TMC
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
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.
Acyrl
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
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
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
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
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.
HashKey Holdings
HashKey Holdings Ltd (Ticker: 3887 HK) is a Hong Kong-based company specializing in licensed digital asset services, including transaction facilitation, on-chain services, and asset management. Reportedly the largest onshore digital asset platform in Asia by trading volume, the company also operates the HashKey Chain infrastructure. HashKey plans to list on the Hong Kong Stock Exchange on December 17, 2025.
The company intends to offer approximately 240.6 million shares at a price range of HKD 5.95 to HKD 6.95. The IPO is expected to raise up to HKD 1.67 billion (approx. $215 million). At the offer price, the company anticipates a market capitalization of roughly $2.29 billion. HashKey reportedly plans to allocate the proceeds towards R&D, product capacity, and brand promotion. Joint sponsors for the listing include Guotai Junan Capital and J.P. Morgan Securities.
Rznomics
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
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
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
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
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
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.
B&K Corp
B&K Corp (Ticker: 2396 HK) is a China-based biopharmaceutical company specializing in the development of protein drugs for wound healing, with a specific focus on platelet-derived growth factor (PDGF) therapies. Founded in 2012, the company’s pipeline is anchored by two core products: Pro-101-1, which has completed Phase IIb analysis for deep second-degree thermal burns, and Pro-101-2, currently in Phase II trials for diabetic foot ulcers.
B&K Corp is scheduled to list on the HKEX Main Board on 22 December 2025. The company plans to offer 17,648,800 shares marketed at a price range of HK$38.20 to HK$51.00 per share. This offering targets raising approximately HK$900.1 million (US$115.6 million), implying a market valuation of roughly US$674 million.
Reportedly, the majority of the IPO proceeds (80.6%) will be allocated to research and development and capacity expansion. Remaining funds are designated for working capital and strategic acquisitions (10%), brand promotion and business development (6.3%), and other general purposes. The IPO is sponsored by Huatai Financial Holdings (Hong Kong) and CITIC Securities (Hong Kong).
BenQ BM Holding
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
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
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.
BMC Materials
BMC Minerals (Ticker: Pending) is a Canadian polymetallic developer focused on the Kudz Ze Kayah project in Yukon, Canada. The company plans to list on the Australian Securities Exchange on December 12, 2025, offering 43.4 million to 52.6 million CHESS Depositary Interests at an indicative price range of A$1.90 to A$2.30, raising up to A$121 million (US$79 million). The IPO values the company at more than A$500 million.
BMC Minerals will use proceeds to "advance exploration, permitting and optimisation studies" at the KZK project, which hosts 27.9 million tonnes of mineral resources and 15.7 million tonnes of ore reserves at the ABM deposit. The project is expected to become a 2 million tonne per year operation with a nine-year mine life, producing an average of 32 million ounces of silver-equivalent annually. A feasibility study assessed the ABM mine's pre-tax net present value at $835 million with initial construction costs of $492 million and a 2.2-year capital payback period.
The deal is led by Barrenjoey Markets as sole global coordinator, with Argonaut Securities and Morgans Corporate as joint lead managers. Books are covered, with the institutional offer closing November 21, pricing on December 1, and listing on December 12, 2025.
Wealthfront
Wealthfront Corp (Ticker: WLTH US) is a US-based fintech company specializing in automated digital wealth management. Headquartered in Palo Alto, California, the company operates a tech-driven financial platform designed to help digital natives turn their savings into wealth. Its broad product suite includes cash management, investing, borrowing, and financial planning solutions, utilizing automation to deliver low-cost, diversified portfolios. Wealthfront plans to list on the NASDAQ on December 12, 2025.
According to listing documents, the company plans to offer 34.6 million shares at a price range of $12.00 to $14.00 per share. At the upper end of this range, the total offer size is reportedly up to $485 million USD. The offering is structured with a mix of approximately 62% primary shares and 38% secondary shares, meaning a portion of the proceeds will go to selling stockholders rather than the company. At the top of the price range, Wealthfront targets a market capitalization of reportedly $2.05 billion USD. Goldman Sachs and J.P. Morgan are serving as lead bookrunners for the IPO.
