Reuters highlighted Klook’s strong 2024 performance, revealing a 24% rise in revenue in its U.S. IPO filing. The SoftBank-backed platform seeks to list on the New York Stock Exchange as global travel rebounds. IPOX® Vice President Kat Liu noted Klook’s advantage in the underpenetrated travel experiences market while cautioning about thinner margins and fragmented supply. Goldman Sachs leads the offering’s underwriting team.

This week's IPO activity featured significant U.S. SPAC deals, including Dubai hookah maker AIR's $1.75 billion Nasdaq listing and Xanadu Quantum's $3.6 billion merger. Aeromexico successfully debuted on NYSE at a $2.8 billion valuation. International markets saw Malaysia's Sunway Healthcare planning a $1 billion IPO, while Germany's Mobile.de attracted interest ahead of a potential €10 billion listing. IPOX analysts highlighted SPAC revival momentum and MENA market valuation challenges.

Dubai-based AIR, owner of the popular hookah brand Al Fakher, announced a $1.75 billion SPAC merger with Cantor Equity Partners III to list on Nasdaq as AIIR in 2026. The deal signals SPAC resurgence amid recovering markets, with the IPOX® SPAC Index outperforming equities on strong aftermarket performance. IPOX® Research Associate Lukas Muehlbauer highlighted lower interest rates easing capital access and diminishing risk perceptions for SPACs.

IPOX® Research Analyst Lukas Muehlbauer commented on Grupo Aeromexico's NYSE debut, where shares opened at $19.16, valuing the airline at $2.8 billion post-bankruptcy. The IPO raised $222.8 million amid regulatory scrutiny over Mexican routes and Delta joint venture. Muehlbauer noted investors are overlooking immediate concerns, buoyed by Aeromexico's recovery and efficient restructuring, though disputes may pressure stock performance until resolved.

In this First Trust Webinar, IPOX® Senior Investment Manager Kat Liu, CFA, delivers essential insights into the US IPO market and why IPO investment is important. She details the First Trust U.S. Equity Opportunities ETF (FPX), which employs systematic screening and a patented "1000 trading days" framework. FPX achieved 12.27% annualized returns since 2006 (as of 9/30/25), outperforming the S&P 500 with nearly 40% year-to-date gains.

Smaller Saudi firms like Cherry Trading Co. ($67M IPO) and Almasar Alshamil Education Co. ($160M) are testing the subdued equity market, where valuation discipline is key amid investor caution. MENA IPOs raised $5.1B this year, but many trade below offer prices, contrasting global gains. IPOX® Research Associate Lukas Muehlbauer notes: "Newly listed stocks across the Middle East and North Africa have declined this year... global asset managers expect more disciplined pricing." This signals a fundamentals-driven shift.

In a Reuters feature on Xanadu Quantum Technologies’ $3.6 billion SPAC merger with Crane Harbor Acquisition Corp., IPOX® Vice President Kat Liu highlighted the strategic advantages of the SPAC route. Liu noted that such deals provide “a large, single-tranche capital infusion, extending the company’s R&D runway and ensuring survival in a market where venture appetite for capital-intensive quantum projects has cooled.”

OpenAI targets a record-breaking $1 trillion valuation, Medline files for a $50 billion listing, and Gloo Holdings readies a Nasdaq debut at $873 million. Meanwhile, the UK’s Doncasters eyes a 2026 New York offering, KR1 plans a London uplisting, and Pollon Life, backed by Jack Ma, files in Hong Kong, signaling renewed global confidence in major listings across regions.

In Bloomberg’s ECM Watch, IPOX® Founder Josef Schuster commented on the surge in U.S. industrial spinoffs following Honeywell’s and DuPont’s high-profile separations. Schuster noted that “the dynamics these companies are creating are pretty solid,” emphasizing that many recent spin-offs are backed by strong fundamentals. While early trading can see selling pressure, he highlighted that size and index inclusion often support long-term performance.

In a recent Reuters article, IPOX® VP Kat Liu commented on travel tech firm Navan’s $923 million Nasdaq debut, highlighting the growing investor interest in AI-driven IPOs. Liu noted that, “For Navan to be a true credible AI story, it needs to demonstrate some unique and hard-to-replicate value.” Her remarks underscore IPOX’s continued insight into how innovation and authenticity shape success in today’s evolving IPO market.

Reuters highlights Medline’s blockbuster U.S. IPO filing, which could value the healthcare giant at up to $50 billion. Commenting on the deal, IPOX® Research Associate Lukas Muehlbauer said the offering “signals that the IPO market remains wide open despite the shutdown” and will serve as a key test of investor confidence heading into 2026. Medline’s listing, expected to be one of the year’s largest, underscores renewed strength in the U.S. IPO market after several years of subdued activity.

Reuters features IPOX® Research Associate Lukas Muehlbauer commenting on the biotech IPO rebound following MapLight Therapeutics’ $787 million Nasdaq debut. Muehlbauer notes that while the market is “slowly thawing,” many 2021–2023 listings still trade below offer prices, creating challenges for early-stage biotech firms seeking investor confidence.

In the U.S., a potential Fannie Mae IPO by late 2025 and WestJet’s planned listing highlight optimism despite the government shutdown halting DeepGreenX’s debut. Europe sees EDF exploring a €7–10B Edison IPO and Poland’s Empik eyeing €200M. Asia-Pacific dominates with Yangtze Memory’s possible $40B listing, Haier’s $500M IoT spinout, and multiple Hong Kong, Singapore, and Tokyo deals. In MENA, Dubizzle postponed its $2B Dubai IPO amid weak market sentiment.