The IPOX® Update 5/23/2025

U.S.

Circle Internet Financial Files for U.S. IPO, Targeting Over $5 Billion Valuation Amidst Sale Talks

Circle Internet Financial, the issuer of the USDC stablecoin, filed paperwork in early April 2025 for an IPO in the U.S., reportedly targeting a valuation of at least $5 billion. While committed to the IPO, Circle has also engaged in informal discussions about a potential sale to Coinbase Global or Ripple. Coinbase, which has a historical partnership and equity stake in Circle, and Ripple, which reportedly made a $4-5 billion offer that was rejected, are both considered potential acquirers. (Source)

Fannie Mae and Freddie Mac Privatization Path Outlined, Potential Listing Eyed

U.S. mortgage giants Fannie Mae and Freddie Mac, under government conservatorship since 2008, saw their shares surge after the U.S. Treasury Department and the Federal Housing Finance Agency (FHFA) revealed a framework for their "orderly" release. This move could lead to their return to private control and a potential stock market listing, with some anticipating this could occur as early as 2026, possibly under the incoming Trump administration. The plan aims to ensure their eventual exit is not disruptive to the housing market, though experts caution that privatization could impact mortgage rates depending on government guarantees. (Source 1) (Source 2)

Medtronic to Spin Off Diabetes Unit as Standalone Company via IPO

Medtronic plc has announced plans to separate its diabetes business into a new, stand-alone company, which will be headquartered in California and led by Que Dallara, the current head of Medtronic's diabetes unit. The separation is expected to occur within 18 months and will be executed through an IPO of less than 20% of the new entity, followed by a split-off of the remaining shares. This move comes after the diabetes unit faced struggles, including regulatory and cybersecurity concerns with its MiniMed insulin pumps, but has since returned to growth, with Medtronic aiming for consistent double-digit growth and immediate profitability for the new company. (Source)

Voyager Technologies Files for NYSE IPO to Fund Space and Defense Ventures

Voyager Technologies, a space and defense company, has filed for an IPO on the New York Stock Exchange (NYSE) under the symbol 'VOYG', after confidentially filing in January. Morgan Stanley and J.P. Morgan are the lead underwriters. The company, which holds a 67% stake in NASA's Starlab project (successor to the ISS estimated to cost $2.8bn-$3.3bn), reported $144.2 million in revenue for 2024 and recently acquired Optical Physics Company. Voyager raised US$66.5m in a Series C round and had US$175.5m in cash as of March 31, 2025. (Source 1) (Source 2) (Source 3)

Europe

Cobalt Holdings Targets US$230 Million London IPO to Acquire Cobalt Stockpile

Cobalt Holdings is pre-marketing a US$230 million IPO on the London Stock Exchange. The company intends to use US$200 million of the proceeds to purchase 6,000 tonnes of cobalt from Glencore, capitalizing on the current oversupply of the metal. Glencore and Anchorage have committed US$24.3m and US$23m respectively, taking stakes of 10% and 9.5%. Citigroup is the sole global coordinator, with Canaccord Genuity as joint bookrunner, and RetailBook managing a retail offer. (Source)

Swedish Conglomerate Ratos Considers IPO for Nordic Construction Arm Sentia

Swedish conglomerate Ratos AB is reportedly considering an IPO for its construction arm, Sentia, in the Nordic region. Ratos is working with advisers to assess investor interest for the unit, which was formed by consolidating HENT in Norway and SSEA Group in Sweden at the end of last year. These two businesses had combined revenues exceeding $1 billion in 2023. No final decisions on the IPO have been made. (Source)

Asia-Pacific

Maynilad Water Services (Philippines) Reduces IPO Size to US$820 Million, Targets July Launch

Maynilad Water Services in the Philippines has reduced the size of its upcoming IPO to Ps45.8 billion (approximately US$820 million), with a targeted launch in July. The offering will consist of 2.29 billion shares, including the greenshoe option, while the maximum price remains at Ps20 per share. HSBC, Morgan Stanley, and UBS are working on the transaction for the company, which was granted a 25-year franchise in December 2021 to operate in Metro Manila and Cavite. (Source)

