TMC Co., Ltd. (Ticker: 217590 KS) is a South Korean industrial manufacturer specializing in marine and optical cables. The company produces a diverse range of products including shipboard, offshore, and fiber optic cables, reportedly holding over 50% of the domestic ship cable market. Key clients include major shipbuilders such as HD Korea Shipbuilding, Hanwha Ocean, and Samsung Heavy Industries. TMC plans to list on the Korea Exchange on December 15, 2025, offering 6,100,000 shares at a fixed price of KRW 9,300 per share.

The IPO aims to raise KRW 56.73 billion (approximately USD 40 million), giving the company a post-listing valuation of roughly KRW 224 billion (approx. USD 160 million). The offering was lead-managed by Mirae Asset Securities. Notably, the institutional demand forecast resulted in a competition rate of 959.96:1, with 53.42% of institutions committing to a mandatory lock-up period. Structurally, TMC is a subsidiary of KPF Co., Ltd., which retains a controlling interest post-listing. The company is actively pursuing overseas expansion, having established a US branch in 2023 and secured supply agreements with Amphenol Corp to capture growing demand in the North American data infrastructure sector.

NS Group, Inc. (Ticker: 471A JP) is a Japanese holding company specializing in rent debt guarantee services through its core subsidiary, Nihon Safety Co., Ltd. NS Group plans to list on the Tokyo Stock Exchange Prime Market on December 16, 2025. The offering comprises approximately 26.6 million shares (including over-allotment) entirely from existing shareholders, with a tentative price range of JPY 1,440 to JPY 1,480. At the upper limit, the IPO seeks to raise JPY 39.4 billion (approx. $262 million), giving the company a market capitalization of roughly $515 million. Since no new shares are being issued, the company will reportedly not receive proceeds; funds will go to selling shareholders, including Bain Capital entities. SMBC Nikko and Daiwa Securities are serving as joint lead managers.

Acryl Inc. (Ticker: 0007C0 KS) is a South Korean IT services company specializing in artificial intelligence infrastructure. The firm provides "Jonathan," an end-to-end AI platform supporting the lifecycle from development to operation (LLMOps), and "Nadia", a medical AI solution. Acryl plans to list on the KOSDAQ on December 16, 2025, offering 2,160,000 shares at a fixed price of KRW 19,500. The IPO aims to raise KRW 42.12 billion (approximately USD 30 million).

Upon listing, the company expects a market capitalization of approximately KRW 148.6 billion (approx. USD 106 million). The company includes LG Electronics as a strategic investor, reportedly holding an 8.4% stake post-listing. The IPO generated significant institutional interest, recording a competition rate of 790.49:1, with 52.75% of allocated shares subject to a mandatory lock-up. Acryl positions itself as an "AX (AI eXperience)" specialist, leveraging its proprietary Large Language Model, "Jonathan-ALLM," to expand in the commercial AI market.

Guoxia Technology Co., Ltd. (Ticker: 2655 HK) is a Chinese company specializing in renewable energy and energy storage systems (ESS). Guoxia plans to list on the Hong Kong Stock Exchange on December 16, 2025, offering 33.85 million shares at HKD 20.10. The IPO aims to raise HKD 680.44 million (USD 87.46 million), implying a market capitalization of approximately USD 1.31 billion.

According to filings, the company plans to use the proceeds for R&D, product capacity expansion, and brand promotion. Guoxia Technology reportedly distinguishes itself through AI-integrated cloud platforms for digital energy management. The deal is sponsored by China Everbright Capital Limited, with syndication led by underwriters including ABCI Securities and BOCI Asia.

Medline Industries, LP (Ticker: MDLN US) is an American healthcare company and the nation's largest privately held manufacturer and distributor of medical supplies. Headquartered in Northfield, Illinois, the company provides products, education, clinical programs, and services across the continuum of care, with operations spanning over 125 countries and territories. Medline plans to list on the NASDAQ exchange on December 17, 2025. The company is offering 179,000,000 shares within a pricing range of $26.00 to $30.00 per share.

The IPO is expected to raise approximately $5.01 billion USD. The offering consists of 100% primary shares, with an additional greenshoe option of 26,850,000 synthetic secondary shares. Medline was previously acquired in June 2021 by a consortium of private equity firms (Blackstone, Carlyle, and Hellman & Friedman) in a leveraged buyout that reportedly valued the company at $34 billion. The transaction is being managed by bookrunners including Goldman Sachs, Morgan Stanley, Bank of America, and J.P. Morgan.

SBI Shinsei Bank Ltd (Ticker: 8303 JP) is a Japanese financial institution providing a full range of financial products and services to both institutional and individual customers. The bank is operating a hybrid business model that combines traditional banking with non-bank functions, such as leasing and consumer finance. The company is scheduled to list on the Tokyo Stock Exchange on December 17, 2025. SBI Shinsei Bank aims to offer 222 million shares with a tentative price range of 1,440 to 1,450 JPY, implying a total offer size of 321.9 billion JPY (approximately 2.09 billion USD). The transaction is structured as a subsidiary listing, featuring both a primary capital raise and a secondary sale of shares by majority shareholders, including SBI Holdings. Lead underwriters reportedly include Nomura, SBI Securities, and Goldman Sachs.

