The IPOX® Update 2/13/2026

U.S.

Goldman Sachs Projects Historic $160 Billion U.S. IPO Boom in 2026

Wall Street is bracing for an unprecedented wave of public listings, with Goldman Sachs projecting up to $160 billion in proceeds across 120 deals this year. The surge is expected to be led by mega-cap technology and artificial intelligence firms, potentially including highly anticipated debuts from massive entities like SpaceX and OpenAI. This optimistic outlook aligns with predictions from Morgan Stanley, signaling that robust institutional appetite for growth assets is overcoming recent market volatility. (Source)

Wall Street Broker Clear Street Slashes Target and Postpones $1 Billion IPO

New York-based prime broker Clear Street drastically slashed its IPO fundraising target by 65% to $364 million before ultimately postponing the Nasdaq listing altogether due to market conditions. IPOX® Research Associate Lukas Muehlbauer provided expert commentary, noting that recent volatility in AI-driven financial stocks and sharp declines in crypto markets likely dampened sentiment for the firm. The decision reflects a broader trend of investors demanding realistic pricing for new listings as software and fintech sectors face intense market scrutiny. (Source 1) (Source 2)

Fuel Distributor ARKO Petroleum Values at $808 Million After Soft Nasdaq Debut

Fuel distributor ARKO Petroleum saw its shares fall 1.4% in their Nasdaq debut, establishing a valuation of approximately $808 million after raising $200 million. The spin-off from convenience store operator ARKO Corp faced headwinds as the broader market selloff weighed heavily on fresh equity listings. Commenting on the cautious environment, IPOX® Vice President Kat Liu noted that "where volatility remains elevated and many IPOs have struggled to hold above their offer price, investors are definitely approaching deals with caution." (Source)

Brazilian Fintech Agibank Drastically Downsizes U.S. IPO Amid Peer Struggles

Brazilian digital bank Agibank significantly reduced the size and price range of its U.S. IPO following the weak aftermarket performance of rival PicPay. IPOX® Research Associate Lukas Muehlbauer analyzed the restructured deal, noting that while the all-primary offering allows it to proceed, it "introduces potential stock overhang risks as existing shareholders chose to retain their positions rather than sell at lower valuations." The move highlights the intense valuation pressures currently facing Latin American fintech companies attempting to access public capital in New York. (Source)

Software Selloff Derails Tech M&A and IPO Markets Amid AI Fears

A massive 25% drop in the software index since its October peak is significantly disrupting tech dealmaking, stalling planned IPOs and depressing private valuations. The volatility, driven by fears of rapid artificial intelligence disruption, has led to drastic repricings for major startups seeking liquidity. Bankers warn that the current environment is forcing companies to reconsider their public market timelines until stability returns and AI risks are fully digested. (Source)

Europe

Fosun-Owned Insurer Fidelidade Preps for €3 Billion Lisbon Float

Portuguese insurance company Fidelidade is undertaking preliminary work for a potential listing in Lisbon that could value the firm at over €3 billion. The company, controlled by Chinese conglomerate Fosun International, has initiated early-stage discussions with banks to gauge investor appetite. A successful IPO would provide a much-needed boost to the Euronext Lisbon exchange, which has suffered from a prolonged scarcity of large-scale share sales. (Source)

Asia-Pacific

GDS Spin-off DayOne Targets $20 Billion Valuation in Massive U.S. IPO

Singapore-headquartered data center operator DayOne is planning a U.S. IPO that could raise up to $5 billion, targeting a staggering valuation of $20 billion. The company, recently spun off from China's GDS Holdings, is rapidly expanding its hyperscale footprint across Asia and Europe to meet surging artificial intelligence demands. JPMorgan and Morgan Stanley are reportedly leading preparations for the infrastructure listing, which could become one of the largest offerings of the year. (Source)

SoftBank's PayPay Files for Massive $1.5 Billion Nasdaq Listing

Japanese QR payments giant PayPay has filed an F-1 registration for a Nasdaq IPO, with underwriters expecting the deal to raise approximately $1.5 billion. The platform, a joint venture between SoftBank and Yahoo Japan serving 72 million users, plans to list in both the U.S. and Japan to fund fintech expansion. Goldman Sachs, JPMorgan, and Morgan Stanley are acting as joint bookrunners for the highly anticipated offering. (Source)

Kazakhstan's State Railway Operator Explores $1 Billion IPO

Kazakhstan Temir Zholy, the nation's sole railway operator, is considering an IPO that could raise $1 billion as early as May 2026. The state-owned enterprise is evaluating a dual listing to fund a massive expansion of its transit infrastructure, capitalizing on growing trade volumes between China and Europe. Advisors including Citigroup and JPMorgan are assisting with preparations for what could be a landmark Central Asian privatization. (Source)

Sunway Healthcare Hires Six Banks for Blockbuster Malaysian Listing

Sunway Healthcare has appointed six local investment banks, including Maybank and CIMB, to underwrite its highly anticipated IPO on the Bursa Malaysia. The offering, expected to raise over $764 million, will fund the aggressive expansion of the country's largest private hospital network. A prospectus for the listing, which involves both primary and secondary shares, is planned for release in the first quarter of 2026. (Source)

South Korean Digital Lender Kbank Prices Revived $346 Million IPO

After withdrawing previous attempts, South Korean online bank Kbank has successfully priced its IPO at the bottom of its indicative range, raising $346 million. The listing, which implies a market capitalization of 3.37 trillion won, was priced conservatively to minimize volatility when trading begins on the Korea Exchange in March. The digital lender plans to use the proceeds to expand SME lending and invest heavily in advanced banking technology. (Source)

HKEX Considers Expanding Confidential IPO Filings to Boost Listings

The Hong Kong Exchanges & Clearing Ltd. is proposing to expand the privilege of confidential IPO filings beyond the tech and biotech sectors to include traditional industries. The move aims to boost the overall number of listings by giving companies more flexibility to test market appetite without intense public scrutiny. A consultation paper detailing the proposed regulatory changes to cement the city's lead among global listing venues is expected by the end of February. (Source)

Chinese Banks Face Talent Crunch and Scrutiny Amid Hong Kong IPO Boom

The rapid surge in Hong Kong IPO applications has exposed a severe talent shortage among Chinese investment banks, which now dominate 70% of the city's listing market. The securities watchdog recently warned 13 banks regarding deficiencies in application quality, imposing caps on the number of deals principals can manage simultaneously. This regulatory crackdown tests the capacity of major domestic firms to maintain their market share against global Wall Street rivals. (Source)

South Korean AI Startup Wrtn Targets 2028 IPO Amid Global Expansion

Story-driven artificial intelligence startup Wrtn is targeting an IPO as early as 2028 in either South Korea or the U.S., forecasting annualized revenue to hit $700 million. The Seoul-based company, which differentiates itself with interactive narrative features rather than standard chatbots, plans to launch in the U.S. market by June. The firm has already secured significant funding to scale its highly engaging platform across international markets. (Source)

MENA

Bloomberg Highlights Debate Over Saudi Arabia’s Retail IPO Quotas

Recent coverage has focused on Saudi Arabia’s aggressive push to increase retail IPO allocations to 30%, sparking debate over long-term market stability. IPOX® Associate Lukas Muehlbauer was featured discussing the strategy, noting that "high retail quotas in a recovering market may force issuers to offer steeper discounts." While characterizing the allocations as potential "citizen dividends," Muehlbauer also cautioned against the associated short-term volatility risks for new issuers. (Source)

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