The IPOX® Update 6/27/2025

U.S.

Travel Tech Firm Navan, Valued at $9.2 Billion, Confidentially Files for US IPO

Corporate travel and expense company Navan has confidentially filed for a U.S. IPO. The Palo Alto-based firm, backed by Andreessen Horowitz and Lightspeed, was valued at $9.2 billion during a 2022 funding round. The move signals growing optimism in the U.S. IPO market, which has recently seen strong debuts from other technology and fintech companies. (Source)

Debt Collector Jefferson Capital Valued at $1.2 Billion in Strong Nasdaq Debut

Consumer debt collector Jefferson Capital saw its valuation reach $1.2 billion following a successful debut on the Nasdaq. The strong performance is viewed as a positive indicator of a recovering investor appetite for new listings that possess solid fundamentals. This debut underscores a broader trend of a selective but steady rebound in the U.S. IPO market. (Source)

Automated Wealth Manager Wealthfront Confidentially Files for U.S. IPO

Automated digital wealth management firm Wealthfront Corporation has confidentially filed for a U.S. IPO, indicating rising investor interest in new listings. The move aligns with a recent increase in successful U.S. IPOs, especially from sectors less affected by trade and supply chain issues. Wealthfront's filing follows strong market entries from other fintech firms, suggesting a renewed appetite for technology-driven public offerings. (Source)

US Rare Earths Refiner Phoenix Tailings Eyes IPO Within 3 Years

Phoenix Tailings, a U.S. company focused on refining rare earth elements, is reportedly considering an IPO within the next three years. The company's potential listing comes as the United States seeks to strengthen its domestic supply chain for critical materials. Details on the potential size and venue of the IPO have not yet been determined. (Source)

IPOX Research Notes Selective Rebound in U.S. IPO Market

According to IPOX® Research Associate Lukas Muehlbauer, the U.S. IPO market is experiencing a rebound that is likely to be selective, "led by high-quality and long-anticipated issuers." This commentary followed the successful debut of Jefferson Capital. Muehlbauer noted that initial trading pops are often fueled by allocation scarcity, while subsequent trading establishes a more sustainable market price, describing it as a "healthy process of price discovery." (Source)

Europe

Norway’s €19 Billion Software Company Visma Picks London for IPO

Norwegian software giant Visma, valued at €19 billion, has selected London as the frontrunner for its planned flotation next year, providing a significant boost to the London Stock Exchange. The company, which provides accounting, payroll, and HR software, is majority-owned by London-based private equity firm Hg Capital. The decision is seen as a major win for London's capital markets, which have faced an exodus of companies to other exchanges. (Source)

German Med-Tech Firm Brainlab Targets up to €2.1 Billion Valuation in Frankfurt IPO

German medical technology firm Brainlab AG has set a price range of €80 to €100 per share for its IPO on the Frankfurt Stock Exchange. The IPO targets a market capitalization of up to €2.1 billion ($2.41 billion) and aims to raise up to €520 million. The company, which develops software systems for surgical navigation, plans to use the proceeds to expand into new medical fields like orthopaedics and heart surgery. (Source)

Finnish Military Satellite Maker Iceye Explores IPO Amid Sales Boom

Iceye, a Finnish startup that manufactures Earth-observation satellites, is exploring an IPO that could take place as soon as next year. The company expects its revenue to double to over €200 million in 2025, driven by surging demand from governments for space-based intelligence. While no final decision has been made, CEO Rafal Modrzewski expressed a preference for a European listing to support the continent's capital markets. (Source)

Belgian Renewables Firm EnergyVision Seeks up to €100m in Brussels IPO

Belgian energy company EnergyVision is planning an all-primary IPO on Euronext Brussels to raise between €50 million and €100 million. The company, which supplies electricity and installs solar and EV charging infrastructure, will use the proceeds to expand its networks and for potential acquisitions. The offering has already secured €11 million in cornerstone backing, with books expected to open on June 27. (Source)

European IPO Market Faces Headwinds as Investor Appetite for PE Exits Wanes

The European IPO market is facing challenges, highlighted by the recent postponement of German car parts retailer Autodoc SE's planned listing. According to IPOX® Research Associate Lukas Muehlbauer, "investor appetite for private equity exits, where proceeds do not stay with the company, is particularly low." This sentiment suggests that IPOs structured primarily for existing owners to cash out are proving to be a difficult sell in the current cautious market environment. (Source)