Andersen Group Inc. (Ticker: ANDG US) is a United States-based professional services firm specializing in independent tax, valuation, and financial advisory solutions. Founded in 2002 by former partners of Arthur Andersen, the San Francisco-headquartered company serves wealthy families, businesses, and alternative investment funds. Andersen Group plans to list on the NYSE on December 17, 2025.

The company intends to offer 11.0 million shares at a price range of USD 14.00 to USD 16.00. At the midpoint, the IPO is expected to raise USD 165 million, aiming for a market capitalization between USD 1.64 billion and USD 1.75 billion. The offering is managed by underwriters including Morgan Stanley and UBS Investment Bank.

Rznomics Inc. (Ticker: 476830 KS) is a South Korean biotechnology company specializing in RNA-based gene therapeutics. The company utilizes a proprietary RNA trans-splicing enzyme platform to develop treatments for oncology, genetic disorders, and degenerative diseases, alongside a circular RNA platform for next-generation bio-pharmaceuticals.

Rznomics plans to list on the KOSDAQ on December 18, 2025. The company is offering 2.06 million shares at a fixed price of KRW 22,500, raising KRW 46.35 billion ($33 million). At this pricing, the company anticipates a market capitalization of KRW 309.83 billion ($221 million). The offering consists entirely of primary shares (100% new shares). Reportedly, the company intends to use the proceeds to accelerate clinical development of its pipeline and enhance its platform technologies. Samsung Securities and NH Investment & Securities are acting as joint managers for the offering.

Mirrativ Inc. (Ticker: 472A JP) is a Japanese technology company specializing in the development and operation of the live streaming platform "Mirrativ." Headquartered in Tokyo, the company focuses on mobile game distribution, offering services that include real-time live broadcasting, screen recording, and avatar-based communication for mobile users. Mirrativ plans to list on the Tokyo Stock Exchange Growth Market on December 18, 2025. Founded in 2018 by CEO Junichi Akagawa, a former executive at DeNA, the company operates with a structure that includes the consolidated subsidiary iBlade Inc.

The company intends to offer a total of 8,424,300 shares, which includes a public offering, a secondary offering by existing shareholders, and an over-allotment option. Based on the assumed issue price of JPY 850, the IPO is expected to raise approximately JPY 7.16 billion (approx. USD 47.7 million). The offering is reportedly being jointly managed by Mitsubishi UFJ Morgan Stanley Securities and Daiwa Securities, with major shareholders including venture capital firms such as Globis and ANRI.

CiDi Inc. (Ticker: 3881 HK) is a China-focused provider of intelligent driving products and solutions for commercial vehicles, covering closed-environment autonomous mining and logistics trucks, V2X (vehicle-to-everything) technologies, and intelligent perception systems. The company is scheduled to list its H shares on the HKEX Main Board on 19 December 2025, following an offer period of 11–16 December 2025 (pricing set on 11 December 2025).

The IPO is priced at HK$263 per share, with 5,407,980 shares offered, implying gross proceeds of about HK$1.42 billion (US$182.7 million). The Hong Kong public tranche is 270,400 shares (5%), with the remainder allocated to international placing. According to CIC, CiDi ranked sixth among China commercial-vehicle intelligent driving companies by market share (~5.2%) and ranked third in the autonomous mining truck solution market by 2024 revenue.

Proceeds are reportedly allocated to R&D and capacity expansion (55%), brand promotion and business development (15%), and working capital and strategic acquisitions (30%). Sponsors include CICC, China Securities (International) and Ping An of China Capital (Hong Kong), with ABCI Securities among the underwriters.

PowerX, Inc. (Ticker: 485A JP) is a Japanese technology company focused on the energy sector, specifically the manufacturing and sale of large-scale storage batteries and the development of marine energy storage systems. Headquartered in Okayama with offices in Tokyo, the company also operates electric vehicle (EV) charging stations and supplies renewable energy. PowerX is set to list on the Tokyo Stock Exchange Growth Market on December 19, 2025. The company was founded in 2021 by CEO Masahiro Ito, previously a key executive at ZOZO.

The company intends to offer a total of 9,646,500 shares, which includes a public offering, a secondary sale by existing shareholders, and an over-allotment option. Pricing the IPO at an assumed JPY 1,200 per share, the total offer size is expected to reach approximately JPY 11.58 billion (approx. USD 77 million). At the time of listing, PowerX expects a market capitalization of approximately USD 251.5 million. The IPO is reportedly managed by Mitsubishi UFJ Morgan Stanley Securities and SMBC Nikko Securities, with a strategic shareholder base that includes Imabari Shipbuilding, Nippon Gas, and NYK Line.

Zhihui Mining (Ticker: 2546 HK) is a Chinese mining company focused on zinc, lead and copper exploration, mining, production and sales of concentrates from its operations in Xizang (Tibet), China. The company is scheduled to list H-shares on the Hong Kong HKEX Main Board on 19 December 2025, with an offer period running 11–16 December 2025 and pricing set for 17 December 2025.

