The IPOX® Update 7/12/2025

U.S.

Crypto Venture ReserveOne Set for $1 Billion+ Nasdaq Listing via SPAC Merger

ReserveOne, a new cryptocurrency venture, is set to go public on the Nasdaq by merging with the blank-check firm M3-Brigade Acquisition V Corp. The deal is expected to raise more than $1 billion and will see ReserveOne manage a portfolio of cryptocurrencies including bitcoin, ethereum, and Solana. The company's board will be chaired by Tether co-founder Reeve Collins and include former U.S. Commerce Secretary Wilbur Ross, with the transaction expected to close in the fourth quarter of 2025. (Source)

Joe & The Juice Explores U.S. IPO with Potential $2.4 Billion Valuation

Private equity firm General Atlantic is exploring a potential U.S. IPO for the Danish juice and coffee chain Joe & The Juice, which could take place as soon as next year. According to sources, the listing could value the company at approximately €2 billion ($2.4 billion). General Atlantic, which first invested in 2016 and acquired a majority stake in 2023, is reportedly speaking with prospective advisers for the potential offering. (Source)

Aura Minerals Launches ~$210 Million Nasdaq IPO Targeting $2.1 Billion Valuation

Aura Minerals, a Canadian gold and copper mining company focused on the Americas, has launched an IPO on the Nasdaq to raise around $200-$210 million, targeting a valuation of $2.14 billion. The company plans to sell 8.1 million shares under the ticker 'AUGO' to broaden its shareholder base and increase share liquidity. Proceeds from the offering, for which BofA Securities and Goldman Sachs are global coordinators, will be used to strengthen the business and support strategic growth, including the ramp-up of its Borborema mine in Brazil. (Source 1) (Source 2)

ENDRA Life Sciences Files For $121.4 Million Offering For Crypto Strategy and R&D

ENDRA Life Sciences has filed a registration statement for an offering to raise approximately $121.4 million by offering 15.7 million common shares at an assumed price of $8.30 per share. A vast majority of the net proceeds (around 95%) are slated for a cryptocurrency treasury strategy, while at least $5 million will support R&D and clinical trials for its TAEUS® ultrasound platform. The offering, underwritten by Lucid Capital Markets, is also aimed at helping the company resolve a Nasdaq stockholders’ equity deficiency to avoid potential delisting. (Source)

Almonty Industries Launches $75 Million Nasdaq IPO for South Korea Mine

Canadian tungsten miner Almonty Industries has launched a US$75 million IPO on the Nasdaq as part of its plan to redomicile in the U.S. The offering is being managed by Oppenheimer and Cantor Fitzgerald as joint bookrunners. The proceeds will be used to complete the construction of its Sangdong Mine in South Korea, from which 90% of the initial tungsten production has already been sold under a 15-year contract with a U.S. defense contractor. (Source)

Todd Boehly-Backed Accelerant Files for NYSE IPO

Accelerant, a speciality insurance marketplace backed by investors including Todd Boehly’s Eldridge Investments, has filed for an IPO on the New York Stock Exchange. The company, which is already well-funded with $1.3 billion in cash, will offer both primary and secondary shares, with Altamont Capital planning to sell some of its holdings. In the first quarter, Accelerant reported a 39% increase in adjusted EBITDA to US$42.8 million on revenues of US$178 million. (Source)

Education Provider McGraw Hill Files for NYSE IPO

McGraw Hill, a global provider of educational information solutions, has filed for a proposed IPO on the New York Stock Exchange under the ticker symbol "MH". For the fiscal year ending March 31, 2025, the company reported revenue of $2.1 billion, an increase from the previous year, while narrowing its net loss to $85.8 million. Goldman Sachs is serving as the lead underwriter for the offering, though the number of shares and price range have not yet been disclosed. (Source)

Advent-backed NIQ Global Files for NYSE IPO as Listings Pick Up

Consumer insights company NIQ Global Intelligence Plc, backed by Advent International, has filed for an IPO on the New York Stock Exchange under the ticker "NIQ". The company, which provides data on consumer shopping behavior to clients like Coca-Cola and Sony, will use the proceeds to repay debt. Josef Schuster, founder of IPOX®, noted that while private equity-backed IPOs are often priced efficiently without a large initial "pop," there is still significant risk appetite in the market. (Source 1) (Source 2)

Asia-Pacific

Daehan Shipbuilding Opens Books for W500 Billion KRX IPO

Daehan Shipbuilding has opened the books for an IPO on the KRX, aiming to raise up to W500 billion (US$363.4 million). The IPO consists of 10 million shares priced between W42,000 and W50,000 each, with 8 million primary and 2 million secondary shares being sold by private equity firm KHI. Bookbuilding is set to close on July 17, with pricing to be announced on July 21, and the deal is being led by KB Securities, NH Investment & Securities, and Shinyoung Securities. (Source)

OpenAI Challenger Zhipu Reportedly Considers $300 Million Hong Kong IPO

Chinese AI startup Zhipu, a prominent challenger to OpenAI, is reportedly considering shifting its planned IPO to Hong Kong from mainland China. Backed by Alibaba and Tencent, the company is said to be working with financial advisers on a potential share sale that could raise about $300 million. While deliberations are ongoing and a mainland listing is still possible, a move to Hong Kong would add to the city's recent revival in IPO activity. (Source)

Orezone Lodges Prospectus to Raise A$75 Million for ASX Listing

Orezone Gold Corporation has lodged a prospectus for an IPO on the Australian Securities Exchange (ASX) to raise A$75 million. The company is offering over 65.7 million CDIs at A$1.14 each, a discount to its recent closing price on the TSX. The funds will be used for the hard rock expansion at its Bomboré Mine and for further exploration, with trading on the ASX expected to begin around August 8, 2025, under the ticker "ORE". (Source)

ONE Championship President Says IPO is Part of the Plan

Hua Fung Teh, the Co-Founder and Group President of mixed martial arts promotion company ONE Championship, confirmed that an IPO has always been part of the company's strategy. Speaking at the Reuters Next summit in Singapore, he stated that the company has been in conversations with stock exchanges in both Western countries and Asia. The parent company of Asia's largest sports media player had previously considered a U.S. listing in 2022 as part of its global expansion. (Source)

MENA

Dubai Airports Hires Advisor for Potential $1.5 Billion IPO

Dubai Airports has reportedly hired a bank to act as an advisor for a potential IPO. According to AGBI, the offering could amount to as much as $1.5 billion. This move signals a potential major listing in the region's busy IPO market. (Source)

Saudi Chemicals Group SABIC Studying IPO of its Gas Unit

Saudi chemicals giant SABIC announced it is studying strategic options for its subsidiary, National Industrial Gases Company (GAS), which include a potential IPO. The review is part of SABIC's broader strategy of portfolio optimization and focusing on its core business. The company, which is 70%-owned by Saudi Aramco, stated that an IPO of the gas unit would aim to improve the group's financial position and add value for shareholders amid a challenging period for the chemicals industry. (Source)

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