The IPOX® Update 7/24/2026

U.S.

Jersey Mike’s Seeks Up to $1.09 Billion in NYSE IPO at Nearly $8 Billion Valuation

Jersey Mike’s, the Blackstone-backed sandwich chain, is offering approximately 43.5 million shares at an expected price of $21–$25 each. At the top of the range, the IPO would raise about $1.09 billion and value the company at approximately $7.94 billion, with Jersey Mike’s issuing around 13.8 million shares and existing shareholders selling approximately 29.7 million. The company, which operates more than 3,300 locations in the U.S. and Canada, plans to list on the New York Stock Exchange under the ticker JMKE, while Blackstone affiliates are expected to retain majority voting control. (Source)

Reformation Targets Up to $239.1 Million in NYSE IPO at $1 Billion Valuation

Reformation, the Permira-backed womenswear retailer, is offering approximately 14.1 million shares at $15–$17 each, seeking to raise as much as $239.1 million at a valuation of up to $1 billion. The transaction includes approximately 9.5 million newly issued shares and 4.6 million shares sold by existing stockholders, with part of the primary proceeds intended to repay term loans. Reformation plans to list on the New York Stock Exchange under the ticker REF. IPOX® Vice President Kat Liu told Reuters that the company’s direct-to-consumer model provides control over pricing, merchandising and inventory, although its sustainability positioning must compete with price, convenience and changing fashion trends. (Source 1) (Source 2)

Defense-Technology Firm Lyntris Files for NYSE IPO

Lyntris, a Trive Capital-backed defense-technology company, has filed for a U.S. IPO and intends to list on the New York Stock Exchange under the ticker LYNX. The company provides systems that help U.S. and allied defense forces detect threats, make operational decisions and respond more quickly. Revenue increased to $241 million during the six months ended June 30 from $179.1 million in the comparable period, while the company recorded a $13 million net loss. Share count and pricing terms have not been disclosed, and Evercore ISI, Citigroup and Guggenheim Securities are among the underwriters. (Source)

AlphaSense Takes Preliminary Steps Toward Potential U.S. IPO

AlphaSense, an AI-powered financial and enterprise research platform, has reportedly begun preliminary preparations for a potential public listing, although a venue and timetable have not been disclosed. The company’s annual recurring revenue has reportedly exceeded $700 million after growing by approximately 40% over the previous year. No expected offer size or valuation has been announced, leaving the potential transaction at an early stage. Its revenue scale, growth rate and institutional customer base nevertheless indicate that a future listing could comfortably exceed the stated market-capitalisation threshold. (Source)

Canada

Amapá Minerals Prices C$140 Million IPO Ahead of TSX Debut

Amapá Minerals has priced its IPO of approximately 127.3 million common shares at C$1.10 each, generating gross proceeds of C$140 million. The Toronto Stock Exchange has conditionally approved the listing, with trading expected to begin on an “if, as and when issued” basis on July 27 under the ticker AMAP, while the offering is expected to close on July 30. Underwriters hold an over-allotment option for approximately 19.1 million additional shares, potentially generating another C$21 million. The gold-mining company’s principal asset is a past-producing open-pit operation in northern Brazil. (Source)

Asia-Pacific

Moonshot AI Advances Hong Kong IPO Preparations After Reaching $30 Billion Valuation

Moonshot AI is restructuring elements of its offshore corporate framework as it prepares for a potential Hong Kong IPO. The Chinese artificial-intelligence company has engaged advisers including Goldman Sachs and China International Capital Corp, although the timing of the listing remains fluid. Moonshot recently raised more than $2 billion and was reportedly seeking additional financing after reaching a valuation of approximately $30 billion. Strong demand for its Kimi K3 model forced the company to pause new subscriptions temporarily, highlighting both customer interest and the infrastructure investment needed to support growth. (Source)

AgiBot Formally Begins Hong Kong IPO Process

AgiBot, a Chinese humanoid-robot manufacturer, has formally begun the process of pursuing an IPO in Hong Kong. The development advances plans first reported in 2025, when the company was said to be working with investment banks and considering a multibillion-dollar valuation. The latest report did not disclose an offer size, updated valuation or listing timetable. A future transaction would provide public-market exposure to humanoid robotics, automation and embodied artificial intelligence. (Source)

IJM Explores Separate Listing of Malaysian Construction Business

IJM Corporation has confirmed that it is evaluating a potential separate stock-market listing of its core Malaysian construction business. The confirmation followed a report suggesting that the division could be valued at approximately MYR5 billion, although IJM did not endorse that figure or disclose an exchange, offer size or timetable. A standalone listing could provide the construction operation with direct access to capital and allow the conglomerate to crystallise value from one of its principal business units. The process remains exploratory. (Source)

MENA

TAWAL Could Prepare for 2027 or 2028 IPO After Potential Tower Acquisition

TAWAL, the PIF-backed Saudi telecom-tower operator, is reportedly negotiating to acquire more than 10,000 tower sites from mobile operator Mobily in a potentially multibillion-dollar transaction. Completion would substantially expand TAWAL’s domestic portfolio and strengthen its position among the region’s largest telecommunications-infrastructure owners. The company is expected to begin IPO preparations after completing the acquisition, with a possible listing in 2027 or 2028. No offer size has been indicated, although the scale of the proposed acquisition and TAWAL’s existing infrastructure portfolio suggest that any future listing would be sizeable. (Source)

Africa

Pepkor Builds $1.3 Billion Fintech Business for Future Separate Listing

Pepkor plans to combine its Flash fintech subsidiary with merchant-payments platform Shop2Shop, creating an integrated commerce and financial-technology business focused on South Africa’s informal retail economy. Pepkor will hold a controlling 57.1% interest after contributing Flash and subscribing for additional shares with ZAR1.57 billion in cash. The transaction implies an equity valuation of approximately ZAR21.3 billion, or around $1.3 billion, for the combined company. Pepkor intends to pursue a separate stock-market listing over the medium term, potentially unlocking value from its payments, lending, cash-handling and digital-products operations. (Source)

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