Japan's UBE Considers Tokyo IPO for UBE Machinery Subsidiary

Japanese manufacturer UBE Industries is preparing for a potential IPO on the Tokyo Stock Exchange for its subsidiary, UBE Machinery. The company aims to enhance corporate value and expand its products and services through the listing. UBE Machinery, which manufactures molding and industrial machinery, was spun off from UBE in 1999. The exact size, timing, and specific venue for the IPO have not yet been finalized. (Source)

Mitsubishi UBE Cement (MUCC) Being Prepared for Tokyo Stock Exchange Listing

UBE Industries and Mitsubishi Materials are jointly preparing to list their cement joint venture, Mitsubishi UBE Cement Corporation (MUCC), on the Tokyo Stock Exchange (TSE). MUCC commenced operations in 2022 following the merger of the cement businesses of UBE and Mitsubishi Materials. The timing for the MUCC IPO has not yet been decided. (Source)

China to Reform Regulations to Support Tech Firms' Overseas IPOs

China is planning to create a more efficient, transparent, and predictable regulatory environment to aid its technology firms seeking to list on overseas stock exchanges. The China Securities Regulatory Commission (CSRC) announced it will also strengthen the security of funds raised by these listed companies and support high-quality, even unprofitable, tech firms in going public. These efforts are part of China's broader strategy to accelerate technological self-sufficiency and will include deepening reforms on Shanghai's STAR market and Shenzhen's ChiNext board. (Source)

MENA

Saudi Airline Flynas Prices IPO at Top of Range, Raising US$1.1 Billion

Saudi budget airline Flynas, backed by billionaire Prince Alwaleed Bin Talal, has set its final IPO price at 80 riyals (US$21.33) per share, the top end of its indicated range. The IPO is set to raise SAR 4.1 billion (approximately US$1.1 billion) from the sale of 51.3 million shares, representing 30% of its share capital and valuing the company at SR13.7bn. The institutional tranche was nearly 100 times oversubscribed, attracting SR409 billion in orders. Saudi Fransi Capital is the lead manager, with BSF Capital, Morgan Stanley Saudi Arabia, and Goldman Sachs Saudi Arabia also involved in the first airline IPO in the region in nearly two decades. (Source 1) (Source 2)

Dubai Residential REIT IPO Raises US$584 Million, Sees Overwhelming Demand

The IPO of Dubai Residential REIT, managed by Dubai Holding Asset Management, raised Dh2.15 billion (US$584 million) and was 26 times oversubscribed, attracting Dh56 billion (US$15.2 billion) in demand. Shares were priced at Dh1.10, the top of the marketed range, valuing the company at Dh14.3 billion and implying a 7.7% dividend yield for 2025. Trading is set to begin on May 28, with 20%-30% of the demand originating from outside the UAE, mainly from Saudi Arabia, the UK, and Europe. IPOX® CEO Josef Schuster commented on the strong investor interest, highlighting the potential for REITs to gain traction in the UAE as a distinct asset class attractive to international investors. (Source 1) (Source 2)

Saudi Chemical Giant SABIC Reportedly Explores IPO for its Gas Business

Saudi Arabian petrochemicals giant Saudi Basic Industries Corp. (SABIC) is reportedly exploring an IPO of its industrial gas business. The company is said to be in early-stage discussions with potential advisers, including Lazard Inc., HSBC Holdings Plc, JPMorgan Chase & Co., and Morgan Stanley, for a possible listing as soon as this year. While deliberations are preliminary, National Industrial Gases Co., in which SABIC holds a 74% stake and which generated $427 million in revenue in 2024, could be part of the offering. This exploration comes as SABIC undergoes a broader operational review amid soft demand and shrinking margins in the global chemicals sector. (Source 1) (Source 2)

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