The IPOX® Update 1/17/2026

U.S.

EquipmentShare Targets $6.4 Billion Valuation as Construction Tech IPOs Heat Up

Construction technology firm EquipmentShare.com is targeting a $6.41 billion valuation in its upcoming U.S. IPO. IPOX® VP Kat Liu noted that the firm’s proprietary T3 technology layer adds a "narrative premium" compared to traditional rental competitors and predicted "healthy demand" driven by the company's credibility. The listing is seen as a key test for the sector's valuation multiples in 2026. (Source)

Crypto Custodian BitGo Eyes $2 Billion Debut Amid 'Flight to Quality'

BitGo is preparing for a NYSE debut with a target valuation of approximately $1.96 billion. IPOX® CEO Josef Schuster cautioned that despite the hype, there won't be "indiscriminate demand," while IPOX® Associate Lukas Muehlbauer observed a "flight to quality," positioning the firm as a somewhat more defensive play in the crypto sector due to its regulatory status. The company recently secured OCC approval as a national trust bank, bolstering its case for institutional investors. (Source 1) (Source 2)

Electrical Equipment Maker Forgent Power Files for $400 Million IPO

Forgent Power Solutions has filed for a NYSE IPO to raise approximately $400 million, capitalizing on a 56% surge in trailing twelve-month revenue to $882.4 million. IPOX® VP Kat Liu highlighted the strategic advantage of the early 2026 timing but provided critical insight into potential risks, such as raw material costs and supply chain sensitivities. The company, backed by Neos Partners, holds a $1 billion backlog driven by data center demand. (Source 1) (Source 2)

Honeywell’s Quantinuum Plans IPO at $10 Billion Valuation

Honeywell is preparing a confidential IPO filing for its quantum computing unit, Quantinuum, targeting a valuation of $10 billion following a $600 million raise in September 2025. The unit, which utilizes trapped-ion technology, counts Nvidia and JPMorgan among its investors and reported $24 million in revenue for the first nine months of 2025. The listing is expected in late 2026 or early 2027 as part of Honeywell's broader simplification strategy. (Source)

Brazilian Fintech Agibank Files for $1 Billion U.S. IPO

São Paulo-based fintech Agibank has filed for a U.S. IPO on the NYSE, aiming to raise up to $1 billion to fund acquisitions and expansion. The digital bank reported a significant jump in profitability, with net income reaching 831.7 million reais ($154.6 million) in the first nine months of 2025. Goldman Sachs, Morgan Stanley, and Citigroup are leading the offering, which follows a strong period for fintech listings. (Source)

Bullish Coverage Initiated on Medline Following Blockbuster IPO

Major brokerages have initiated bullish coverage on Medline following its record-breaking listing, with J.P. Morgan setting a $50 price target. The medical supplies giant, which is a top holding in the IPOX®-linked First Trust US Equity Opportunities ETF (FPX), has seen its shares rise to over $40 amid praise for its prime-vendor strategy. Analysts highlight the company's supply chain dominance as a key driver for future healthcare cost savings. (Source)

IPOX®-Linked FPX ETF Outperforms as Top IPO Fund

The First Trust US Equity Opportunities ETF (FPX), which tracks the IPOX® 100 U.S. Index, has been identified by Seeking Alpha analysis as the market's "most compelling" IPO fund. The ETF has significantly outperformed benchmarks since 2006, driven by a methodology that captures value from both new listings and corporate spin-offs. The rules-based approach effectively filters for quality and liquidity in the new listings market. (Source)

Tech Holding Firm Bending Spoons Preps $1 Billion U.S. IPO

Italian tech conglomerate Bending Spoons is interviewing banks for a U.S. IPO that aims to raise $1 billion in late 2026. The owner of Evernote and WeTransfer was valued at $11 billion in an October 2025 equity raise and boasts 300 million monthly active users. The listing would follow the integration of recent acquisitions like AOL and Eventbrite. (Source)

Blackstone-Backed Liftoff Mobile Files for Nasdaq IPO

Mobile marketing platform Liftoff Mobile has filed for a Nasdaq IPO to repay debt and facilitate a partial exit for backers Blackstone and General Atlantic. The company reported $492 million in revenue and $263 million in adjusted EBITDA for the first nine months of 2025. Goldman Sachs is leading the underwriting syndicate for the firm, previously valued at $4.3 billion. (Source)

Merck-Backed Eikon Therapeutics Files for $200 Million IPO

Biotech firm Eikon Therapeutics has filed for a $200 million Nasdaq IPO to fund its late-stage cancer pipeline. Led by former Merck executives and a Nobel Prize winner, the company has raised $1.1 billion privately and plans a Phase III trial for its lead melanoma drug this year. The filing contributes to a revived biotech IPO sector that has seen the XBI ETF gain 33% over the past year. (Source)

