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Transwarp (Ticker: 6727 HK) is a Chinese enterprise software company providing AI and big data infrastructure to corporate and government customers. Its software helps organizations store, manage and analyze large amounts of data, build AI applications and run cloud-based data systems. The company serves more than 1,800 customers across industries including finance, government, energy, healthcare, transportation and manufacturing, and says repeat purchases from existing customers accounted for more than 70% of revenue on average from 2023 through the first quarter of 2026.
Transwarp plans to list on the Hong Kong Stock Exchange on September 21, 2026, with an IPO raising approximately $88 million and an estimated market capitalization of about $948 million. According to Frost & Sullivan, Transwarp was China’s fifth-largest AI infrastructure software provider by revenue in 2025, with a 2.7% market share, and the country’s largest independent provider in the sector.
The company is also expanding internationally, with subsidiaries in Hong Kong, Singapore and Canada and customers in Singapore and the Middle East. BOCOM International, CMB International and several other securities firms are managing the offering.
Ligent Technologies Inc. (Ticker: 9856 HK) is a Chinese semiconductor and optical communications company that develops products used in high-speed data networks, including optical transceivers, chips and network terminals. Its technology is designed in part for AI-driven computing networks, where large amounts of data need to move quickly between servers and data centers. The company serves customers globally.
Ligent plans to list on the Hong Kong Stock Exchange on September 22, 2026. The company is offering approximately 172.01 million new shares at HKD 32.96 per share, raising about HKD 5.67 billion, or approximately $723 million. The offering implies a market capitalization of around $4.1 billion.
All shares in the IPO are primary shares, meaning the proceeds will go to Ligent rather than existing shareholders. The offering also includes a 15% greenshoe option. CLSA, Citigroup Global Markets Asia, Futu Securities International and GF Securities Hong Kong Brokerage are among the managers of the IPO.
Bamboo Insurance Services (Ticker: BMB US) is a U.S. homeowners insurance business that uses technology and AI to help price policies, assess risk and manage claims. The company operates as a managing general underwriter (MGU), meaning it handles much of the insurance process while partner insurance carriers provide the capital and ultimately bear the claims risk.
Bamboo, which is incorporated in Delaware and backed by CVC, plans to list on the New York Stock Exchange on September 23, 2026. Selling shareholders are offering 35 million shares at $18.00 to $20.00 each, implying proceeds of approximately $665 million at the midpoint and up to $700 million at the top of the range. The offering implies an estimated market capitalization of around $3.0 billion, while Reuters reported a fully diluted valuation of up to approximately $3.2 billion.
All shares in the IPO are being sold by existing shareholders, so Bamboo itself will not receive any proceeds from the offering. J.P. Morgan, Morgan Stanley, Deutsche Bank Securities, Evercore ISI and Wells Fargo Securities are managing the IPO.
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.
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.
The IPOX® Newsletters
IPOX® in the News
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.
IPOX® VP Kat Liu commented in Reuters on Orion180 Insurance’s Nasdaq debut and the excess and surplus insurance market. Liu explained that E&S carriers serve risks many traditional insurers cannot or do not want to write on standard terms, with greater flexibility in pricing, coverage limits and policy design. She added that Orion180’s opportunity has been accelerated by a cyclical dislocation as larger insurers pull back, rather than depending solely on those market conditions for its growth in the sector.
Reuters cited IPOX® Associate Lukas Muehlbauer on Holtec’s suspended U.S. IPO, linking the company’s investment case to expectations for higher electricity demand from data centres amid the AI boom. Muehlbauer said the broader IPO pipeline should remain active without widespread postponements, while noting investor concerns around AI development, interest rates, and weak nuclear-sector performance. “The underlying demand for energy has not disappeared, but investors are becoming more selective about how much they are willing to pay today for future growth.”
IPOX® Associate Lukas Muehlbauer commented on Altera’s planned U.S. IPO, highlighting investor focus on the chipmaker’s exposure to hyperscalers and AI infrastructure demand. Reuters reported that Altera, backed by Silver Lake and Intel, has confidentially filed to go public and could raise more than $2 billion. Muehlbauer noted that whether hyperscalers remain a material part of Altera’s customer base will be an important consideration for investors once the company’s public filing becomes available.
IPOX® VP Kat Liu said in Reuters coverage that SPAC mergers can provide a more flexible route for defense and space companies with government contracts, strategic backing or clear growth pipelines that lack the revenue scale or predictability required for traditional IPOs. Reuters reports six defense and space-related companies have announced SPAC mergers in 2026, double the total in 2025, as investor appetite surges. The sector is also benefiting from rising government spending and strong demand for satellite, defense and aerospace technologies this year.
The IPOX® Update
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.
U.S. IPO activity is led by SB Energy’s planned $5 billion Nasdaq deal, alongside Cumberland Farms’ pre-IPO financing and Golden Pet Brands’ New York plans. In Europe, Nscale is raising $3.5 billion ahead of a potential flotation, while Blackstone prepares Hotel Investment Partners for a Spanish listing. Asia-Pacific remains especially active, with Moonshot AI, Asia OneHealthcare, Ligent, Club Med, Akulaku, Jollibee’s international unit and VinFast-linked GSM all advancing toward Hong Kong or Malaysian IPOs across technology, healthcare, hospitality and mobility.