The IPOX® Update 1/2/2026
Europe
Octopus Energy Spins Off Tech Arm Kraken at $8.7 Billion Valuation
UK-based Octopus Energy is spinning off its technology division, Kraken, as an independent entity valued at $8.65 billion following a funding round led by D1 Capital Partners. The restructuring clears the path for a potential IPO of the software unit within two years, with Octopus Energy retaining a minority stake. Kraken currently licenses its AI-powered operating system to major global utilities, serving over 70 million accounts worldwide. (Source)
Asia-Pacific
VinFast Affiliate GSM Eyes $20 Billion Valuation in International IPO Push
Vietnamese electric taxi operator GSM, an affiliate of Vingroup, is exploring an international listing, likely in Hong Kong by 2027, with advisors suggesting a valuation of up to $20 billion. If successful, the ride-hailing firm would rival regional giant Grab, using the capital to fund regional expansion beyond Vietnam, Laos, and Indonesia. The move follows VinFast's Nasdaq debut and aims to leverage Hong Kong's deeper liquidity for EV and mobility stocks. (Source)
Alibaba-Backed AI Unicorn MiniMax Launches $600 Million Hong Kong IPO
Chinese AI startup MiniMax has secured backing from Alibaba and the Abu Dhabi Investment Authority for its Hong Kong listing, aiming to raise up to $712 million. As one of China's "AI dragons," the company plans to debut in early January, utilizing proceeds to fund R&D for AI models over the next five years. The listing kicks off a busy period for the Hong Kong exchange, which is seeing a surge in technology and AI-related debuts. (Source)
Baidu’s AI Chip Unit Kunlunxin Files for Hong Kong Spin-Off Listing
Baidu’s AI chip subsidiary, Kunlunxin, has confidentially filed for a Hong Kong IPO following a fundraising round that valued the unit at approximately $3 billion. The spin-off comes as China accelerates domestic semiconductor development to counter U.S. export restrictions, with Kunlunxin supplying chips for Baidu's AI infrastructure while expanding external sales. The company is expected to remain a Baidu subsidiary post-listing, joining a wave of Chinese chipmakers seeking public capital. (Source)
China Eases IPO Rules for Commercial Rocket Firms to Challenge SpaceX
The Shanghai Stock Exchange has introduced "fast lane" IPO regulations for companies developing reusable rockets, exempting them from certain financial thresholds to encourage capital access. The policy shift aims to close the technological gap with the U.S. and SpaceX, benefiting firms like LandSpace which recently conducted reusable rocket tests. Qualifying companies must meet specific technological milestones, such as successful orbital launches, to list on the tech-heavy STAR market. (Source)
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