Black Rock Coffee Bar, Inc. (Ticker: BRCB US) is a U.S. company specializing in drive-thru coffee bars and premium caffeinated beverages. Black Rock plans to list on NASDAQ on September 12, 2025, offering 14,705,882 shares at $16.00–$18.00, to raise about $250 million. Founded in 2008 in Beaverton, Oregon, Black Rock operates 158 fully company-owned locations across seven states as of June 30, 2025, with a format combining fast drive-thrus and inviting lobbies and a growing digital/loyalty platform.

Via Transportation Inc. (Ticker: VIA US) is a U.S.-based company specializing in rideshare and transit technology solutions for local governments and public transportation agencies. Incorporated in Delaware and headquartered in New York, Via develops a platform that integrates scheduling, dispatch, passenger booking, compliance, and data analytics to optimize services such as micro-transit, school transport, and paratransit. The company plans to list on the NYSE on Sept. 12, 2025, offering 10.71 million shares at $40.00–$44.00 per share, raising about $449.8 million at the $42 midpoint. Of this, 7.14 million shares will be sold by the company and 3.57 million by existing shareholders. Lead underwriters include Goldman Sachs and Morgan Stanley.

Gemini Space Station, Inc. (Ticker: GEMI US) is a Nevada-incorporated company operating a global digital asset exchange to buy, sell, store and stake crypto assets. Gemini plans to list on NASDAQ on September 12, 2025, offering 16.67 million shares at $17.00–$19.00 to raise about $300 million. At the IPO range, the indicated market value is about $2.10 billion. According to the prospectus, net proceeds are intended for general corporate purposes, which may include product development, general and administrative matters, capital expenditures, and repayment of all or a portion of third-party indebtedness. The issuer was formed on Feb. 4, 2025, and, following reorganizational mergers, will own Gemini LLC, through which operations are conducted; post-offering it will be a “controlled company.” Joint bookrunners include Goldman Sachs, Citigroup, Morgan Stanley, Cantor, Evercore ISI and Mizuho.

Legence Corp. (Ticker: LGN US) provides engineering, installation and maintenance services for mission-critical systems in buildings, including HVAC, process piping, lighting and other mechanical, electrical and plumbing solutions. Legence plans to list on NASDAQ on September 12, 2025, offering 26 million Class A common shares at $25.00–$29.00 per share, to raise about $702 million. At the midpoint of the range, the company’s market capitalization is approximately $2.75 billion. According to the prospectus, Legence intends to contribute all net proceeds from the offering to Legence Holdings in exchange for LGN Units, with Legence Holdings planning to use the proceeds to repay outstanding borrowings under its Term Loan Credit Facility and for general corporate purposes. The IPO will be conducted through an UP-C structure, with Blackstone funds expected to retain control. Bookrunners include Goldman Sachs, Jefferies, BofA Securities, Barclays, Morgan Stanley and others.

Figure Technology Solutions, Inc. (Ticker: FIGR US) is a U.S.-based fintech company leveraging blockchain technology to transform consumer lending and capital markets. Figure plans to list on Nasdaq on September 11, 2025, offering 26.3 million shares (21.5 million primary and 4.9 million secondary) at an expected price range of $18.00 to $20.00 per share, raising approximately $526 million. At the midpoint, the offering implies a valuation of around $4.2 billion. Founded in 2018 by SoFi co-founder Mike Cagney, the Reno, Nevada-headquartered company operates its Provenance Blockchain to power home equity lending, loan trading, and digital asset services. The IPO proceeds will be used for general corporate purposes, including working capital, operating expenses, capital expenditures, and potential acquisitions. Goldman Sachs, BofA Securities, and Jefferies are leading the underwriting syndicate.

Klarna Group plc (Ticker: KLAR US) is a Sweden-headquartered technology company specializing in “Buy Now, Pay Later” and broader commerce solutions. Klarna plans to list on the NYSE on September 10, 2025, offering 34.31 million shares at a price range of $35.00 to $37.00, aiming to raise approximately $1.24 billion at the midpoint.

Of the shares offered, about 5.56 million are new shares from the company, while 28.76 million are from selling shareholders. At the IPO range, Klarna is valued at about $13.6 billion. The company reported $2.81 billion in revenues and $21 million in net income for the last 12 months. Bookrunners include Goldman Sachs, J.P. Morgan, Morgan Stanley, BofA Securities, and Citigroup.