Jingdong Industrials
Jingdong Industrials Inc. (Ticker: 7618 HK) is a China-based company specializing in industrial supply chain technology and services. As a unit of Chinese online retailer JD.com, the company is reportedly the largest player in China's MRO (Maintenance, Repair, and Operations) procurement market, the company provides digital supply chain solutions through its platform, Taipu, integrating digitalization with industrial product fulfillment. The firm serves a vast network of Key Accounts, including a significant percentage of Fortune 500 companies operating in the region.
The company plans to list on the Hong Kong Stock Exchange on December 11, 2025. It intends to offer approximately 211.2 million shares at a price range of HKD 12.70 to HKD 15.50 per share. This offering aims to raise roughly HKD 3.27 billion (USD 420.5 million). At the midpoint of this range, the company targets a market capitalization of approximately USD 4.85 billion.
According to filings, Jingdong Industrials plans to use the IPO proceeds for R&D and product capacity expansion, brand promotion, business development, and general working capital. The offering is being sponsored by Haitong International, Merrill Lynch, Goldman Sachs, and UBS.
Lumexa Imaging
Lumexa Imaging Holdings Inc. (Ticker: LMRI US) is a United States-based company specializing in the provision of diagnostic imaging services. The company reportedly operates one of the largest national networks of its kind; as of September 30, 2025, Lumexa managed the second-largest outpatient imaging center footprint in the United States, with facilities located across 13 states. The company plans to list on the NASDAQ on December 11, 2025.
According to filing documents, Lumexa Imaging plans to offer 25 million shares within a price range of $17.00 to $20.00 per share. The total offer size is approximately $463 million USD. Notably, the offering consists of 100% primary shares, indicating that the company intends to retain the capital raised rather than facilitating a cash-out for existing shareholders. The IPO is being managed by bookrunners J.P. Morgan, Barclays, and Jefferies, with J.P. Morgan acting as the stabilization agent. The company is led by CEO Caitlin Zulla and CFO Tony Martin.
Cardinal Infrastructure
Cardinal Infrastructure Group Inc (Ticker: CDNL US) is a U.S. construction services company specializing in infrastructure solutions for the Southeastern market. Headquartered in Raleigh, North Carolina, the company focuses on wet utility installations, such as water, sewer, and stormwater systems, along with grading, site clearing, and paving. Cardinal positions itself as a key platform for residential, commercial, and municipal projects in high-growth markets, specifically leveraging the economic expansion of the North Carolina Research Triangle.
The company plans to list on the NASDAQ on December 10, 2025. According to filing data, Cardinal Infrastructure intends to offer 11.5 million shares within a price range of $20.00 to $22.00 per share. At this pricing level, the total offer size is reportedly approximately $241.5 million USD. Based on these terms, the company targets a reported market capitalization of $768.75 million USD. Financial disclosures indicate the company generated $349.2 million in revenue and $27.8 million in net income for the twelve months ended June 30, 2025. The IPO is being managed by Stifel, William Blair, and D.A. Davison.
Bao Pharma
Shanghai Bao Pharmaceuticals Co., Ltd. (Ticker: 2659 HK) is a Chinese biotechnology company specializing in recombinant protein and antibody drugs. The company focuses on four strategic therapeutic areas: large-volume subcutaneous drug delivery, antibody-mediated autoimmune conditions, assisted reproduction, and recombinant biologic products. Shanghai Bao Pharmaceuticals plans to list on the Hong Kong Stock Exchange on December 10, 2025.
The company plans to offer approximately 37.91 million shares at a price of HKD 26.38 per share, raising HKD 1.00 billion (USD 128.45 million). At this valuation, the company targets a market capitalization of approximately USD 1.10 billion. Reportedly, the majority of the IPO proceeds are allocated for R&D and expanding product capacity, with remaining funds set aside for business development and working capital. The offering is sponsored by Haitong International Capital and CITIC Securities.
