The IPOX® Update 7/18/2026

U.S.

Switch Taps Goldman Sachs and JPMorgan for Potential $10 Billion U.S. IPO

Switch has selected Goldman Sachs and JPMorgan as lead underwriters for a U.S. IPO that could launch as early as the fourth quarter. The data-center operator could raise up to $10 billion and achieve an enterprise valuation of approximately $80 billion, including debt. Switch operates large data-center campuses serving customers such as Nvidia, Dell and FedEx, positioning it to benefit from rising demand for AI computing infrastructure. DigitalBridge and IFM Investors took the company private in 2022 in an approximately $11 billion transaction. (Source)

Anthropic Begins Investor Outreach for Potential October Mega-IPO

Anthropic and the banks working on its potential IPO are reportedly preparing meetings with institutional investors to assess demand for a possible listing as early as October. The developer of the Claude AI platform could enter public markets ahead of several other large privately held AI companies. Given Anthropic’s substantial private valuation and its significant computing-infrastructure requirements, the transaction could become one of the largest technology IPOs ever. The timetable remains preliminary and may change depending on market conditions. (Source)

Holtec Nuclear Publicly Files for Nasdaq and Nasdaq Texas IPO

Holtec Nuclear has publicly filed a registration statement for an IPO and plans to list on Nasdaq and Nasdaq Texas under the ticker HNUC. The company develops nuclear equipment, radioactive-waste management technology and the SMR-300 small modular reactor, while also working to restart Michigan’s Palisades nuclear plant. The number of shares and proposed price range have not been disclosed. JPMorgan, Guggenheim Securities, Goldman Sachs, Citi and Bank of America are among the lead banks in a nine-firm underwriting syndicate. (Source)

Japan’s JERA Studies Potential U.S. Listing to Fund Global Expansion

JERA, Japan’s largest power generator, has begun examining U.S. market conditions, investor demand and regulatory requirements for a possible listing. Jointly owned by Tokyo Electric Power and Chubu Electric Power, JERA supplies the equivalent of approximately 30% of Japan’s electricity and generates around ¥3 trillion in annual revenue. A U.S. IPO could expand its funding options and international investor base as it invests in LNG, overseas power generation and renewable energy. The review remains at an early stage, with no decision on timing, structure or valuation. (Source)

Argentina’s YPF Electric Energy Files for NYSE IPO

YPF Electric Energy, an Argentine power producer, has filed to list American depositary shares on the NYSE under the ticker YLUZ. The company operates 17 thermal, wind and solar plants with 3,764 MW of installed capacity and reported first-quarter revenue of $217.2 million and net profit of $66.5 million. Selling shareholder BNR Power Investments will receive the proceeds, while Goldman Sachs, Bank of America and Citi are coordinating the offering; the share count and price range remain undisclosed. IPOX® CEO Josef Schuster said the company’s scale and position among Argentina’s leading utilities should attract investor interest, adding that recent foreign-company debuts indicate the U.S. IPO window remains open. (Source 1) (Source 2)

Europe

BASF Seeks Banks for Frankfurt IPO of Agrichemical Unit Valued Above €20 Billion

BASF has invited banks to pitch for lead roles in the planned Frankfurt IPO of its Agricultural Solutions division, which could be valued at more than €20 billion. The German chemicals group is targeting IPO readiness by mid-2027 and intends to remain the unit’s majority shareholder following the listing. Deutsche Bank and Goldman Sachs have already been advising BASF on separating the agrichemical business from the wider group. Although BASF previously considered a U.S. listing, it has communicated plans to float the division on the Frankfurt Stock Exchange. (Source)

AS Watson Considers Delaying $2 Billion London–Hong Kong IPO

AS Watson, the CK Hutchison-controlled owner of Superdrug and Watsons, is considering postponing its planned dual listing in London and Hong Kong from autumn 2026 until 2027. The IPO had been expected to raise approximately $2 billion at a valuation of around $30 billion. AS Watson operates roughly 17,000 stores across 31 markets, while shareholder Temasek could use the transaction to exit its nearly 25% stake. A delay, reportedly linked partly to regulatory and other complications in Asia, would represent a setback for London’s efforts to attract major listings. (Source)

Utmost Prepares for Potential £2.5 Billion London Flotation

Utmost, an Oaktree-backed wealth and insurance manager, is reportedly in advanced preparations for a London IPO that could take place as soon as September. The flotation could value the business at approximately £2.5 billion, with JPMorgan and Bank of America leading the process. Utmost administers around £116 billion of assets and reported operating profit of approximately £224 million for its latest financial year. A successful transaction would provide a notable boost to London’s subdued IPO market, although the plans remain subject to market conditions. (Source)

