The IPOX® Update 5/16/2025

U.S.

Figma Taps Morgan Stanley for Potential Landmark U.S. IPO

Design software company Figma Inc. has reportedly hired Morgan Stanley to lead its anticipated IPO, which could be one of the largest this year. Goldman Sachs Group Inc. and Allen & Co. are also said to be involved in the listing. Figma, which confidentially filed for an IPO in April, could go public as soon as this year. The company, known for its app design and collaboration software and backed by investors like Index Ventures and Kleiner Perkins, was valued at $12.5 billion after an investment last year. (Source)

Animoca Brands Explores New York Listing to Capitalize on U.S. Market Dynamics

Hong Kong-based Web3 investment firm Animoca Brands is reportedly planning a public listing in New York, with an announcement potentially forthcoming. Executive Chairman Yat Siu indicated the move aims to leverage the current U.S. approach to digital asset regulation. Animoca Brands, a prominent investor in NFTs and GameFi projects like Axie Infinity and OpenSea, holds significant cash, digital assets, and off-balance-sheet token reserves. Siu later clarified that while a U.S. listing is a possibility, his comments also referred to generally increasing activity in the U.S. (Source)

Omada Health Files for Nasdaq IPO

Omada Health, a provider of online support for patients with chronic conditions like obesity and prediabetes, has filed for an IPO on the Nasdaq. Morgan Stanley, Goldman Sachs, and JP Morgan are leading the offering. In the first quarter, Omada narrowed its operating losses to US$8.4 million while increasing revenue by 55.1% to US$55 million. The company, which has enrolled over one million members since 2011, plans to use the IPO proceeds for debt repayment and to enhance financial flexibility. (Source)

OpenAI in Talks with Microsoft Regarding Potential Future IPO

OpenAI is reportedly in discussions with its major backer, Microsoft, about revising their partnership terms to potentially allow the ChatGPT maker to launch an IPO in the future. Key aspects of the talks include Microsoft's equity stake in exchange for its over $13 billion investment and access to new AI technology beyond a current 2030 cutoff. OpenAI has recently adjusted its corporate structure, with its nonprofit parent organization remaining in charge. (Source)

Europe

Newlat Food Considers London Stock Exchange IPO for a "Substantial Part" of Company

Italian food and drinks group Newlat Food (NWLF.MI) is considering an IPO on the London Stock Exchange for a "substantial part" of the company. This consideration follows its acquisition of British company Princes for 700 million pounds, after which Newlat is set to be renamed NewPrinces. The company, which recently signed an agreement to buy a plant in Italy from Diageo to expand its beverage offering, expects revenues to reach 3 billion euros this year. (Source)

Asia-Pacific

CATL Finalizes $4.6 Billion Hong Kong Listing, Boosting Regional IPO Market

Battery giant Contemporary Amperex Technology Co. Ltd. (CATL) has finalized a $4.6 billion listing in Hong Kong, with its shares expected to begin trading shortly. This major IPO is seen as a sign of Hong Kong's equity capital markets reviving after a period of slower activity. The listing is among the largest in the region, contributing to a renewed momentum for share offerings. (Mentioned in Foshan Haitian and BlissBio articles)

Jiangsu Hengrui Pharmaceuticals Launches Hong Kong IPO to Raise Up to $1.27 Billion

Jiangsu Hengrui Pharmaceuticals Co., Ltd. is launching an IPO in Hong Kong aiming to raise up to HK$9.9 billion (approximately US$1.27 billion). The company, which specializes in pharmaceutical products including anti-tumor drugs and anesthetics, is currently bookbuilding for the deal. This move comes as Hong Kong's IPO market shows signs of recovery, highlighted by other significant listings in the region. (Source)

China's Foshan Haitian Flavouring and Food Co. Aims for $1 Billion Hong Kong IPO

Foshan Haitian Flavouring and Food Company, a major Chinese condiment maker, has received approval from the Hong Kong Stock Exchange for its listing and aims to raise about $1 billion. Bookbuilding for the IPO is expected to commence within the next two weeks. The Shanghai-listed company claims to be China's largest condiment maker by volume for 27 consecutive years, with leading market shares for its soy and oyster sauce products. (Source)

NTT DC REIT Eyes Up to US$1 Billion Singapore IPO, Pre-Marketing Set for June

NTT DC REIT, backed by Japan's Nippon Telegraph & Telephone, is planning to initiate pre-marketing for its Singapore Exchange (SGX) IPO as early as June, with an expected deal size of up to US$1 billion. The REIT's portfolio includes six data centres located in the United States, Austria, and Singapore. Bank of America, Citigroup, DBS, Mizuho, and UBS are reportedly managing the transaction. (Source)

AI-Driven Drug Firm METiS Pharmaceuticals Considers $200 Million Hong Kong IPO

METiS Pharmaceuticals, an artificial intelligence-driven drug delivery and discovery company, is reportedly considering an IPO in Hong Kong to raise as much as $200 million. The company is working with advisers and could potentially list before the end of the year. Based in Hangzhou with offices in the U.S., METiS has raised approximately $300 million since its establishment in 2020, with backers including CICC Capital and HongShan. (Source)

China's BlissBio Reportedly Mulling Hong Kong IPO to Raise at Least $150 Million

Chinese clinical-stage biotech firm BlissBio, which develops cancer treatments, is reportedly considering an IPO in Hong Kong that could raise at least $150 million. The company is said to be working with advisers on the potential share sale. BlissBio, founded in 2017 and based in Hangzhou, focuses on oncology biological therapeutics and has several antibody-drug conjugates in clinical trials. (Source)

Singaporean Cancer Diagnostics Firm Mirxes Launches HK$1.1 Billion (US$139M) Hong Kong IPO

Mirxes, a cancer diagnostics company from Singapore, has commenced bookbuilding for its Hong Kong IPO, aiming to raise HK$1.1 billion (approximately US$139 million). The offering consists of 46.6 million primary shares at a fixed price of HK$23.30 each. Two cornerstone investors, Beijing Xunrui and Evergreen Gate, have committed to US$57.9 million, or 41% of the deal. Pricing is anticipated on May 20, with the listing scheduled for May 23. (Source)

MENA

Dubai Residential REIT's US$486.7 Million IPO Covered Within Minutes of Book Opening

The IPO of Dubai Residential REIT, aiming to raise up to Dh1.79 billion (approximately US$486.7 million), was reportedly covered at the top of its price range within minutes of the books opening. The IPO, marketed on a Reg S basis and not available to EU investors, offers nearly 1.63 billion shares at Dh1.07–Dh1.10 each. The company intends to pay a dividend of Dh1.1 billion or 80% of profit for 2025. Subscription runs until May 20, with pricing expected on May 21 and listing by May 28. (Source)

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