Dahon Technology Shenzhen Co Ltd (Ticker: 2543 HK) is a China-based company specializing in the design and manufacturing of folding bicycles under the DAHON brand. The company plans to list on the Hong Kong Stock Exchange on September 9, 2025, offering 7.92 million primary shares at HKD 49.50 each, raising approximately HKD 392 million (USD 50.3 million). The IPO includes a 14.9% greenshoe option of 1.18 million shares. At the offer price, Dahon Technology’s market capitalization is estimated at around HKD 1.57 billion (USD 201 million). Founded in 1982 by Dr. Hon Ta-Wei, Dahon is the largest folding bicycle brand in China, holding a 36.5% share of retail sales value in 2024, with a global distribution network and over 70 models in its product portfolio.

Aux Electric Co Ltd (Ticker: 2580 HK) is a China-based company specializing in the design, development, and manufacturing of household and central air conditioners. Headquartered in Ningbo, Zhejiang, Aux is among the world’s top five air conditioner providers by sales volume, with products sold in over 150 countries. The company plans to list on the Hong Kong Stock Exchange on September 2, 2025, offering 207.16 million primary shares at an expected price range of HKD 16.00–17.42, raising about HKD 3.61 billion (USD 462 million). The IPO implies a market capitalization of HKD 24.9–27.1 billion (USD 3.3 billion). According to sources, proceeds are intended for international expansion, digitalization, and supply chain integration. The deal includes a 15% greenshoe option. China International Capital Corporation acts as sponsor, with underwriters including ABCI Securities, Futu Securities, ICBC International, and Orient Securities.

Jiaxin International Resources Investment Ltd. (Ticker: 3858 HK) is a Hong Kong-based mining company focused on the development of the Boguty tungsten mine in Kazakhstan. The company plans to list on the Hong Kong Stock Exchange on August 28, 2025, offering 109.81 million shares at HKD 10.92 each, raising approximately HKD 1.20 billion (USD 153.5 million). At the IPO price, Jiaxin International Resources will have a market capitalization of about HKD 4.80 billion (USD 614 million). The Boguty Project, which commenced phase I production in April 2025, is reported to be the world’s largest open-pit tungsten mine by mineral resources and has one of the highest designed production capacities among single tungsten mines globally. IPO proceeds are reportedly earmarked for expanding mining capacity, developing downstream processing facilities for tungsten products, and pursuing additional nonferrous metal resource investments in Central Asia. Underwriters include ABCI Capital, CMB International, and others.

Shuangdeng Group Co Ltd (Ticker: 6960 HK) is a China-based company specializing in energy storage solutions, including batteries and systems for telecommunications and data centers. The company plans to list on the Hong Kong Stock Exchange on August 26, 2025, offering 58.56 million shares at HKD 14.51 per share, aiming to raise approximately HKD 849.66 million (USD 108.68 million). The IPO consists entirely of primary shares, with a 15% greenshoe option. According to sources, proceeds are reportedly earmarked for expanding production capacity, R&D investment, and general corporate purposes. Shuangdeng serves major global telecom and data center clients, including five of the world’s top ten telecom operators and China’s top five telecom companies. The company ranked first globally in shipment volume for telecom and data center energy storage batteries in 2024, with a market share of 11.1% and 16.1% respectively. Shuangdeng was founded in 2011 in Taizhou, Jiangsu Province.

Halla Cast (Ticker: 125490 KS) is a South Korean company specializing in the manufacturing of die-cast molds and products. The company primarily produces aluminum, magnesium, and zinc components for the automotive industry, focusing on parts for electric vehicles, autonomous driving systems, and displays, as well as for robotics and home appliances. Halla Cast plans to list on the KOSDAQ exchange on August 20, 2025. The company is offering 7.5 million new shares at a confirmed price of KRW 5,800 each, seeking to raise KRW 43.5 billion (approximately US$31 million). The offering implies a market capitalization of about KRW 211.9 billion. The lead manager for the IPO is Daishin Securities.

