The IPOX® Update 1/10/2026

U.S.

Aktis Oncology Jumps 24% in Debut as First Major Biotech IPO of 2026

Aktis Oncology shares surged 24.44% in their trading debut, marking a strong start for the first significant U.S. biotech listing of 2026. IPOX® Research Associate Lukas Muehlbauer provided expert analysis on the deal, noting that cornerstone backing from Eli Lilly "shows that Aktis' cancer-targeting technology has passed the scrutiny of a major industry leader." Muehlbauer further highlighted that the company is capitalizing on the shift toward "alpha therapies" and positioning itself as a prime target in a sector seeing heavy M&A activity. (Source 1) (Source 2)

Trump to Decide on Potential Fannie Mae and Freddie Mac IPO Soon

Federal Housing Finance Agency Director William Pulte stated that President Trump is expected to make a decision regarding the IPO of Fannie Mae and Freddie Mac within the next month or two. A public listing would involve selling a portion of the government's stake in the U.S. mortgage giants, potentially becoming one of the largest offerings in history. Pulte emphasized that the final decision rests entirely with the President. (Source)

Chat Platform Discord Confidentially Files for U.S. IPO

Gaming and communications platform Discord has confidentially filed for an IPO in the U.S., engaging Goldman Sachs and JPMorgan as underwriters. The company, which boasts over 200 million monthly active users, is taking steps toward a listing amid a broader rebound in the tech IPO market. While deliberations are ongoing, the move signals a potential exit for long-time backers of the app founded in 2015. (Source)

Fitness App Strava Hires Goldman Sachs for Confidential IPO Filing

Strava, the popular fitness tracking and social networking platform, has confidentially filed for a U.S. IPO that could launch as soon as spring 2026. Valued at $2.2 billion in a recent funding round led by Sequoia Capital, the company has hired Goldman Sachs to lead the offering. The listing would provide liquidity for early investors following the app's surge in popularity during the pandemic. (Source)

Brazilian Fintech PicPay Files for $500 Million Nasdaq IPO

Digital banking platform PicPay has filed for an all-primary IPO on the Nasdaq, targeting proceeds of $500 million to fund acquisitions and expansion. The Brazilian fintech, which serves 42 million active users, has secured a $75 million commitment from anchor investor Bicycle Management. Underwriters Citigroup, Bank of America, and RBC Capital Markets are preparing for a roadshow later this month. (Source)

Filipino Fast Food Giant Jollibee Plans U.S. Spin-Off Listing

Jollibee Foods is planning to spin off its international operations into a new entity, JFCI, for a U.S. listing targeted for late 2027. The company is working with Goldman Sachs to raise approximately $200 million, aiming to unlock a valuation premium for its global footprint of over 6,800 stores. Existing shareholders will receive pro-rata shares in the new entity while domestic operations remain listed in the Philippines. (Source)

Healthpeak Files for IPO of Senior Housing REIT Janus Living

Healthpeak Properties has confidentially filed for the IPO of Janus Living, a new REIT formed to hold its portfolio of 34 senior housing communities. The spin-off is expected to occur in the first half of 2026, with Healthpeak retaining a controlling majority interest in the new entity. Proceeds from the offering will be used for future acquisitions and debt repayment. (Source)

Nvidia-Backed Cloud Provider Lambda Seeks $350 Million Pre-IPO Raise

Cloud computing provider Lambda is in talks to raise $350 million in a new funding round as a precursor to a planned IPO. The company, which counts Nvidia among its backers, is capitalizing on the high demand for GPU compute power required for artificial intelligence model training. The capital injection aims to bolster its infrastructure ahead of a public market debut. (Source)

Ripple Rejects IPO Plans Following $500 Million Raise

Blockchain payments firm Ripple has decided against an IPO, opting instead to focus on private growth following a $500 million fundraising round at a $40 billion valuation. The company has aggressively pursued acquisitions, spending $4 billion in 2025 to build out its enterprise digital asset infrastructure. Management signals that further dealmaking and product development remain the priority over a public listing. (Source)

Europe

Bloomberg: Investors Demand Discipline as European IPO Market Evolves

A new analysis highlights the shift in Europe's IPO landscape from the "growth at all costs" mentality of 2021 to a focus on sustainable business models. IPOX® Associate and Europe Director Lukas Muehlbauer commented on this structural change, stating, "Now I would say it’s more of a buyer’s market, there’s more scrutiny and investors don’t buy everything at any price." The report notes that former high-flyers like InPost and Deliveroo are now facing takeover bids or trading discounts, prompting a return to fundamentals for the 2026 pipeline. (Source)

