The IPOX® Update 7/19/2025
U.S.
SoftBank-Backed Travel App Klook Considers US Listing for up to $500 Million
Klook, a travel application backed by SoftBank, is reportedly exploring an initial public offering in the United States. The company is working with financial advisers on the planned share sale, which could raise as much as $500 million. Klook, which primarily serves younger travelers, may confidentially file its application soon, signaling a potential move to tap into the U.S. public markets. (Source)
Firefly Aerospace Files for Nasdaq IPO After Successful Moon Landing
Following the success of its Blue Ghost lunar lander, space transportation company Firefly Aerospace has submitted paperwork for an IPO on the Nasdaq under the ticker "FLY". The company, which develops rockets, space tugs, and lunar landers, has seen its revenue increase more than sixfold to $55.9 million as of March, with a project backlog of around $1.1 billion. The move comes amid a resurgent U.S. IPO market, though the company reported a net loss of about $60.1 million for the same period. (Source)
Europe
Insurer CFC Mulls Potential £5 Billion+ London Listing
Specialist insurer CFC, backed by EQT and Vitruvian Partners, is considering a London IPO that could value the company at over £5 billion ($6.71 billion). Founded in 1999 as a cyber insurance provider, the London-based firm has since expanded into over 20 specialist insurance classes. While a UK listing could boost the local IPO market, CFC is also exploring a potential U.S. listing or an outright sale, with discussions in early stages and no deal expected before the second half of 2026. (Source)
European Tankmaker KNDS Explores IPO or Stake Sale
KNDS NV, a major European tank manufacturer, is exploring strategic options including an initial public offering or a stake sale. The company's German family shareholders are reportedly considering reducing their ownership to capitalize on growing investor interest in the defense sector. The move, which is attracting attention from private equity firms and wealth funds, would require approval from the French government, which holds the other half of the company. An IPO remains the preferred option for the owners to partially monetize their stake. (Source)
Asia-Pacific
AI Firm MiniMax Confidentially Files for Hong Kong IPO with Over $4 Billion Valuation Target
Chinese artificial intelligence startup MiniMax has confidentially filed for a Hong Kong IPO, targeting a valuation of over $4 billion. The company, which develops multimodal AI models, could raise between HK$4 billion and HK$5 billion before the end of the year. Backed by major investors like Alibaba and Tencent, MiniMax is working with CICC, Citi, and UBS on its listing, leveraging Hong Kong's new confidential filing option designed to protect sensitive business information. (Source 1) (Source 2)
Apple Supplier Biel Crystal Considers Reviving Hong Kong IPO Plans
Biel Crystal Manufactory Ltd., a key supplier of glass screens for Apple's iPhones, is reportedly considering reviving plans for a Hong Kong initial public offering. The company has engaged in preliminary discussions with advisers and could file for a share sale as soon as this year. While considerations are at an early stage and a final decision has not been made, the move indicates renewed interest from the major tech supplier in listing on the Hong Kong stock exchange. (Source)
OpenAI Challenger Zhipu Reportedly Weighs Shifting IPO to Hong Kong
Zhipu AI, a prominent Chinese competitor to OpenAI, is reportedly considering a shift in its IPO plans from mainland China to Hong Kong. The company is said to be working with financial advisers on a potential listing that could raise approximately $300 million. Discussions are still ongoing and details such as the size and timing of the deal could change, but the potential move highlights Hong Kong's increasing attractiveness for leading Chinese tech firms. (Source)
MENA
GCC IPO Proceeds Dip to $3.4 Billion in H1 2025 Despite More Listings
Initial public offering proceeds in the GCC region declined by 6% to $3.4 billion in the first half of 2025, down from $3.6 billion in the same period last year. However, the number of IPOs slightly increased from 23 to 24. Saudi Arabia dominated the market, accounting for 22 of the listings and raising $2.86 billion, which represents 85% of the total proceeds. In contrast, the UAE experienced a significant 88% drop in IPO value, while Kuwait, Qatar, and Bahrain had no new listings during the period. (Source)
Disclaimer: News summaries may contain mistakes. The information does not constitute financial advice, endorsement or recommendation and should not be considered as such.