Howden Seeks Multi-Billion-Pound Private Raise Ahead of Eventual IPO

Howden is working with Morgan Stanley to raise several billion pounds of private capital as the insurance broker prepares for an eventual IPO. The financing would help reduce debt accumulated through approximately 250 acquisitions, support further expansion and provide employees with opportunities to trade shares. Howden was valued at around £10 billion in a 2024 internal share transaction, while its longer-term strategy reportedly targets a £50 billion valuation by 2030. The eventual IPO may have a relatively limited free float because the company intends to preserve significant employee ownership. (Source)

Asia-Pacific

CXMT Sets July 27 Debut After Raising $8.6 Billion in Shanghai IPO

ChangXin Memory Technologies is scheduled to begin trading on Shanghai’s STAR Market on July 27 after raising approximately $8.6 billion before any overallotment. Full exercise of the greenshoe could increase proceeds to about $9.8 billion, making the transaction Asia’s largest IPO of 2026 so far and China’s largest semiconductor listing. Retail subscriptions exceeded the available shares by more than 200 times, although demand was less intense than for several other recent Chinese technology offerings. CXMT, China’s leading DRAM manufacturer, plans to use the proceeds for production upgrades, technology development and semiconductor self-sufficiency initiatives. (Source 1) (Source 2)

Zhongji Innolight Moves Toward Hong Kong IPO of Up to $7 Billion

Zhongji Innolight has moved closer to a Hong Kong listing after publishing its post-hearing draft prospectus. The Shenzhen-listed AI optical-module manufacturer could begin bookbuilding shortly and make its Hong Kong debut in early August, subject to market conditions. An offering of up to $7 billion would make it Hong Kong’s largest IPO of 2026. First-quarter revenue increased 192% and profit rose 274%, although the company faces risks from its dependence on U.S. customers and its inclusion on a U.S. military-company list. (Source)

Syngenta’s Planned $5 Billion Hong Kong IPO May Slip to 2027

Syngenta is reportedly likely to postpone its planned $5 billion Hong Kong IPO until 2027. The seeds and agricultural-chemicals company is waiting for more favorable sector conditions following disruption in crop and fertilizer markets. Its exposure to the seeds industry may also lead to a longer regulatory approval process. Syngenta, which is controlled by China’s state-owned Sinochem, continues to state that it intends to return to public markets when conditions are appropriate. (Source)

Eoptolink Confidentially Files for $4–5 Billion Hong Kong IPO

Eoptolink has reportedly filed confidentially for a Hong Kong IPO seeking between $4 billion and $5 billion. The Shenzhen-listed company manufactures optical transceivers used to transmit data between servers and chips, providing exposure to rapid growth in AI data-center investment. The transaction would rank among Hong Kong’s largest technology listings and add another mainland-listed AI infrastructure supplier to the city’s market. A timetable, price range and final offer size have not yet been announced. (Source)

Shein Secures Approval for Potential $2–3 Billion Hong Kong IPO

Shein has received approval from Hong Kong’s listing committee, clearing a major hurdle after its earlier attempts to list in New York and London encountered regulatory scrutiny. The online fashion retailer could publish its first public filing during the week of July 27 and launch the IPO as soon as late August. Shein is reportedly considering raising $2 billion to $3 billion at a valuation of approximately $40 billion to $50 billion, substantially below its peak private valuation of $100 billion. Investor marketing has begun, but the final timing, valuation and offer size will depend on demand and market conditions. (Source 1) (Source 2)

AirTrunk Targets $1.5 Billion Singapore REIT IPO

AirTrunk is targeting September or October for an IPO of a Singapore-listed real estate investment trust that could raise approximately $1.5 billion. The Blackstone-backed data-center operator has confidentially filed for the transaction and is meeting potential cornerstone investors. AirTrunk operates data centers across Asia-Pacific and is benefiting from increasing cloud-computing and AI infrastructure demand. Blackstone and the Canada Pension Plan Investment Board acquired the company in 2024 at a valuation exceeding A$24 billion, although the REIT’s final asset composition and terms may change. (Source)

DeepSeek Considers STAR Market IPO Following Proposed $7.4 Billion Funding

DeepSeek has begun early discussions about a Shanghai STAR Market IPO and reportedly has an internal objective of filing during 2026. Before the listing, the Chinese AI developer is considering raising up to 50 billion yuan, or approximately $7.4 billion, to fund computing capacity, data centers, chip development and recruitment. Initial reports cited a prospective valuation of around $74 billion, while subsequent investor filings implied a lower valuation of approximately $52 billion. Both the financing and IPO remain at an early stage, and their terms and timing could change substantially. (Source 1) (Source 2)

Kopi Kenangan Explores IPO at Valuation of Up to $1 Billion

Kopi Kenangan has held preliminary discussions with banks regarding a potential IPO that could value the Indonesian coffee chain at up to $1 billion. Singapore is among the possible listing venues, although the company has not formally appointed banks or established a transaction timetable. Kopi Kenangan operates more than 1,300 stores across six countries and plans further international expansion. The company generated approximately $184 million of revenue and $17 million of net profit in 2025, but its IPO preparations remain at an early stage. (Source)

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