Waterstones Owner Elliott Taps Rothschild for London Listing

Elliott Management is preparing to appoint Rothschild to advise on a multibillion-pound flotation of book retailer Waterstones, likely in London. The listing, which may occur as soon as the second quarter, would also include Barnes & Noble, creating a transatlantic retail giant. The choice of London over New York is seen as a potential win for the UK market following government efforts to attract listings. (Source)

Czech Defense Firm CSG Weighs €3 Billion Amsterdam IPO

Prague-based defense contractor CSG is considering launching an IPO in Amsterdam as soon as next week, aiming to raise over €3 billion ($3.51 billion). As one of Europe's fastest-growing defense firms, CSG is looking to capitalize on strong investor interest in the sector driven by ongoing geopolitical conflicts. The deal would list approximately 15% of the company's shares. (Source)

Asia-Pacific

CK Hutchison Taps Goldman and UBS for $2 Billion A.S. Watson IPO

CK Hutchison has mandated Goldman Sachs and UBS to lead the planned IPO of its retail unit, A.S. Watson Group, via a dual listing in Hong Kong and London. The listing, potentially raising over $2 billion in 2026, would spin off the operator of Watsons and Superdrug stores across Asia and Europe. The move coincides with a resurgence in Hong Kong's IPO market, which recently saw its strongest activity since 2021. (Source)

Baidu’s AI Chip Unit Kunlunxin Files for Hong Kong IPO

Baidu’s AI chip subsidiary, Kunlunxin, has confidentially filed for a Hong Kong IPO, seeking to raise between $1 billion and $2 billion. The spin-off aims to unlock value in the company's general-purpose AI computing capabilities, with underwriters CICC, Citic Securities, and Huatai International leading the deal. Baidu shares rallied over 9% following the announcement of the move to capitalize on China's semiconductor push. (Source)

Blackstone’s AirTrunk Explores $1 Billion Singapore REIT Listing

Blackstone is exploring a potential listing of data center operator AirTrunk as a Real Estate Investment Trust (REIT) in Singapore. The IPO could take place as soon as this year and raise more than $1 billion, leveraging the strong demand for digital infrastructure assets. Deliberations are ongoing regarding the structure and size of the deal. (Source)

Singapore Central Bank Proposes Laws to Facilitate Dual Nasdaq Listings

The Monetary Authority of Singapore (MAS) has launched a consultation on legal amendments to streamline dual listings on the SGX and Nasdaq. The proposals include allowing a single prospectus and aligning IPO timelines to attract more issuers to the SGX Global Listing Board. The changes also aim to permit US-style forward-looking statements and share buybacks to enhance market competitiveness. (Source)

Sunway Healthcare Begins Premarketing for $800 Million Malaysia IPO

Sunway Healthcare Holdings has started premarketing for an IPO on the Bursa Malaysia that could raise up to $800 million. The offering involves 1.97 billion shares, with proceeds earmarked for expanding the group's hospital network to 3,400 beds by 2032. Joint coordinators for the deal include UBS, Jefferies, and HSBC. (Source)

Korean Digital Lender Kbank Revives IPO Plans for Q1

Kbank is reviving its plans for a listing on the Korea Exchange in the first quarter, targeting a capital raise of approximately 300 billion won ($206 million). The digital lender, which serves 15 million users, has downsized the offering from its previous target amid a decline in net income. Listing approval is expected this month with NH Investment & Securities and Samsung Securities acting as underwriters. (Source)

Boustead REIT Targets March Listing in Singapore

The REIT unit of Boustead Singapore is preparing for a March listing in Singapore, aiming to raise at least S$900 million ($700 million). The portfolio will comprise over 20 leasehold properties in Singapore and two freehold assets in Japan, valued collectively at S$1.9 billion. Investor order books are expected to open next month. (Source)

MENA

Saudi Arabia Removes Barriers for Foreign Investors in Tadawul

The Saudi Capital Market Authority has announced the removal of qualified foreign investor requirements for the Tadawul main market, effective February 1. The reform allows international retail investors to trade directly in the aftermarket, aiming to boost liquidity following a challenging year for new listings. The move is part of broader efforts to liberalize the kingdom's capital markets and attract global flows. (Source)

Mutlaq Al-Ghowairi Contracting Approved for Saudi IPO

Mutlaq Al-Ghowairi Contracting Company (MGC) has received approval from the CMA to float 30% of its shares on the Tadawul. The construction services firm, which has seen revenue nearly triple since 2021, is expected to command a valuation between $3.2 billion and $4 billion. The IPO is one of several recently approved, including Dar Albalad and Al Dyar Al Arabia. (Source)

Disclaimer: News summaries may contain mistakes. The information does not constitute financial advice, endorsement or recommendation and should not be considered as such.