The IPOX® Update 2/21/2026

U.S.

Clear Street Withdraws IPO After Multiple Downsizes Amid Volatility

New York-based prime broker Clear Street has officially withdrawn its Nasdaq IPO after previously slashing its fundraising target by 65%. IPOX® Research Associate Lukas Muehlbauer noted that recent volatility in AI-driven financial stocks and sharp declines in crypto markets likely dampened sentiment. IPOX® VP Kat Liu provided further commentary on the decision to pull the deal entirely, stating, "If demand wasn't there even at a severe discount, pushing through a weakly received deal would have risked the stigma of a 'failed' IPO." (Source 1) (Source 2) (Source 3)

Liftoff Mobile Pulls Nasdaq Listing Amid AI-Triggered Software Selloff

Ad tech firm Liftoff Mobile has withdrawn its Nasdaq IPO due to a severe selloff in software stocks triggered by rapid AI advancements from companies like Anthropic. IPOX® Research Associate Lukas Muehlbauer commented that private equity sponsors like Blackstone and General Atlantic prefer withdrawing over accepting deeply disappointing valuations. He emphasized that current investor skepticism is a healthy sign of a disciplined market, preventing overheating and benefiting long-term pipeline stability. (Source 1) (Source 2)

Bain Capital Weighs $3 Billion Sale or IPO of Dessert Holdings

Bain Capital is exploring a sale or IPO of Dessert Holdings, a major North American supplier of baked goods to grocery stores and restaurants. The private equity firm has engaged Goldman Sachs and Bank of America for a dual-track process that could value the company at over $3 billion. The move aligns with a broader trend of sponsor-backed consumer companies seeking public markets or buyouts following years of low deal volume. (Source)

Brazilian Fintech Agibank 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 converting it to an 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)

Forbright Bank Confidentially Files for U.S. IPO

Maryland-based Forbright Bank has confidentially filed for a U.S. IPO, signaling continued momentum in the regional banking sector following a rebound in 2025. The institution, which rebranded from Congressional Bank in 2022 and holds over $7 billion in assets, operates across middle market lending, digital consumer banking, and strategic advisory. The confidential filing allows the bank, founded by former U.S. Rep. John Delaney, to prepare its offering away from immediate public scrutiny. (Source)

FTSE Russell Proposes 'Fast Entry' Rule Ahead of Mega-IPOs

Index provider FTSE Russell has proposed a "fast-entry" rule for large IPOs to join its U.S. Equity Indexes, revising minimum free float and public voting rights requirements. The proposal seeks market feedback until mid-March and follows a similar move by the Nasdaq. Both index providers are racing to adapt their rules ahead of highly anticipated, massive listings from companies like SpaceX, OpenAI, and Anthropic. (Source)

Europe

UK Proposes Audit Rule Changes to Attract Chinese Listings

The UK's Financial Reporting Council (FRC) has proposed temporarily allowing Chinese auditing standards for companies issuing Global Depositary Receipts (GDRs) in London via the Stock Connect program. The amendment targets a key barrier that has discouraged Chinese firms from listing in the UK, limiting the exemption to companies with institutional investors. The move aims to close the gap with Switzerland, which currently hosts 17 Chinese GDRs compared to London's 6. (Source)

Thyssenkrupp Eyes Autumn Spin-Off of $13.5 Billion Materials Unit

German conglomerate Thyssenkrupp is planning to spin off, list, or divest its Materials Services unit as soon as autumn 2026. The division, which generated €11.4 billion ($13.5 billion) in sales last year, is a core part of CEO Miguel Lopez's overhaul strategy. The company is considering adopting a KGaA legal structure to retain parent control even if a majority stake is sold during the carve-out process. (Source)

German Submarine Supplier Gabler Plans €40M+ Frankfurt IPO

Gabler Group, a leading supplier of submarine hoistable masts, is launching an IPO on the Frankfurt Stock Exchange's Scale segment, aiming to raise over €40 million. The company, which reported a pro forma order backlog of €358.7 million, expects trading to begin in early March. Underwriters Cantor Fitzgerald and Bankhaus Metzler are leading the offering, with proceeds earmarked for balance sheet strengthening and R&D. (Source)

Swiss Satellite Maker SWISSto12 Considers $1.3 Billion IPO

Satellite systems manufacturer SWISSto12 is exploring an IPO that could value the company at over 1 billion Swiss francs ($1.3 billion) as early as 2027. The company has held initial discussions with prospective advisers and is considering Zurich as a potential listing venue. The move reflects growing investor interest in the commercial space sector as firms seek capital for expansion. (Source)

German Drone Maker Quantum Systems Preps for Early 2027 IPO

German drone manufacturer Quantum Systems is reportedly preparing for an IPO by early 2027 to capitalize on surging defense spending. The company has mandated Morgan Stanley to lead a pre-IPO financing round aiming for €400-600 million ($470-710 million). A company spokesperson declined to comment on the speculation regarding the financing and listing plans. (Source)

Bloomberg Highlights Resilience of Traditional European IPOs Amid Tech Struggles

Recent coverage from Bloomberg highlights that while recent European tech debuts are facing significant market pressure, traditional sectors like banking and energy demonstrate strong resilience. Amid a slow market for follow-on offerings, IPOX® Research Associate Lukas Muehlbauer commented on the challenges facing "underwater stocks" that have fallen below their IPO prices. The dynamic underscores a flight to quality and proven business models as investors navigate a volatile interest rate environment. (Source)

Asia-Pacific

UI Boustead REIT Prepares for $788 Million SGX Listing

UI Boustead Real Estate Investment Trust is preparing to open books for an SGX IPO that could raise up to S$1 billion ($788 million) as early as next week. The initial portfolio includes 23 logistics and industrial assets, predominantly located in Singapore with two in Japan. DBS, UOB, and Citigroup are serving as issue managers and joint global coordinators for the offering. (Source)

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