SICC Co Ltd (Ticker: 2631 HK) is a China-based company specializing in wide bandgap semiconductor materials, particularly silicon carbide (SiC) substrates. SICC plans to list its H shares on the Hong Kong Stock Exchange on August 20, 2025, offering 47.75 million shares at an expected price of HKD 42.80 per share, targeting to raise HKD 2.04 billion (approximately USD 260 million). The offering consists entirely of primary shares, with a 15% greenshoe option. SICC is already listed in Mainland China under the ticker 688234 CH. According to sources, proceeds from the IPO will reportedly support the company's ongoing expansion, R&D initiatives, and working capital needs. The IPO is jointly managed by ABCI Capital, BOCI Asia, CCB International, CLSA, CMB International, and others. Founded in 2010, SICC is among the top three global SiC substrate manufacturers, serving key sectors such as electric vehicles, AI, and renewable energy.

S&SYS Co Ltd (Ticker: 0008Z0 KS) is a South Korean company focused on producing and supplying core equipment for the shipbuilding industry. S&SYS plans to list on the KOSDAQ on August 19, 2025. The company is offering 1.9 million shares within a price range of KRW 27,000 to KRW 30,000, aiming to raise up to KRW 57.0 billion (approximately USD 41.9 million). This would give the company an estimated market capitalization of USD 185 to USD 205 million. S&SYS was spun off from Samsung Heavy Industries in 2017, which remains a major shareholder. Proceeds from the mostly primary offering will reportedly be used for future growth. The IPO is managed by Shinhan Securities.

Samyang Comtech Co Ltd (Ticker: 484590 KS) is a South Korean defense company that supplies bulletproof helmets and bulletproof vests to the Republic of Korea Armed Forces, and also manufactures silicon carbide-based ceramic armors for armored vehicles. Samyang Comtech plans to list on the KOSDAQ on August 18, 2025. The company is offering 14.5 million shares priced at KRW 7,700 each, to raise a total of KRW 111.65 billion (approximately USD 82.14 million). The IPO will give the company a market capitalization of around USD 233.58 million. The offering includes 10 million primary shares, with the proceeds reportedly intended to fund future growth, and 4.5 million secondary shares from existing shareholders. The IPO is jointly managed by NH Investment & Securities and Shinhan Investment Corp.

Innogen (Ticker: 02591 HK) is a China-based pharmaceutical company that discovers and develops therapies for diabetes and other metabolic diseases. Its core product, Efsubaglutide Alfa, is a GLP-1 receptor agonist that received regulatory approval in China for treating type 2 diabetes in January 2025 and is in clinical trials for obesity and MASH. Innogen plans to list on the Hong Kong Stock Exchange on August 15, 2025, offering approximately 36.6 million shares at HK$18.68 each. The offering aims to raise around HK$683 million (US$87 million). According to the prospectus, the company intends to use the proceeds for brand promotion, business development, working capital, and potential strategic acquisitions.

G2GBIO Inc (Ticker: 456160 KS) is a South Korean company specializing in medical and pharmaceutical research, focusing on a drug delivery system (DDS) platform for long-acting medicines. G2GBIO plans to list on the KOSDAQ on August 14, 2025, offering 900,000 new shares. The IPO was priced at KRW 58,000 per share, raising KRW 52.2 billion (approximately USD 37.7 million) and giving the company a market capitalization of around USD 225.5 million. The company reportedly plans to use the proceeds for research and development of its main pipelines, which include treatments for dementia, diabetes, and post-operative pain. The offering is managed by Mirae Asset Securities.

Miami International Holdings, Inc. (Ticker: MIAX US) is a U.S. company that builds and operates regulated financial marketplaces across multiple asset classes using its proprietary in-house technology. Its subsidiaries include several U.S. national securities exchanges for options and equities (MIAX, MIAX Pearl), futures exchanges, and international exchanges like the Bermuda Stock Exchange (BSX). Miami International Holdings plans to list on the New York Stock Exchange, with pricing expected on August 13, 2025. The company is offering 15 million shares, all primary, within a price range of $19.00 to $21.00. The IPO aims to raise approximately $300 million, with proceeds reportedly to be used for general corporate purposes. The offering is led by a syndicate including J.P. Morgan, Morgan Stanley, and Piper Sandler.

Axelspace Holdings Corporation (Ticker: 402A JP) is a Japanese company focused on the space sector, providing comprehensive services for small satellites and offering satellite imagery solutions. Its business is divided into AxelLiner, a one-stop service for satellite design, manufacturing, and operation, and AxelGlobe, an Earth observation platform. The company plans to list on the Tokyo Stock Exchange Growth market on August 13, 2025. It will offer 15,211,100 shares at a provisional price range of ¥345 to ¥375. At the midpoint price, the offering would raise approximately ¥5.48 billion (about $37 million USD), giving the company a market capitalization of around ¥24 billion (about $160 million USD). The lead underwriter for the IPO is SMBC Nikko Securities.

