The IPOX® Update 8/7/2026

U.S.

Robinhood Ventures Fund II Launches $200 Million NYSE IPO

Robinhood Ventures Fund II (RVII) launched an IPO of up to eight million shares at an expected price of $25 per share, targeting approximately $200 million in proceeds. The business development company is expected to list on the New York Stock Exchange under the ticker RVII on August 13 and will provide public investors with exposure to early-stage private companies, particularly businesses connected with Y Combinator. Goldman Sachs is lead bookrunner alongside Citigroup, JPMorgan, UBS and Wells Fargo, while Robinhood itself is selling up to 400,000 shares. (Source 1) (Source 2)

Londian Wason Seeks Up to $1.7 Billion Valuation in NYSE IPO

Londian Wason New Energy Tech, a manufacturer of electrolytic copper foil used in lithium-ion batteries, is marketing approximately 3.6 million American Depositary Shares at $20–$22 each, targeting gross proceeds of about $78.6 million. The company plans to list on the New York Stock Exchange under the ticker FOIL, with pricing expected around August 11 and a valuation of up to $1.7 billion. Major backers include South Korea's SK Group and Mirae Asset, while investor indications of interest have reportedly exceeded the base offering; IPOX® Research Associate Lukas Muehlbauer also commented on the transaction to Reuters. (Source)

Nscale Targets September New York IPO at Valuation of Up to $25 Billion

Nscale, the British AI infrastructure and data-center provider, is considering a New York IPO as early as September, potentially at a valuation of approximately $25 billion. The prospective valuation would represent a substantial increase from the $14.6 billion level reached in its $2 billion Series C financing in March, reflecting rapid expansion in AI-compute projects and sharply rising revenue. Norwegian industrial investment group Aker owns roughly 23% of Nscale, although the final listing venue, timing and valuation remain dependent on market conditions. (Source)

Europe

Airtel Money Prepares London IPO at Approximately $10 Billion Valuation

Airtel Africa is preparing a London IPO of its mobile-money business Airtel Money, reportedly targeting a valuation of approximately $10 billion. The transaction could launch in September and, if completed at the indicated scale, would represent London's largest flotation since 2021 and an important test of efforts to revive the UK equity market. Airtel Money operates financial-services platforms across African markets including Nigeria, Kenya and Tanzania, with quarterly revenue exceeding $400 million and growing at roughly 25% annually; recently introduced FCA reforms could also shorten the IPO timetable and reduce execution risk. (Source)

KNDS Says IPO Remains a Key Objective Despite Temporary Pause

KNDS, the Franco-German defense manufacturer, reiterated that an IPO remains a key strategic objective despite its listing process currently being on hold. Earlier plans contemplated a dual listing in Paris and Frankfurt, with the French state and German family shareholders each potentially selling around 10%; previous market estimates valued the tank and armored-vehicle producer at approximately €15 billion–€20 billion. Chairman Tom Enders also rejected reports of discussions to fully nationalize KNDS, removing one potential obstacle to an eventual flotation, although geopolitical and ownership considerations continue to make the timing uncertain. (Source 1) (Source 2)

Kazakhstan’s KTZ Confirms Triple-Listing Plan for London, Hong Kong and Astana

Kazakhstan Temir Zholy (KTZ), Kazakhstan's state-owned national railway operator, confirmed plans for an IPO involving listings in London, Hong Kong and on the Astana International Exchange. KTZ has already submitted a public Hong Kong filing but has not disclosed the offer size or precise timetable; the company generated approximately $5.9 billion in 2025 revenue and more than doubled its profit. IPO proceeds are expected to support railway digitalization, development of the Bakhty-Ayagoz railway project near the Chinese border, debt repayment and general corporate purposes, with CICC serving as sole Hong Kong sponsor.

Asia-Pacific

Moonshot AI Targets Approximately $3 Billion Hong Kong IPO

Moonshot AI, the Chinese developer of the Kimi family of AI models, is preparing a confidential Hong Kong IPO filing that could seek approximately $3 billion. The company is reportedly targeting trading in the fourth quarter of 2026 or first quarter of 2027, with CICC and Goldman Sachs leading preparations. Moonshot recently completed a $3.5 billion private financing at an approximately $35 billion valuation and is considering another pre-IPO funding round that could value the business at as much as $50 billion, while substantial computing requirements remain a major capital need. (Source)

Sichuan Biokin Reboots Hong Kong IPO With Potential $600 Million–$800 Million Raise

Sichuan Biokin Pharmaceutical has restarted its Hong Kong IPO process after withdrawing an earlier offering because of market conditions and could seek approximately $600 million–$800 million. The Shanghai-listed biotech company, whose mainland shares imply a market capitalization of roughly $18.5 billion, develops treatments spanning pediatric, cardiovascular and chronic diseases. CITIC Securities, Jefferies, CICC and Deutsche Bank are acting as sponsors; first-quarter revenue rose 40.3% year over year, although the company's quarterly net loss widened to RMB775 million amid elevated research spending.

MENA

Dandy Completes Institutional Bookbuilding Ahead of Qatar Stock Exchange IPO

Dandy, the Qatar-based dairy and food producer, completed institutional bookbuilding for its planned Qatar Stock Exchange IPO, with demand from 19 institutional investors exceeding the shares allocated to the tranche. The final offer price was set at QAR5 per share, with approximately 41.2 million shares representing 40% of the company and implying an IPO size of about QAR206 million, or roughly $56 million. The Qatar Financial Markets Authority has issued a no-objection letter, allowing the transaction to proceed toward its public offering phase. (Source 1) (Source 2)

Africa

Dangote Refinery Targets Record $5 Billion October IPO in Nigeria

Dangote Petroleum Refinery is preparing an approximately $5 billion IPO in Nigeria that could become the largest flotation in African history, with completion targeted for October. The company has made a preliminary filing with Nigeria's securities regulator and could publish its prospectus in September; a recent private placement valued the 650,000-barrel-per-day Lagos refinery at roughly $40 billion. Proceeds are expected to support capacity expansion at the $20 billion facility and could also contribute to a planned refinery project in Kenya, while exchanges and institutional investors elsewhere in Africa have expressed interest in participating. (Source 1) (Source 2)

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