The IPOX® Update 6/6/2025

U.S.

Voyager Technologies Launches IPO Targeting $1.6 Billion Valuation

The Denver-based defense and aerospace company, Voyager Technologies, has launched an IPO on the New York Stock Exchange under the ticker VOYG. The company is offering 11 million shares priced between $26 and $29, aiming to raise approximately $367 million in gross proceeds to fund research and development. The IPO targets a valuation of $1.6 billion and follows a series of strategic acquisitions by Voyager to enhance its satellite technology capabilities. (Source)

Crypto IPO Momentum Builds as Gemini Files for US Listing

Confidence in the cryptocurrency sector's access to public markets is growing, highlighted by the confidential U.S. IPO filing from Gemini, the exchange founded by the Winklevoss twins. This move follows the recent successful debut of stablecoin issuer Circle on the NYSE. According to IPOX experts, these filings indicate that long-anticipated firms in strategic sectors like digital assets and fintech are re-engaging with public capital as investor appetite returns for companies with well-defined business models. (Source 1) (Source 2)

Wise to Shift Primary Listing to U.S., Dealing Blow to London Market

Wise Plc, a £12 billion money-transfer company, announced it will switch its primary listing to the U.S. to enhance liquidity and provide a potential pathway for inclusion in major U.S. indices. The move is a significant blow to London's fintech sector, which has struggled with lower valuations and liquidity. Wise's decision follows similar considerations by other major UK fintechs like Revolut and comes as a setback despite UK government efforts to make London's markets more attractive for high-growth tech companies. (Source)

Europe

Double Blow to London as Cobalt Holdings Abandons IPO and Wise Exits

The London Stock Exchange has suffered a double blow, reinforcing concerns about its ability to attract and retain high-growth companies. Cobalt Holdings has abandoned its planned $230 million IPO, which was expected to be one of the year's first major listings, reportedly due to a lack of investor demand. This news was compounded by fintech giant Wise Plc's announcement that it will shift its primary listing to the U.S. in search of higher liquidity and better valuation prospects, highlighting a trend of UK-based firms looking across the Atlantic. (Source 1) (Source 2)

Fintech Unicorn Monzo Tops £1bn in Revenue on Road to Landmark IPO

UK digital bank Monzo has announced its revenue has surpassed £1 billion, a key milestone as it progresses toward a highly anticipated IPO. The fintech "unicorn" has demonstrated significant growth, signaling its increasing maturity and readiness for public markets. This positive financial performance positions Monzo as a potential bright spot for the London market, which has recently faced challenges with other planned and existing listings. (Source)

MENA

Saudi Airline Flynas Prices IPO at Top of Range with $3.6B Valuation

Saudi low-cost airline flynas has priced its IPO at SR80 ($21) per share, the top of its indicated range, valuing the company at approximately SR13.6 billion ($3.6 billion). The offering was significantly oversubscribed by both institutional and retail investors, with institutional orders totaling SR409 billion. The successful IPO is part of flynas's strategy to expand its fleet and become the leading low-cost carrier in the MENA region, aligning with Saudi Arabia's goal of attracting 150 million visitors by 2030. (Source)

Saudi's Specialized Medical Company Prices $500M IPO at Top End

Specialized Medical Company (SMC), a leading healthcare provider in Saudi Arabia, successfully priced its IPO at SAR 25.00 per share, the top of its price range. The offering implies a total size of around SAR 1.875 billion ($500 million) and a market capitalization of SAR 6.25 billion ($1.67 billion). The institutional book-building was heavily oversubscribed by 64.7 times, indicating strong investor confidence. The IPO will support SMC's expansion plans, including doubling its capacity and deepening its presence in high-growth areas of Riyadh. (Source)

Dubai Party Hotel FIVE Considers London or New York Listing

Dubai-based luxury hotel operator FIVE Holdings is reportedly considering an IPO in London or New York. The company, which owns the popular Pacha hotel and nightclub, had previously stated it was exploring a dual listing and was valued at up to $3 billion. Sources suggest the listing process could begin by the end of the year. A London listing is seen as a strong possibility given the significant UK clientele for its Ibiza clubs. (Source)

Asia-Pacific

Philippine Regulator Approves Water Company Maynilad's $670 Million IPO

Maynilad Water Services Inc., a water and wastewater services provider in the Philippines, has received regulatory approval for its IPO on the Philippine Stock Exchange. The company could raise up to 37.41 billion Philippine pesos ($671.53 million). The IPO offer period is scheduled for July 3 to 9, with the listing expected on July 17. The proceeds will be used to fund capital expenditures and for general corporate purposes. Maynilad has appointed BPI Capital Corp, HSBC, Morgan Stanley, and UBS as joint global coordinators for the offer. (Source 1) (Source 2)

Virgin Australia Launches $443 Million IPO in Return to Market

Virgin Australia is set to return to the Australian stock market after a five-year hiatus, launching an A$685 million ($443 million) IPO on Wednesday amid a rebound in domestic tourism. The airline, owned by Bain Capital, will offer shares at a fixed price of A$2.90, valuing the company at A$2.32 billion. This IPO is Australia's largest of the year and is seen as a sign of confidence in the recovery of consumer spending and domestic travel. The stock is expected to begin trading on June 24. (Source)

Hong Kong Equity Markets See Resurgence in IPO Activity

Hong Kong's equity capital markets are experiencing a significant resurgence, with IPOs and secondary share sales raising $26.5 billion so far in 2025, a dramatic increase from the previous year. The boom is driven by multi-billion dollar offerings from Chinese giants, including battery maker Contemporary Amperex Technology Co. Ltd. (CATL). Analysts note that capital is flowing into select emerging markets like Hong Kong, and the city is benefiting from Chinese companies shifting their IPO plans there, potentially including fast-fashion giant Shein. (Source)

Miniso Group Considers IPO for "TOP TOY" Pop Toy Business

Chinese lifestyle retailer Miniso Group announced it is conducting a preliminary assessment for a potential spin-off and separate listing of its pop toy business, "TOP TOY". While details regarding the timing and listing venue have not been finalized, reports suggest the company has hired JPMorgan and UBS for a planned IPO of the unit in Hong Kong. This move indicates an effort to capitalize on the growing pop toy market. (Source)

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