The IPOX® Update 5/9/2025

U.S.

Travel Tech Firm Navan Hires Banks for U.S. IPO, Could Be Valued Over $8 Billion

Navan, a U.S. corporate travel and expense company formerly known as TripActions, has reportedly hired underwriters for a New York IPO. The IPO, potentially valuing Navan at over $8 billion (previously valued at $9.2 billion in 2022), could occur as early as Q4 this year, though plans depend on market conditions. Goldman Sachs is expected to be the lead underwriter for the Palo Alto-based company, which counts Zoom and Lyft among its clients. (Source)

Retail Trading Platform eToro Targets $4 Billion Valuation in U.S. IPO, Seeking Up to $500 Million

Retail trading platform eToro is targeting a valuation of up to $4 billion in its upcoming U.S. IPO. The company, along with existing shareholders, aims to raise up to $500 million by offering 10 million shares, priced between $46 and $50 per share. BlackRock has indicated interest in purchasing up to $100 million of the shares, and the company will list on Nasdaq under the symbol 'ETOR', with Goldman Sachs, Jefferies, UBS, and Citigroup as lead underwriters. (Source)

Antalpha Launches US$50m Nasdaq IPO to Advance Crypto Lending

Antalpha Platform Holding Company, which provides loans to bitcoin miners, has launched a Nasdaq IPO aiming to raise approximately US$46 million to US$50 million. The offering involves 3.9 million new shares marketed at US$11─$13 each, with Roth Capital Partners and Compass Point as joint bookrunners. Tether International has committed to invest up to US$25m in the offering for the Singapore-based firm. (Source 1)

Geely Auto Proposes to Take EV Unit Zeekr Private Less Than a Year After New York Debut (Delisting News)

Chinese automaker Geely Auto is offering to take its electric-vehicle unit Zeekr private, less than a year after its New York Stock Exchange debut. The buyout proposal is $25.66 per Zeekr American Depositary Receipt, a roughly 14% premium, valuing the deal at about $1.3 billion for the remainder of Zeekr. This move comes amid deteriorating Sino-American relations which may have impacted Zeekr's stock, and values Zeekr at a significant discount compared to peers. (Source)

Europe

BASF's Agriculture Arm Eyes Seeds and Asia Expansion as It Prepares for Listing Around 2027

BASF's agriculture unit is preparing for a stock market listing anticipated around 2027, as it aims to expand its presence in Asia and the global seed markets. The division, which had global sales of 9.8 billion euros in 2024, is targeting an increase in revenue share from seeds to around 25% and is developing new hybrid wheat and soy variants. The separation is expected to provide more autonomy and support sustained research and development spending. (Source)

Greek Fintech Qualco's IPO Books Covered, Aims to Raise up to €113m

Greek fintech company Qualco has its IPO books covered throughout the price range of €5.04–€5.46 per share, as it aims to raise up to €113 million. Qualco will raise €52.9m–€57.3m from a primary offering of 10.5m new shares, with cornerstone investors committing €43m–€47m. Trading is scheduled to begin on May 15, with the offering price range valuing Qualco at an estimated EV/Ebitda multiple for 2025 of 8.2–8.8. (Source)

Asia-Pacific

CATL Pre-Marketing US$5bn Hong Kong Listing, Potentially Year's Largest

Contemporary Amperex Technology (CATL), the world's largest electric vehicle battery producer, is pre-marketing a Hong Kong listing that could raise US$5 billion, potentially making it the world’s largest IPO this year. The Shenzhen-listed company has garnered interest from sovereign wealth funds and strategic investors, and aims for a minimal discount on its Hong Kong shares compared to its A-shares. This move is part of a larger trend of mainland China-listed firms seeking Hong Kong offerings, supported by regulatory easing and attractive valuations. (Source 1)

Chery Automobile's Planned $1.5 Billion Hong Kong IPO Led by Chinese Banks

Chinese automaker Chery Automobile Co. is planning a Hong Kong initial public offering that could raise about $1.5 billion, with an all-Chinese bank roster leading the deal. JPMorgan Chase & Co. was initially involved but is no longer part of the transaction, and other international banks have reportedly shied away. Chery is working with the Hong Kong units of China International Capital Corp., Huatai Securities Co., and GF Securities Co. as joint sponsors for what could be one of Hong Kong's biggest listings this year. (Source)

Tokyo Stock Exchange Expected to Approve Axelspace’s IPO This Month for June Listing

Tokyo-based satellite maker Axelspace is planning an IPO on the Tokyo Stock Exchange as early as June, with approval expected this month. This would mark the fifth Japanese spacecraft venture to go public in the last two years, with Axelspace's valuation potentially comparable to recently listed peers like Synspective and iQPS. The Japanese government has been supportive of the private space industry, though investors are increasingly scrutinizing the growth potential of such ventures; SMBC Nikko Securities is the lead manager. (Source)