TeraView
TeraView Ltd (Ticker: 952451 KQ) is a United Kingdom-domiciled company specializing in terahertz (THz) frequency technology for non-destructive testing and measurement. Established in 2001 as a spin-out from Toshiba Research Europe, the company designs instruments to analyze materials ranging from semiconductor interconnects to pharmaceutical tablet coatings.
The company plans to list on the KOSDAQ market on December 9, 2025, offering 5,000,000 Depositary Receipts (DRs) at a fixed price of 8,000 KRW. The IPO aims to raise 40 billion KRW ($27.12 million). Based on a total share count of 35,517,731, the company seeks a market capitalization of approximately 284 billion KRW (approx. $192 million). TeraView plans to use the proceeds to advance its inspection solutions. The firm maintains research links with the Cavendish Laboratory at the University of Cambridge to further develop these spectroscopic and imaging techniques. Samsung Securities is the lead manager for the offering.
Consolidated Grünenfelder Saady
Consolidated Grünenfelder Saady Holding Co. (Ticker: 4147 AB) is a Saudi Arabia-based company specializing in refrigerated transportation and customized containment solutions. Established in 1977 as a partnership between Swiss and Saudi founders, the firm manufactures and services refrigeration units designed for specific client needs. CGS lists on the Saudi Exchange (TASI) on December 9, 2025.
The company is offering 30.0 million shares at a price of SAR 10.00 per share. The IPO offer size is SAR 300 million (approximately USD 80.0 million). At this listing price, the company commands a market capitalization of SAR 1.0 billion (approximately USD 266 million). The offering reportedly consists entirely of secondary shares sold by existing shareholders, specifically Darat Esmat Bin Abdul-Samad Al Saady Holding Co. and GK Grünenfelder International AG, meaning the company will not receive proceeds from the sale. The offering was managed by AlJazira Capital and Arqaam Capital. Reports indicate the institutional tranche was oversubscribed 61.6 times.
WeSports
WS WeSports Group AB (Ticker: WSG SS) is a Sweden-based retailer operating as a leading Nordic specialist in sports and leisure equipment. The company lists on the Nasdaq First North Premier Growth Market in Stockholm on December 9, 2025.
The group is offering approximately 5.43 million shares at a price of SEK 80.00 per share. The IPO offer size is SEK 434.78 million (USD 45.87 million). Based on the offer price, the company targets a market capitalization of SEK 2,225 million (approximately USD 235 million). According to regulatory filings, WS WeSports Group plans to use the IPO proceeds to partially finance the acquisitions of Thevea Brands Group AB, TGD Holding AB, and RunningXpert Group ApS.
The offering was managed by a syndicate including DNB Carnegie, ABG Sundal Collier, and Danske Bank. Reports indicate the IPO was oversubscribed several times, with cornerstone investors, including DNB Asset Management and Svea Bank, committing to 30% of the deal. The company’s structure includes a mix of primary shares issued by the company and secondary shares sold by existing shareholders.
Orkim
Orkim Berhad (Ticker: ORKIM MK) is a Malaysian company specializing in energy logistics and marine transportation, focusing on Clean Petroleum Product (CPP) and Liquefied Petroleum Gas (LPG) tankers. Orkim plans to list on Bursa Malaysia on December 9, 2025, offering 400 million shares at a price of MYR 0.92, raising MYR 368 million (approx. US$89 million). The IPO implies a market capitalization of MYR 920 million (US$222 million). According to the prospectus, proceeds are earmarked for fleet expansion, specifically the acquisition of new vessels "Orkim Jade" and "Orkim Ruby" - as well as working capital and listing expenses. The deal structure includes an exit for private equity firm Ekuinas and a public issue of new shares, managed by CIMB and RHB.
Able Digital
Able Digital (Ticker: 2687 HK) is a Chinese company specializing in digital teaching and learning solutions for higher education institutions. The company provides digital educational content, including course digitization and knowledge graphs, alongside cloud-based learning management systems.