Kasumigaseki Hotel REIT Investment Corp (Ticker: 401A JP) is a Japan-based real estate investment trust focused on the hotels segment, managed by Mizuho Securities Co Ltd. The REIT plans to list on the Tokyo Stock Exchange on August 13, 2025, offering 285,700 primary shares at JPY 100,000 each, raising approximately JPY 28.57 billion (USD 195.13 million). A greenshoe option of 12,690 shares (4.44% of the base offering) is included. At the offer price, the market capitalization is estimated at JPY 28.73 billion (USD 196.23 million). According to filings, proceeds will reportedly be used to acquire hotel assets developed by Kasumigaseki Capital, supporting stable revenue growth and Japan’s tourism industry. The REIT’s portfolio targets spacious, group-accommodation hotels under brands such as Fav, Fav Lux, Edit x Seven, Seven x Seven, and Base Layer, aiming to address undersupply in this hospitality niche.

Bullish (Ticker: BLSH US) is a Cayman Islands–incorporated company that operates an institutionally focused global digital asset platform. The company provides market infrastructure through its Bullish Exchange and information services through its ownership of CoinDesk and CCData.

Bullish priced its IPO on August 13, 2025 at $37.00 per share, above its amended price range of $32.00 to $33.00, raising approximately $1.11 billion by offering 30.0 million shares. The IPO was led by JP Morgan Securities LLC, with co-managers including Canaccord Genuity Ltd, Cantor Fitzgerald & Co, Citigroup Global Markets Inc, Deutsche Bank Securities Inc, Jefferies LLC, and Keefe Bruyette & Woods.

Bullish is led by CEO Thomas W. Farley, the former president of the NYSE Group, and is backed by investor Peter Thiel.

Heartflow, Inc. (Ticker: HTFL US) is a U.S. company specializing in AI-powered software for the non-invasive diagnosis and management of coronary artery disease (CAD). Heartflow plans to list on the NASDAQ on August 8, 2025. The company is offering 16.7 million shares at a price range of $16.50 to $18.50, aiming to raise approximately $266 million. The IPO is expected to give the company a market capitalization of around $1.32 billion. Proceeds will reportedly be used for debt repayment and for sales and marketing, research and development, and general corporate purposes. Heartflow's platform creates personalized 3D heart models from CCTA scans to quantify blood flow and assess plaque. The offering is led by J.P. Morgan, Morgan Stanley, and Piper Sandler.

Ab&B Bio-Tech Co Ltd (Ticker: 2627 HK) is a China-based company specializing in the research, development, and commercialization of innovative vaccines. Ab&B Bio-Tech plans to list on the Hong Kong Stock Exchange on August 8, 2025, offering 33.44 million shares at a price range of HKD12.90 to HKD15.50. The company aims to raise up to HKD518.36 million (approximately USD60.5 million), which would value it at up to USD711.71 million. Proceeds will reportedly be used for the research and development of its product pipeline, including advancing its human rabies vaccine candidate into Phase III clinical trials. The company's core products include an already commercialized quadrivalent subunit influenza vaccine and the aforementioned rabies vaccine candidate.

Firefly Aerospace Inc. (Ticker: FLY US) is a U.S. company specializing in space and defense technology, providing launch, transit, and in-space operations solutions. Firefly Aerospace plans to list on the NASDAQ exchange with trading expected on August 7, 2025. The company intends to offer 16.2 million primary shares at a price range of $35.00 to $39.00 per share, seeking to raise up to $631.8 million. According to reports, the IPO is targeting a company valuation of approximately $5.5 billion. The company, noted for being the only commercial entity to achieve a fully successful Moon landing, serves national security, government, and commercial customers. Lead underwriters for the offering include Goldman Sachs, J.P. Morgan, Jefferies, and Wells Fargo.

