The IPOX® Update 7/4/2026

U.S.

Jersey Mike’s Files for U.S. IPO Targeting Potential $1B+ Raise at $12B+ Valuation

Jersey Mike’s, the Blackstone-backed sandwich chain, filed for a U.S. IPO and plans to list on the New York Stock Exchange under the ticker JMKE. Bloomberg reported the company could raise more than $1 billion at a valuation above $12 billion, after Blackstone acquired the chain for about $8 billion last year. IPOX® Associate Lukas Muehlbauer noted that Jersey Mike’s has a clear franchise-driven investment story, supported by revenue growth, expansion plans and Blackstone backing, while the listing may test investor appetite for restaurant IPOs after mixed aftermarket performance across the sector. (Source 1) (Source 2)

Nutrabolt Picks Banks for U.S. IPO That Could Raise Up to $1 Billion

Nutrabolt, the Austin-based energy drink and supplements company behind brands including C4, Bloom, XTEND and Cellucor, has selected JPMorgan, Goldman Sachs and Bank of America for a planned U.S. IPO. The offering could raise up to $1 billion, according to sources. Keurig Dr Pepper owns a 30% stake in Nutrabolt, implying an equity valuation of about $2.88 billion, as the U.S. IPO market continues to regain momentum. (Source)

Londian Wason U.S. IPO Filing Could Help Reopen Market for Larger China-Based Issuers

Londian Wason New Energy Tech, a China-based manufacturer of a key battery component, filed for a U.S. IPO. IPOX® CEO Josef Schuster told Reuters that a successful deal could mark an important step for larger Chinese issuers seeking access to U.S. equity markets and may help reopen the U.S. IPO market for bigger China-based listings. Schuster also highlighted Londian’s leading position in a strategic battery supply-chain segment, which could support investor interest despite pending pricing details. (Source)

iHerb Selects Banks for Planned $500 Million U.S. IPO

iHerb, an online retailer focused on vitamins and supplements, has selected banks to lead a planned U.S. IPO. The company is seeking to raise about $500 million, with a listing possible as soon as this year. iHerb sells products from nearly 2,000 brands, employs more than 3,000 people globally and serves over 15 million customers across more than 180 countries. (Source)

ITG Rises in Nasdaq Debut as AI Infrastructure Demand Supports Listing

ITG, an Oaktree-backed digital infrastructure company, rose 12.5% in its Nasdaq debut, valuing the company at about $2.18 billion. IPOX® Research Associate Lukas Muehlbauer told Reuters that investor enthusiasm around AI and data centers helped ITG go public. He noted that investors remain interested in companies positioned to benefit from rising demand for digital infrastructure. (Source)

Lime Opens Above IPO Price in Nasdaq Debut, Valued Around $1.73 Billion

Lime, the Uber-backed e-scooter and bike operator, opened above its $25 IPO price in its Nasdaq debut, valuing the company at about $1.73 billion. IPOX® Associate Lukas Muehlbauer said the pricing and first-day trading showed sufficient investor demand, though the reception appeared measured. He added that Lime will need to prove it can sustain growth through seasonal and market cycles without relying mainly on adding vehicles and capital expenditure in a competitive mobility sector. (Source)

Cumberland Farms Files for Nasdaq IPO as Consumer Listings Gain Momentum

Cumberland Farms, a convenience store retailer, filed for an IPO with plans to list on Nasdaq. IPOX® VP Kat Liu told Reuters that the reopening of the IPO market has broadened beyond AI and other high-growth sectors, with companies from a wider range of industries coming to market. Liu said investors may view Cumberland Farms as a defensive retail business with stable cash flows rather than a traditional consumer discretionary company. (Source)

Plaid Said to Consider U.S. IPO

Plaid, a finance app network maker, is reportedly considering a U.S. IPO. No IPO size, valuation, timing or underwriter details were provided in the available information. The potential listing would add another financial technology company to the pipeline as U.S. IPO activity continues to recover. (Source)

Europe

KNDS Delays Planned Frankfurt and Paris IPO Amid Defence Stock Volatility

KNDS, the Franco-German defence company, postponed its planned IPO on the Frankfurt and Paris exchanges due to market volatility and weakness in European defence stocks. The offering was expected to include at least a €4 billion sale for a 20% free float, with valuation estimates moving from earlier expectations of €20 billion to €25 billion to investor indications closer to €10 billion to €12 billion. The German government agreed to acquire a 40% stake from Wegmann, matching France’s ownership, and KNDS said it would resume IPO plans when market conditions improve. (Source)

Dusk Picks Banks for Planned £300 Million London IPO

Dusk, an online furniture retailer, has selected banks to lead a planned flotation on the London Stock Exchange. The company is targeting an IPO expected to raise about £300 million. The planned listing would add to the London IPO pipeline as UK markets look for renewed issuance activity. (Source)

Infracore Prices Swiss IPO at CHF 54, Valuing Company Near $1 Billion

Infracore, a Swiss healthcare real estate company, priced its IPO at CHF 54 per share ahead of trading on the SIX Swiss Exchange around July 9. The offering is expected to raise about CHF 200 million in gross proceeds and gives the company a market capitalization of roughly CHF 826 million, or close to $1 billion. Proceeds will help finance hospital property acquisitions and repay about CHF 55 million in shareholder loans, with Citigroup and Zuercher Kantonalbank acting as joint global coordinators and bookrunners. (Source 1) (Source 2)

Digi Spain Plans IPO With €150 Million Primary Share Sale and €1.7 Billion Pre-Money Valuation

Digi Spain, a unit of Digi Communications, plans to float on Spanish stock exchanges with a pre-money equity value of up to €1.7 billion. The IPO includes a €150 million primary share sale and a 15% over-allotment option, while Global Portfolio Investments has committed a €100 million investment. Digi Group is expected to retain at least 75% of Digi Spain after the IPO, and net proceeds of about €136 million will be used for telecom network expansion, with Barclays, UBS and Santander serving as global coordinators. (Source)

Smag IPO Covered at Top of Range Ahead of Frankfurt Scale Listing

Smag, a German defence communications company, is pursuing an IPO on Frankfurt’s Scale segment. The offering size is expected to range from €112.7 million to €132.3 million, implying a market capitalization of about €254 million to €305 million. Books opened on July 2 and are expected to close on July 8, with trading planned for July 13; Cantor is sole bookrunner, and proceeds are intended to support automation and expansion of Smag’s mobile mast systems for drone defence, surveillance and communications. (Source)

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