L3Harris to Spin Off Missile Unit Following $1 Billion Government Injection

Defense contractor L3Harris will spin off its missile business via an IPO in the second half of 2026, bolstered by a $1 billion investment from the U.S. Department of Defense. The unit, which generated $2.1 billion in revenue over the first nine months of 2025, produces key assets like Tomahawk engines. L3Harris will retain majority control of the new entity post-separation. (Source)

FedEx Sets June 2026 Date for Freight Unit Spin-Off

FedEx Corp has filed a Form 10 to proceed with the spin-off of FedEx Freight, targeting a completion date of June 1, 2026. The new independent company is expected to list on the NYSE under the ticker 'FDXF'. This strategic separation aims to unlock value for shareholders by establishing the freight unit as a standalone leader in the LTL market. (Source)

Europe

Czech Defense Giant CSG Launches Massive €30 Billion IPO

Czechoslovak Group (CSG) has launched an IPO on Euronext Amsterdam that could value the defense contractor between €25 billion and €30 billion. The offering includes a primary raise of €750 million and has secured €900 million in cornerstone commitments from BlackRock and QIA. With 68% of its revenue derived from NATO countries, the ammunition maker is capitalizing on surging defense spending. (Source)

Dutch Telecom Odido Preps €1 Billion Amsterdam Listing

The Netherlands' largest mobile operator, Odido, is planning to file for an Amsterdam IPO as soon as next week, seeking to raise approximately €1 billion. Owned by Apax Partners and Warburg Pincus, the company serves 8 million customers and was acquired in 2021 for an enterprise value of €5.1 billion. The move signals a potential resurgence for European telecom listings after earlier delays. (Source)

Defense Firm KNDS Eyes Dual Listing in Paris and Frankfurt

Franco-German defense group KNDS is preparing for a dual IPO later in 2026, with banks currently pitching for roles. The company, which is jointly owned by the French state and the Krauss-Maffei Wegmann family, boasts a €23.5 billion order backlog. The listing could occur as early as June, driven by strong demand for military land systems. (Source)

Asta Energy Solutions Launches €125 Million Frankfurt IPO

Austrian copper component manufacturer Asta Energy Solutions has launched a Frankfurt IPO to raise €125 million in primary capital. The deal targets a valuation of up to €500 million and includes €55 million in cornerstone investments, with Siemens Energy committing €25 million. Berenberg is acting as the sole global coordinator for the offering. (Source)

Asia-Pacific

Chip Designer Montage Tech Eyes $22 Billion Valuation in Hong Kong

Chinese chip designer Montage Technology is preparing a Hong Kong listing that could raise $900 million, targeting a valuation of roughly $22 billion. The company has lined up key investors including Alibaba Group and JPMorgan Asset Management for the offering. Montage shares gained 73% last year, driven by its role in speeding up data flows for AI accelerators. (Source)

K-Beauty Distributor Goodai Global Targets $6.8 Billion IPO

South Korean cosmetics distributor Goodai Global is selecting banks for a Seoul IPO that targets a valuation of 10 trillion won ($6.8 billion) in 2027. The company, which operates brands like Beauty of Joseon, raised 800 billion won in 2025 to fund acquisitions. The listing would mark a major exit for investors IMM PE and Premier Partners. (Source)

XPeng’s Flying Car Unit Hires Banks for Hong Kong Listing

XPeng Inc. has hired banks to lead the IPO of its flying car subsidiary, XPeng Aeroht, in Hong Kong. The unit has filed confidentially for a share sale that could take place this year, with mass production of its aircraft scheduled for late 2026. The listing aims to fund the commercialization of its electric vertical take-off and landing (eVTOL) technology. (Source)

SoftBank-Backed Keenon Robotics Weighs $200 Million IPO

Shanghai-based service robot maker Keenon Robotics is considering a Hong Kong IPO to raise approximately $200 million. Backed by the SoftBank Vision Fund, the company produces robots for catering, hotels, and disinfection. The move follows the successful listing of rival Yunji, whose stock rose 28% after its debut in October 2025. (Source)

MENA

Israel Plans Privatization of Defense Giants IAI and Rafael

The Israeli government is preparing to sell minority stakes in Israel Aerospace Industries (IAI) and Rafael Advanced Defense Systems starting in Q2 2026. The plan involves IPOs of 25-30% of the companies, which are valued at $20 billion and $10 billion respectively, to strengthen state finances. The government intends to retain control while listing shares in tranches on the Tel Aviv Stock Exchange. (Source)

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