Able Digital plans to list on the Hong Kong Stock Exchange on December 8, 2025, planning to offer 6.67 million shares at a price range of HK$62.26 to HK$76.10. The offering aims to raise between HK$415 million and HK$507 million (approx. US$53 million to US$65 million). The implied market capitalization is reportedly between HK$4.15 billion and HK$5.07 billion (approx. US$533 million to US$651 million). According to the prospectus, Able Digital plans to use the IPO proceeds primarily for R&D and product capacity expansion, followed by brand promotion. The company is reportedly the second-largest player in China’s higher education digitalization market by revenue.
Saluda Medical
Saluda Medical Inc (Ticker: SLD AU) is a United States-domiciled company specializing in medical devices, specifically closed-loop spinal cord stimulation systems for chronic neuropathic pain. The company plans to list on the ASE on December 5, 2025, offering 85.77 million shares at AUD 2.65 per share. This offering seeks to raise AUD 227.29 million (USD 147.38 million), resulting in a market capitalization of USD 433.04 million at the time of the offer. Saluda Medical plans to use the IPO proceeds to fund the commercialization of its FDA-approved Evoke system in the United States. Reportedly founded in Sydney, the company is backed by investors such as Cochlear and Fidelity, with Bell Potter Securities Ltd serving as the lead manager for the transaction.
Xiao Noodles
Xiao Noodles (Ticker: 2408 HK) is a China-based company specializing in the operation of quick-service restaurants focused on Chongqing-style noodles. The company plans to list on the Hong Kong Stock Exchange (HKEX) on December 5, 2025, planning to offer approximately 97.4 million shares at a price range of HKD 5.64 to HKD 7.04 per share, raising up to HKD 685 million (approx. USD 79.39 million). At the target valuation, the company anticipates a market capitalization of roughly USD 579.49 million. Xiao Noodles reportedly plans to allocate 60% of the IPO proceeds toward R&D and product capacity expansion, with the remainder used for brand promotion and working capital. Structured as an H-Share listing, the offering features cornerstone investors including Hai Di Lao and HHLR Advisors, supporting a company ranked as the fourth largest Chinese noodle restaurant operator domestically by GMV.
Tianyu Semiconductor
Tianyu Semiconductor (Ticker: 2658 HK) is a Chinese company specializing in the manufacturing of silicon carbide (SiC) epitaxial wafers, which are essential materials for power semiconductors used in electric vehicles and rail transportation. The company plans to list on the Hong Kong Stock Exchange on December 5, 2025, offering approximately 30.07 million shares at a fixed price of HKD 58.00 per share. This offering aims to raise HKD 1.74 billion (approximately USD 224.31 million). Structured as an H-Share listing, Tianyu is reportedly the largest manufacturer of self-manufactured SiC epitaxial wafers in the PRC market by revenue. According to filings, the company plans to allocate approximately 77.6% of the IPO proceeds toward R&D and production capacity expansion, with the remainder used for business development and working capital. CITIC Securities acts as the sole sponsor.
Aimed Bio
Aimed Bio Inc. (Ticker: 0009K0 KS) is a South Korean biotechnology company specializing in the development of antibody-drug conjugate (ADC) anti-cancer therapeutics. Established as a spin-off from Samsung Medical Center, the company leverages patient-derived cell models and proprietary linker-payload technology to identify therapeutic targets.
Aimed Bio plans to list on the KOSDAQ market on December 4, 2025, offering 6.43 million shares at a fixed price of 11,000 KRW. The transaction aims to raise 70,730 million KRW (approximately US$47.96 million). Based on the total post-IPO share count of roughly 64.1 million, the company holds an implied market capitalization of approximately 705.7 billion KRW (US$479 million). Aimed Bio reportedly plans to use the IPO proceeds to fund further research and development of its drug pipeline. Mirae Asset Securities serves as the lead underwriter.
Hoyne Bancorp
Hoyne Bancorp Inc (Ticker: HYNE US) is a United States-based bank holding company serving as the parent entity for Hoyne Savings Bank. The company specializes in providing retail banking services, including savings and checking accounts, certificates of deposit, and various loan products to customers in the Chicago area. Hoyne Bancorp is set to begin trading on the Nasdaq Capital Market on December 4, 2025, following the completion of its strategic conversion from a mutual holding company to a full stock holding company structure.