Asia-Pacific

Fashion Giant Shein to Confidentially File for Major Hong Kong IPO

China-founded fast-fashion retailer Shein is planning to confidentially file for a Hong Kong IPO, a rare move for the city's exchange. This marks Shein's third attempt at a public listing after facing setbacks in the U.S. and U.K. The potential IPO is highly anticipated and could be the largest in Hong Kong this year, a significant event expected to help rebound the city's equity capital markets. (Source 1) (Source 2)

Zijin Gold Plans to File for up to US$2 Billion Hong Kong IPO

Zijin Gold International, a wholly-owned subsidiary of Zijin Mining, is preparing to file for a Hong Kong IPO in the coming weeks that could raise between US$1 billion and US$2 billion. The company, which has gold mining operations across South America, Central Asia, Africa, and Oceania, believes the listing will accelerate the internationalization of its gold business. Morgan Stanley and Citic Securities are advising on the transaction. (Source)

Chinese Chip Designer Montage Technology Hires Banks for $1 Billion Hong Kong Listing

Shanghai-listed Chinese chip designer Montage Technology Co. has hired China International Capital Corp., Morgan Stanley, and UBS Group AG for its planned Hong Kong listing, which could raise about $1 billion. The company, which has a market capitalization of approximately $13 billion on the Shanghai Star Board, is joining a trend of mainland-listed firms seeking secondary listings in Hong Kong to tap into a wider investor base. (Source)

NTT to List Data Center REIT on Singapore Exchange in up to $1 Billion IPO

Japanese telecommunications firm NTT has lodged a preliminary prospectus to list NTT DC REIT on the Singapore Exchange in an IPO that could be worth up to $1 billion. The portfolio comprises six data center assets in the United States, Austria, and Singapore, valued at $1.6 billion. The offering is backed by cornerstone investors including GIC and is being handled by banks such as Bank of America, UBS, and DBS. (Source)

Insurer FWD Group Launches $442 Million Hong Kong IPO

FWD Group, the insurance company backed by tycoon Richard Li, is launching a Hong Kong IPO to raise HK$3.47 billion ($442 million). This is the company's third attempt to go public, valuing it at $6.2 billion, significantly lower than its initial target in 2021. Cornerstone investors Mubadala Capital and a T&D Holdings subsidiary are investing $150 million and $100 million, respectively. (Source)

Intel-Backed AI Firm Reconova Plans $100 Million Hong Kong IPO

Reconova Technologies Co., a Chinese artificial intelligence company backed by Intel Capital, is planning a Hong Kong IPO that could raise about $100 million as soon as this year. The Xiamen-based firm specializes in visual perception technologies like facial recognition for use in airports, stores, and vehicles. The planned listing is part of a wave of Chinese AI startups looking to tap public markets in Hong Kong. (Source)

China AI Chip Firm Biren Raises New Funds, Plans Hong Kong IPO

Chinese AI chip startup Biren Technology has raised 1.5 billion yuan in a new funding round led by state-linked investors and is preparing to file for a Hong Kong IPO as early as August. The company, which was added to a U.S. export control list in 2023, has shifted its listing plans from mainland China to Hong Kong. Prior to this funding, Biren was valued at approximately 14 billion yuan. (Source)

MENA

Saudi Gym Operator Sport Clubs Company Launches IPO to Raise up to $68.6 Million

Saudi gym operator Sport Clubs Company (SCC) has launched its IPO on the Tadawul exchange, aiming to raise between SR240.2 million and SR257.4 million (US$64 million–$68.6 million). The offering sets a price range of SR7–SR7.50 per share and will value the company at up to SR858 million. The deal is being managed by BSF Capital, with pricing expected before a retail offer on July 8. (Source)

Convenience Store Retailer Trolley Plans Rare IPO in Kuwait

Kuwaiti convenience store chain Trolley is planning an IPO in what would be a rare listing for the Kuwaiti market. Advised by EFG Hermes and National Investments Co., the transaction could occur as early as this year. The planned listing comes as Kuwait's main stock index outperforms regional peers, gaining over 14% this year amid moves to implement economic reforms. (Source)

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