The IPO is marketed at HK$4.10–4.51 per share, offering 121,952,000 shares, implying gross proceeds of approximately HK$500.0–550.0 million (about US$67.4 million). The deal implies a market capitalization of roughly HK$2.0–2.2 billion (about US$270 million). Zhihui Mining’s flagship asset is the Mengya’a Mine in Nagqu, featuring an open-pit mine in operation since 2007 and an underground mine that commenced commercial operations in 2Q25.

Proceeds are reportedly earmarked mainly for R&D and capacity expansion (~47.9%), brand promotion and business development (~23.4%), working capital and strategic acquisitions (~21.7%), and debt repayment (~7%). Sponsors include Maxa Capital and Sinolink Securities (Hong Kong), with ABCI Securities among the underwriters.

Nanhua Futures (Ticker: 2691 HK) is a China-based futures company providing comprehensive global financial services, including futures brokerage, risk management, and wealth management. Founded in 1996 and headquartered in Hangzhou, the company reportedly ranks as the eighth-largest futures company in the PRC by total revenue and the largest among non-financial institution-related futures companies. Nanhua Futures operates a global network with branches across Asia, North America, and Europe.

The company is scheduled to list on the HKEX Main Board on 22 December 2025. The IPO involves an offering of 107,659,000 H shares, marketed at a price range of HK$12.00 to HK$16.00 per share. Through this offering, Nanhua Futures targets raising approximately HK$1.29 billion to HK$1.72 billion (US$166 million to US$221 million). This pricing implies a market capitalization ranging from HK$8.61 billion to HK$11.48 billion (approximately US$1.1 billion to US$1.48 billion).

According to the listing documents, the IPO proceeds are allocated primarily for brand promotion and business development. The offering is sponsored by CITIC Securities (Hong Kong), supported by a syndicate of underwriters including ABCI Securities, BOCI Asia, and CLSA.

BenQ BM Holding (Ticker: 2581 HK) is a China-based private for-profit general hospital group specializing in comprehensive healthcare services. A subsidiary of the Taiwan-listed technology group Qisda Corporation (2352 TT), the company operates two major facilities, Nanjing BenQ Hospital and Suzhou BenQ Hospital. It ranks as the largest private for-profit general hospital group in East China by 2024 revenue. BenQ BM Holding is scheduled to list on the HKEX Main Board on 22 December 2025.

The IPO involves an offering of 67,000,000 shares marketed at a price range of HK$9.34 to HK$11.68 per share. The company aims to raise between HK$625.8 million and HK$782.6 million (approximately US$80.4 million to US$100.6 million). This pricing implies a market capitalization of roughly HK$2.91 billion to HK$3.64 billion (US$374 million to US$468 million).

Reportedly, the company plans to use the majority of proceeds (74.2%) for R&D and product capacity expansion, with the remainder allocated to working capital and strategic acquisitions (17.8%) and brand promotion and business development (8%). The IPO is sponsored by China International Capital Corporation and Citigroup, with a syndicate including CTBC Bank and UOB Kay Hian.

LivsMed Inc. (Ticker: 491000 KS) is a South Korean medical device manufacturer specializing in the development of advanced tools for minimally invasive surgery. The company plans to list on the KOSDAQ exchange on December 24, 2025. LivsMed intends to offer 2.47 million new shares within a target price range of KRW 44,000 to KRW 55,000 per share. At the lower end of this range, the offering aims to raise approximately KRW 108.7 billion (roughly $73.9 million USD).

LivsMed focuses on handheld multi-joint laparoscopic surgical instruments, marketed primarily under the brand ArtiSential. Unlike traditional straight instruments, these devices are designed to replicate the articulation of the human wrist, providing surgeons with 90-degree dexterity in all directions within narrow surgical cavities. The company is also commercializing the ArtiSeal vascular sealer and developing the LivsCam 3D4K camera system. Samsung Securities and Mirae Asset Securities are acting as the lead underwriters for the deal.

SemiFive Inc. (Ticker: 490470 KS) is a South Korea-based semiconductor design solution provider specializing in custom System-on-Chip (SoC) platforms and ASIC design services. The company plans to list on the KOSDAQ exchange on December 29, 2025. SemiFive intends to offer 5.4 million new shares within a target price range of KRW 21,000 to KRW 24,000 per share. At the lower end of this guidance, the IPO is expected to raise KRW 113.4 billion (approximately $77.1 million USD).

Founded in 2019, SemiFive operates as a Design Solution Partner (DSP) within the Samsung Advanced Foundry Ecosystem (SAFE), acting as a bridge between fabless companies and Samsung’s foundry manufacturing. The company offers turnkey services ranging from architecture planning to packaging, with expertise in advanced process nodes including 14nm, 8nm, and 5nm. Strategic backers include RISC-V computing company SiFive, Inc., which holds an 18% stake. Samsung Securities is serving as the lead underwriter for the transaction. While the company generated reported revenues of KRW 111.8 billion, it remains loss-making, and proceeds will reportedly support continued R&D and ecosystem expansion.