow launch.
The IPOX® Update
Global IPO activity accelerated across major markets, led by large technology, infrastructure, fintech and healthcare offerings. Nscale, Oura, Accelevation, ADARx and Bamboo Insurance drove U.S. activity, while Anthropic continued IPO preparations. In Europe, Airtel Money advanced its London listing and Trafigura prepared Volare Shipping for Oslo. Asia-Pacific remained especially active, with Firmus, Mynt, EcoCeres, Kinwong Electronic, Direct Drive Tech and Camsense pursuing sizable listings across Australia, the Philippines and Hong Kong. Investor demand remains focused on AI-linked and growth companies.
Global IPO activity this week featured several large planned offerings alongside notable delays. Firmus Technologies is seeking up to $5 billion in Australia, while Bamboo Insurance targets up to $700 million in New York. BASF advanced plans for a major Frankfurt listing, and Revolut and Vue explored future London-linked IPOs. Holtec, Dusk and Forms Syntron postponed or shelved offerings. Other deals included Linjemontage in Stockholm, Wiluna Mining in Australia and RoboTechnik’s $800 million Hong Kong secondary listing during the period.
Global IPO activity is accelerating into the fall, with major prospective listings spanning the U.S., Europe, Asia-Pacific and MENA. Altera leads the pipeline with a potential $2 billion-plus U.S. IPO, while Holtec Nuclear, Stratolaunch and Orion180 advance offerings. Europe features Belron and Ignis, while Asia-Pacific activity includes AirTrunk, Mynt, Musinsa and Transwarp Technology. In MENA, MNT-Halan has begun the Cairo listing process, highlighting broad investor appetite across technology, infrastructure, defense, insurance and fintech as issuance momentum builds toward year-end globally.