The IPOX® Update 8/2/2025

U.S.

Klarna Weighs US IPO Revival as Soon as September

Swedish digital payment company Klarna Group Plc is reportedly considering a revival of its New York IPO as early as September, following a surge in fintech stock prices. The company is gearing up its preparations for the share sale, for which it previously filed in March, seeking to raise at least $1 billion at a valuation exceeding $15 billion. The plans were initially put on hold due to market turbulence, but a recent rebound in shares of competitors like Affirm and a successful IPO by Chime Financial Inc. have created a more favorable environment. (Source)

South Korea's Viva Republica Plans $1B+ US IPO

Viva Republica, the South Korean fintech operator of the popular Toss platform, is planning a U.S. listing to raise at least $1 billion, choosing the American market over a domestic one to seek a higher valuation. This move would position it as one of the largest South Korean issuers in the U.S. since Coupang's 2021 debut. The Toss app serves over 28 million users and has shown strong financial performance, reporting a net profit of W21.3 billion in 2024 with a 43% increase in revenue, strengthening its case for a U.S. IPO. (Source)

Heartflow Aims for $1.32B Valuation in US Medtech IPO

Medical technology company Heartflow, backed by Bain Capital, is targeting a valuation of up to $1.32 billion in its upcoming U.S. IPO, signaling a potential rebound in the medtech sector. According to IPOX® CEO Josef Schuster, Heartflow's strong top-line growth and high gross margins position it well to attract investor interest. However, he also noted that broader market volatility could lead to investor caution after the first day of trading. The move follows several other successful medtech listings in 2025, suggesting renewed appetite in a sector that has seen a prolonged downturn. (Source)

Black Rock Coffee Confidentially Files for $1B+ US IPO

Black Rock Coffee Bar, an Oregon-founded cafe chain, has confidentially filed for an IPO in New York and is reportedly seeking a valuation of over $1 billion. The potential listing could take place as early as the end of 2025, with JPMorgan Chase, Jefferies, and Morgan Stanley managing the transaction. Founded in 2008, the Scottsdale-based company operates more than 150 locations, many with drive-through formats, across several U.S. states. The confidential filing allows the company to navigate the regulatory process privately while assessing market conditions. (Source)

Cerebras Seeks $1B in Private Funding, Delaying IPO

AI chipmaker Cerebras Systems is reportedly seeking to raise up to $1 billion in private funding, a move that is expected to delay its potential IPO. The company's plans for a U.S. listing had previously been stalled due to involvement from the UAE, which required additional clearance. By pursuing a new private funding round, Cerebras aims to secure capital while navigating the complexities of a public market debut. (Source)

Miami International Files for NYSE IPO

Miami International Holdings, operator of the MIAX family of electronic trading platforms, has filed for an IPO on the New York Stock Exchange. The company, which runs nine exchanges for equity options, futures, and derivatives, intends to use the proceeds to repay debt incurred from recent acquisitions, including a $140 million facility from Warburg Pincus. For the first quarter of 2025, the company reported a 20% increase in revenue to $372 million and adjusted EBITDA of $39.9 million. JP Morgan, Morgan Stanley, and Piper Sandler are acting as joint bookrunners for the deal. (Source)

NYSE-Parent ICE Reports Record Revenue Amid IPO Resurgence

Intercontinental Exchange (ICE), the parent company of the NYSE, surpassed Q2 profit estimates with record revenue of $2.54 billion, a 10% increase. The strong performance was driven by high market volatility, which boosted demand for hedging products and led to a surge in trading volumes. The NYSE also experienced a significant resurgence in IPO activity during the second quarter, raising $9 billion in the first half of 2025, with an additional $4.5 billion raised in July alone, indicating renewed health in the public offering market. (Source)

Europe

RAC Owners Consider £5 Billion Sale or London IPO

The owners of UK roadside assistance firm RAC—CVC Capital Partners, GIC, and Silver Lake Partners—are exploring an exit through a sale or a stock market listing that could value the company at up to £5 billion ($6.3 billion). Preliminary discussions are underway for the company, which was founded in 1897 and now serves approximately 14 million members. A London IPO is being considered as one of the primary options for the shareholders to offload the business, pitting it against its publicly traded rival, the AA. (Source)

Unilever Sets November Date for Magnum IPO in Amsterdam, London, and New York

Unilever is proceeding with the demerger of its ice cream division, with an IPO planned for mid-November in Amsterdam, London, and New York. The newly formed entity, The Magnum Ice Cream Company, will be headquartered in the Netherlands and includes popular brands like Magnum, Ben & Jerry's, and Cornetto. Unilever will retain a minority stake of less than 20% for up to five years post-spin-off. The division reported strong performance with a 5.9% underlying sales growth and €4.6 billion in turnover for the first half of the year. (Source 1) (Source 2)

Asia-Pacific

Air-Conditioner Maker Aux Electric Targets $800M Hong Kong IPO

Aux Electric Co., a leading Chinese air-conditioner manufacturer, is aiming for a Hong Kong IPO as early as September, with a goal of raising between $600 million and $800 million. The Ningbo-based company, part of the larger Aux Group, received approval from China's securities regulator in July for the listing. The proceeds are intended to fund the establishment of new R&D centers in Europe and the Americas. China International Capital Corp. is the sole sponsor for what could be one of Hong Kong's larger IPOs this year. (Source)

Maynilad Water Services Plans Second Premarketing for $500M IPO

Philippines-based Maynilad Water Services is preparing for a second round of premarketing in September for its IPO, which could raise up to $500 million. The company previously postponed its launch due to delays in securing cornerstone investors, a process that is reportedly now being finalized. The utility is mandated to list its shares as part of its franchise agreement granted in 2021. The IPO is being managed by HSBC, Morgan Stanley, and UBS, with major shareholders including Metro Pacific Investments, DMCI Holdings, and Marubeni. (Source)

MENA

Etihad Airways Considers Delaying $1B IPO to 2026

Abu Dhabi's Etihad Airways is reportedly considering postponing its anticipated $1 billion IPO to the first quarter of 2026. The potential delay would allow the airline to better capitalize on recent strategic partnerships, including joint ventures with Ethiopian Airlines and China Eastern Airlines. Despite reporting a 30% year-on-year profit increase to $186.5 million in Q1 2025, cautious market sentiment towards aviation stocks due to geopolitical factors may influence the final timing, which rests with its shareholder, the UAE wealth fund ADQ. (Source)

Action Energy Plans Kuwait's First Energy IPO Since 2008

Action Energy Co., a provider of drilling and oil field services, is planning an IPO in Kuwait, potentially marking the first energy sector listing in the Gulf state in over 15 years. National Investments Co. and EFG Hermes are advising on the transaction, which could launch as early as this year, with initial investor meetings potentially starting in September. The move comes as Kuwait's benchmark stock index has been one of the region's top performers, signaling a favorable environment for a rare new share sale in one of the Gulf's quieter markets. (Source)

GCC IPO Market Raised $2.5B in Q2 2025

The IPO market in the GCC region remained active in the second quarter of 2025, raising a total of $2.4 billion from 4 main market IPOs and 8 listings on Saudi Arabia's Nomu Parallel Market. Saudi Arabia dominated the activity, accounting for 76% of the total proceeds raised. Despite global market volatility, the report highlights a strong and diversified pipeline of IPOs expected for the remainder of 2025 and early 2026, supported by strong performance in regional bond and sukuk markets. (Source)

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