WhiteFiber, Inc. (Ticker: WYFI US) is a Cayman Islands-incorporated company specializing in AI infrastructure solutions and cloud services through its high-performance computing data centers. WhiteFiber plans to list on the NASDAQ on August 7, 2025. It is offering 7.81 million shares in a price range of $15.00 to $17.00, aiming to raise around $125 million. The offering would value the company at approximately $557.7 million. WhiteFiber is a spin-off from its parent, Bit Digital, Inc., and this IPO will represent about 20% of its shares. Proceeds will reportedly be used to fund the continued expansion of its data center capacity in Canada and the United States. The deal is led by B. Riley Securities and Needham & Co.

Otofarma SpA (Ticker: OTO IM) is an Italian company specializing in the hearing care sector, focusing on the production, distribution, and after-sales assistance of professional hearing aids. Otofarma plans to list on Euronext Growth Milan on August 4, 2025. The company is offering 4.0 million primary shares within an expected price range of €5.00 to €5.75 per share. This is expected to raise approximately €23 million (about $27 million). Otofarma distributes its products mainly through a network of pharmacies across Italy, utilizing telemedicine solutions. The company reported a pro-forma production value of €15.9 million for 2024. Alantra Capital Markets is acting as the manager for the offering. Before the IPO, the company is wholly owned by Bartolomucci Holding.

Daehan Shipbuilding (Ticker: 439260 KS) is a South Korean company specializing in the construction of medium (Aframax) and large (Suezmax) vessels, including tankers and container ships. The company plans to list on the KOSPI exchange on August 1, 2025. It is offering 10 million shares priced at KRW 50,000 each, aiming to raise KRW 500 billion (approximately USD 365 million). The offering consists of 8 million new shares and 2 million existing shares. Proceeds will reportedly be used for preemptive investments in eco-friendly ship technologies to strengthen its global competitiveness. The IPO implies a market capitalization of around USD 1.4 billion and is jointly managed by KB Securities, NH Investment & Securities, and Shinyoung Securities.

Figma Inc. (Ticker: FIG US) is an American company providing a collaborative platform where teams create digital products and experiences. Figma plans to list on the New York Stock Exchange on July 31, 2025. The company intends to offer 36.94 million shares within a price range of $25.00 to $28.00. At the midpoint, the IPO could raise approximately $978.8 million, valuing the company at roughly $12.92 billion. According to the filing, the majority of shares (24.46 million) are being sold by existing shareholders, and the company will not receive proceeds from this portion. Figma reports that its platform is used by 95% of the Fortune 500. Morgan Stanley and Goldman Sachs are acting as lead managers for the offering.

Shoulder Innovations, Inc. (Ticker: SI US) is an American medical technology company specializing in advanced implant systems for the shoulder surgery market. The company's ecosystem includes implant systems, preoperative planning technology, and efficient instruments designed to improve shoulder arthroplasty outcomes. Shoulder Innovations plans to list on the New York Stock Exchange on July 31, 2025. It intends to offer 5 million shares at a price range of $19.00 to $21.00, seeking to raise $100 million at the midpoint price. The IPO implies a market capitalization of approximately $398.5 million. The company aims to address challenges in shoulder surgical care by delivering predictable outcomes and procedural simplicity. Morgan Stanley and Goldman Sachs are among the lead managers.

Ambiq Micro, Inc. (Ticker: AMBQ US) is an American company specializing in ultra-low power semiconductor solutions for enabling Artificial Intelligence in edge devices. Ambiq Micro’s core innovation is its proprietary Sub-threshold Power Optimized Technology (SPOT) platform. The company plans to list on the New York Stock Exchange on July 30, 2025, offering 3.4 million shares at a price range of $22.00 to $25.00 per share. At the midpoint price, the company aims to raise approximately $79.9 million. The proposed market capitalization is approximately $400 million. Ambiq's Systems-on-Chip (SoCs) are utilized in various markets including smartwatches, medical devices, and industrial sensors. Lead managers for the offering include BofA Securities and UBS Investment Bank.

NRB Inc. (Ticker: 475230 KS) is a South Korean company specializing in the modular construction industry. NRB plans to list on the KOSDAQ on July 28, 2025, offering 2.1 million shares priced at KRW 21,000 each. The company expects to raise KRW 44.1 billion (USD 32.08 million). This offering gives NRB Inc. an initial market capitalization of approximately USD 159.4 million. The company focuses on Off-Site Construction (OSC), where building units are manufactured in a factory and assembled on-site to increase efficiency. Proceeds from the IPO will reportedly be used to expand manufacturing capacity and for general corporate purposes. The offering is managed by NH Investment & Securities Co Ltd.