Eco-Shop Raises M$974m (US$227m) from Bursa Malaysia IPO, Shares to Trade May 23

Eco-Shop Marketing Bhd, a Malaysian retail chain, priced its IPO at RM1.13 per share, the bottom of its indicative range, raising M$974m (US$227m). The offering comprised 862 million shares (515m secondary/347m primary), and the shares are set to begin trading on Bursa Malaysia on May 23. This marks private equity firm Creador's third listing in Malaysia, with Maybank and UBS acting as joint global coordinators and bookrunners alongside RHB. (Source 1)

Green Tea Group's Hong Kong IPO of up to HK$1.2bn (US$156m) Covered, Set to List May 16

Mainland Chinese restaurant chain Green Tea Group's Hong Kong IPO, aiming to raise up to HK$1.2bn (US$156m), is reportedly covered. The IPO consists of 168m shares priced at HK$7.19 each, with eight cornerstone investors committing US$87.3m. The deal for the company, which operates 489 restaurants in China, is expected to price on May 13 and list on May 16, marking its fifth attempt to go public in Hong Kong. (Source 1)

China's Ant Group Plans to List Overseas Unit, Ant International, in Hong Kong

Ant Group, founded by Jack Ma, is reportedly planning to list its overseas arm, Ant International, on the Hong Kong stock exchange. Ant, which is 33% controlled by Alibaba, is said to be in communication with regulators about the potential listing for its Singapore-registered international unit. This development follows the cancellation of Ant Group's massive $37 billion IPO in Shanghai and Hong Kong in 2020 and subsequent regulatory scrutiny and restructuring. (Source)

MENA

Saudi Arabia's flynas Plans to Kick Off IPO This Month, Potentially Seeking $1 Billion

Saudi Arabian budget airline flynas intends to commence its IPO process later this month, offering 51.3 million shares, which constitutes a 30% stake in the company, with reports suggesting it could seek around $1 billion. The offering, scheduled between May 28 and June 1, will include newly-issued shares (10.2% of the offered stake) and aims to fund fleet expansion and network growth. This move seeks to capitalize on Saudi Arabia's growing aviation and tourism sectors, following an 8% rise in net profit to 434 million riyals ($115.72 million) last year. (Source)

Dubai Holding Kicks Off $500 Million Residential REIT IPO, Dubai's First in 2025

Dubai Holding is set to raise $500 million by listing a 12.5% stake in a residential Real Estate Investment Trust (REIT), marking Dubai's first IPO in 2025. Trading is expected to commence on May 28 for the Dubai Residential REIT, which will manage 35,700 residential properties and is poised to be the Gulf Cooperation Council's largest listed REIT with a gross asset value of $5.9 billion. The IPO launch comes amid a promising outlook for Dubai's property market, driven by foreign investment. (Source)

United Carton Industries Prices Tadawul IPO at Top, Raising SR600m (US$160m) with Strong Demand

United Carton Industries Company (UCIC) priced its Tadawul IPO at SR50 per share, the top of its SR47-SR50 range, aiming to raise SR600 million (approximately US$160 million). The offering garnered significant demand, with the institutional order book oversubscribed 126 times, reaching nearly SR75.8 billion (US$20.2 billion), and will result in a market capitalization of SR2 billion (US$533 million) upon listing. The retail subscription period is set for May 12–13, with final allocations due on May 18. (Source 1) (Source 2)

Saudi IPOs Dominated MENA in Q1 2025, Proceeds Doubled to $2.4 Billion

The MENA region witnessed a significant surge in IPO activity in Q1 2025, with proceeds doubling to $2.4 billion, a 106% increase year-on-year, and the number of listings rising to 14 from 10. Saudi Arabia led this activity, accounting for 12 of the 14 listings and the bulk of the proceeds, with five offerings on the Tadawul raising $1.8 billion and seven on the Nomu Parallel Market securing $69 million. The largest IPO was Um Al Qura for Development & Construction, which raised $523 million. (Source)

JPMorgan: GCC IPOs Shielded from Global Turbulence but Some Delays Expected

According to JPMorgan, IPOs in the Gulf Cooperation Council (GCC) are largely shielded from global market turbulence, though some delays are anticipated, with some deals potentially pushed to late summer or beyond. The Etihad Airways IPO in the UAE, a reported $1 billion listing, is an example of a postponed deal. Despite this, the GCC remains a relatively attractive IPO market due to its insulation from global shocks, a strong domestic investor base, and a local asset management industry, with tech, healthcare, pharma, and real estate sectors expected to drive upcoming offerings. (Source)

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