The company priced its IPO at USD 10.00 per share, reaching the adjusted maximum of its offering range. By selling 7,935,000 shares, Hoyne Bancorp raised USD 79.35 million in gross proceeds. Based on the reported 8,096,938 shares outstanding at closing, the company has an implied market capitalization of approximately USD 81 million. The offering, managed by Keefe, Bruyette & Woods, was reportedly oversubscribed by eligible account holders. As part of the corporate restructuring, the company also established the Hoyne Charitable Foundation and allocated shares to an Employee Stock Ownership Plan.
Lemo
Lemo Services Co Ltd (Ticker: 2539 HK) is a Hong Kong company specializing in the machine massage service industry. Lemo Services operates by deploying mechanical massage equipment in public spaces and marketing home massage products. The company plans to list on the Hong Kong Stock Exchange on December 3, 2025, planning to offer 5.56 million shares at a price range of HKD 27.00 to HKD 40.00, raising up to HKD 222.22 million (USD 28.57 million). Lemo Services plans to use the IPO proceeds for reportedly expanding locations, upgrading technology, and boosting its brand profile. According to filing documents, CITIC Securities International and Shenwan Hongyuan (Hong Kong) Financing Limited are acting as joint sponsors for the transaction.
UltraGreen.ai
UltraGreen.ai Ltd (Ticker: TBA) is a Singapore-based company specializing in fluorescence-guided surgery (FGS) technology and AI-powered surgical intelligence. UltraGreen.ai plans to list on the Singapore Exchange (SGX) on December 3, 2025, offering approximately 276 million shares at a price of US$1.45, raising about US$400 million (S$534 million). The listing values the company at US$1.6 billion upon debut. According to the term sheet, UltraGreen.ai plans to use the IPO proceeds for product development, specifically for Indocyanine Green (ICG) dyes and the IC-Flow Imaging System, as well as for market expansion across APAC, Europe, the Middle East, and Africa. The offering includes a cornerstone tranche and a secondary sale by Renew Group. Citigroup and DBS are acting as joint issue managers for the transaction.
Almasar Alshamil Education Company
Almasar Alshamil Education Company (Ticker: ALMASARA AB) is a Saudi Arabian company specializing in special needs education and care (SEC) and private higher education. Recognized as the top SEC provider in Saudi Arabia and the largest private higher education provider in the UAE, the company operates 39 centers, schools, and three universities, including Middlesex University Dubai. Almasar Alshamil plans to list on the Saudi Exchange on December 2, 2025, offering 30.72 million shares at SAR 19.50. The IPO raises SAR 599.05 million ($159.71 million), valuing the company at approximately $532.35 million. According to the filing, the offering consists of 100% secondary shares, indicating proceeds will go to the selling shareholders rather than the company. The IPO is managed by EFG-Hermes and SNB Capital.
Framery Group
Framery Group Oyj (Ticker: FRAMERY FH) is a Finnish company specializing in the engineering and manufacturing of soundproof office pods and private spaces for modern workplaces. Operating within the office furnishings industry, the company serves a global client base seeking solutions for acoustic privacy. Framery Group is scheduled to list on the Helsinki Stock Exchange on December 2, 2025.
The company is offering a total of 25.01 million shares, which represents a slight downsize from the initially filed 25.12 million shares. The IPO price has been set at EUR 8.00 per share, landing at the top end of the expected price range of EUR 7.30 to EUR 8.00. This pricing results in a total offer size of EUR 200.07 million (approximately USD 231.98 million). The offering structure comprises approximately 2.51 million primary shares and 22.50 million secondary shares, indicating that roughly 90% of the offer consists of existing shareholders selling their stakes. The IPO is managed by underwriters DNB Carnegie Inc and Skandinaviska Enskilda Banken AB.
Cherry
Cherry Trading Co (Ticker: CHERRY AB) is a Saudi Arabia company specializing in car rental and leasing solution. Cherry Trading plans to list on the Saudi Exchange (TASI) on December 1, 2025, offering 9 million shares at a price of SAR 28.00 per share. The company is raising SAR 252.00 million, equivalent to approximately USD 67.18 million. At this pricing, the company reportedly has a market capitalization of USD 291.13 million. The offering represents 30% of the company’s total capital of SAR 300 million. According to filing details, the underwriters and financial advisors for the IPO are EFG-Hermes and Saudi Fransi Capital Ltd. Sources indicate strong demand for the shares, with the retail tranche reportedly 647% oversubscribed and the institutional tranche covered nearly 85.6 times.
Epiminder
Epiminder Ltd (Ticker: EPI AU) is an Australian company specializing in medical technology, specifically developing a sub-scalp device for long-term epilepsy monitoring. Epiminder plans to list on the Australian Securities Exchange (ASX) on December 1, 2025, planning to offer 83.3 million shares at AUD 1.50 per share, raising AUD 124.95 (USD 81.69 million).
Epiminder plans to use the IPO proceeds for heightened expenditure requirements, specifically to fund its "Detect" clinical trial in the United States. According to reports, the company was established with technology developed in conjunction with the Bionics Institute and is significantly backed by Cochlear Ltd, which will retain a substantial stake post-listing. The offering, valuing the company at USD 212.49 million, is managed by E&P Financial Group Ltd and Morgans Corp Ltd.
Haiwei Electronic
Haiwei Electronic (Ticker: 9609 HK) is a Chinese company specializing in the research, development, and manufacturing of capacitor films. Recognized as the "second largest capacitor film manufacturer in China" by sales volume in 2024, the company focuses on capacitor base films and metallized films for applications in New Energy Vehicles (NEVs) and new energy electricity systems.
Haiwei Electronic plans to list on the Hong Kong Stock Exchange on November 28, 2025, planning to offer 30.83 million shares at HKD 14.28, raising approximately HKD 440.3 million (USD 56.6 million). Haiwei Electronic plans to use the IPO proceeds primarily for "R&D and Product capacity" (87%), with the remainder allocated to "Working capital and Strategic acquisitions" (10%) and "Brand promotion and Business development" (3%). The offering is sponsored by China International Capital Corporation, with BOCI Asia and CCB International serving as joint underwriters.
Human Made
Human Made Inc (Ticker: 456A JP) is a Japanese street fashion brand founded in 2010 by DJ and designer Nigo, known for blending vintage Americana aesthetics with pop culture through global collaborations, including with artists like Pharrell Williams. The company designs and sells men's, women's, and children's apparel, accessories, and decor items, operating from Shibuya, Tokyo, with retail expansion to Shanghai, Seoul, and Hong Kong. It employs 190 people as of September 2025.
Human Made plans to list on the Tokyo Stock Exchange Growth Market on November 27, 2025, offering 5.67 million shares (931,400 primary or 16.42%, 4.74 million secondary or 83.58%) at an indicative price of JPY 2,920, raising JPY 16.6 billion (USD 109 million). A 15% greenshoe adds up to 850,700 shares. Secondary shares include sales from founder Nigo selling 2.72 million shares and Pharrell Williams selling 1.64 million shares.
The offering is led by Nomura Securities Co Ltd and Mizuho Securities as joint managers, with joint underwriters including Daiwa Securities, Mitsubishi UFJ Morgan Stanley, SBI Securities, Rakuten Securities, and Monex.
Cell C
Cell C Holdings Ltd (Ticker: CCD SJ) is a South African company specializing in wireless telecommunications. Headquartered in Midrand, it operates as a holding company providing mobile voice, data, broadband, and digital services to both individuals and enterprises. Cell C Holdings listed on the Johannesburg Stock Exchange on November 27, 2025. The IPO involved the offer of 102 million shares at a price of ZAR 26.50, raising ZAR 2.70 billion (approximately USD 155.37 million). Following the transaction, the company’s market capitalization was reported at ZAR 10.54 billion. The offering was managed by RMB Morgan Stanley and Rand Merchant Bank.
Cris-Tim
Cris-Tim Family Holding S.A. (Ticker: CFH RO) is a Romanian company specializing in a wide range of ready-to-eat meals, salamis, and smoked meat products, focusing on "Clean Label" goods without artificial additives. Cris-Tim Family Holding listed on the Bucharest Stock Exchange on November 26, 2025, offering 27.07 million shares at a price of RON 16.50. The IPO raised RON 446.60 million (approximately USD 103.30 million). The transaction was reportedly structured with a mix of primary shares (22.91%) and secondary shares (77.09%) sold by existing shareholders. Managed by BRD-Groupe Societe Generale and Banca Comerciala Romana SA, the listing marks the first large entrepreneurial company in the food industry to join the exchange's Main Market.
Chuangxin Industrial
Chuangxin Industrial Group Holdings Limited (Ticker: 2788 HK) is a Chinese aluminum producer specializing in alumina refining and electrolytic aluminum smelting. The company plans to list on the Hong Kong Stock Exchange on November 24, 2025, offering 500 million shares at HKD 10.18-10.99, raising approximately HKD 5.5 billion (USD 708 million). At the midpoint, market capitalization would be approximately USD 2.72 billion.
Chuangxin ranked as China's twelfth-largest electrolytic aluminum producer in 2024 and operated the fourth-largest production base in North China. The company achieved 70% alumina self-sufficiency and 87% electricity self-sufficiency as of May 2025. According to the prospectus, proceeds will be allocated: "50%" for "R&D and Product capacity," "40%" for "Brand promotion and Business development," and "10%" for "Working capital and Strategic acquisitions". The IPO is jointly sponsored by China International Capital Corporation Hong Kong Securities Limited and Huatai Financial Holdings (Hong Kong) Limited.
Northsand
Northsand Inc (Ticker: 446A JP) is a Japanese company specializing in IT and business consulting services. Founded in 2015, it emphasizes its human-focused philosophy that prioritizes employee engagement, team collaboration, and building strong client relationships over pure technical skills, enabling rapid adaptation to client needs. It operates throughout Japan with 1,602 employees as of September 2025.
Northsand plans to list on the Tokyo Stock Exchange Growth Market on November 21, 2025, offering 17.22 million shares (9 million primary, 8.22 million secondary) at JPY 1,060-1,120, raising JPY 19.29 billion (USD 127 million). A 14.98% greenshoe adds up to 2.58 million shares. Bookbuilding runs November 6-12, with pricing on November 13.
The offering is led by Daiwa Securities Co Ltd as manager, with joint underwriters including Okasan Securities, Rakuten Securities, SBI Securities, and Monex. Note: Secondary shares include sales from insiders, with President Tomohiro Maeda selling 2.4 million shares and Managing Director Kohei Sasaki selling 1.6 million shares.
CMTX
CMTX Co., Ltd. (Ticker: 388210 KS) is a South Korean company specializing in semiconductor materials manufacturing. The firm produces high-function precision parts for etching and deposition processes in semiconductor front-end fabrication, focusing on silicon ingots, sapphire, and ceramic-based components used in reaction chambers and high-temperature, high-chemical environments. CMTX conducts all business in South Korea, with headquarters in Gumi-si, Gyeongsangbuk-do.
CMTX plans to list on KOSDAQ on November 20, 2025, offering 1,000,000 primary shares at KRW 60,500 each, raising KRW 60.50 billion (USD 43.12 million). The market capitalization at offer is KRW 561.18 billion (USD 400.01 million). The IPO is managed by Mirae Asset Securities, with 75% allocated to institutions and 25% to retail investors.
Gloo
Gloo Holdings, Inc. (Ticker: GLOO US) is a U.S. company specializing in technology platforms for the faith and flourishing ecosystem, connecting network capability providers with churches and frontline organizations through subscriptions, AI tools, content, and marketplaces. Headquartered in Boulder, Colorado, and founded in 2013, Gloo serves over 415,000 Christian organizations in the U.S., generating revenue from enterprise solutions and e-commerce transactions.
Gloo Holdings plans to list on NASDAQ on November 19, 2025, offering 9.1 million shares at $10.00 to $12.00, raising approximately $100.1 million at the $11.00 mid-point. The offering values the company at a market cap of $800.61 million. The deal is led by Roth Capital Partners, with co-managers including Benchmark, Craig-Hallum, Lake Street, Loop Capital Markets, and Texas Capital Securities.