The IPOX® Update 8/8/2025
U.S.
U.S. Mulls IPOs for Fannie Mae and Freddie Mac, Potentially Near $500 Billion Combined
Fannie Mae & Freddie Mac could be brought to market later this year, with officials weighing IPOs that might value the mortgage giants at nearly $500 billion combined. Recent high-level bank meetings explored pathways to list the firms while retaining some oversight. Analysts warn any partial sale could leave a valuation overhang without a clear multi-stage exit plan. (Source 1) (Source 2)
OpenAI Eyes $500 Billion Valuation in Potential Employee Share Sale, Seen as IPO Precursor
OpenAI is in early talks for an employee share sale that could value the company around $500 billion. The move would let staff cash out billions and may precede a broader restructuring away from a capped-profit model, paving the way for an eventual IPO. Management reportedly targets a ~$20B annual revenue run-rate by year-end. (Source)
Boxabl to Go Public via $3.5 Billion SPAC Merger, Targeting Nasdaq Listing
Boxabl, the modular housing startup known for foldable “Casita” units, agreed to merge with SPAC FG Merger II at a ~$3.5 billion value. The deal aims to fund capacity expansion and R&D, with the combined company planning to trade on Nasdaq under “BXBL.” Boxabl has previously tapped crowdfunding and adopted a bitcoin treasury approach. (Source)
Accor Weighs U.S. IPO for Lifestyle Hotel Arm Ennismore
Accor is exploring a U.S. IPO for Ennismore, its lifestyle division that includes brands such as Mondrian, SLS and The Hoxton. A listing would seek to unlock value in the fast-growing segment; discussions are ongoing and no final decision or size has been set. (Source)
Bullish Targets Up to $629 Million Raise in NYSE IPO at $4.3 Billion Valuation
Bullish, the crypto exchange that owns CoinDesk and is backed by Peter Thiel, set terms to sell 20.3 million shares at $28–$31, implying proceeds up to ~$629 million and a valuation up to ~$4.32 billion. The deal, led by JPMorgan and Jefferies, marks the firm’s second go-public attempt after a 2022 SPAC plan was scrapped. Ticker: BLSH. (Source)
Carro Plans U.S. IPO as Early as 2026, Eyeing $3B+ Valuation and Up to $500 Million Raise
Carro, Southeast Asia’s largest online used-car marketplace, is preparing for a U.S. IPO that could raise up to $500 million at a valuation exceeding $3 billion. The company targets ~$100 million in annual EBITDA by March 2026 and operates across multiple Asia-Pacific markets. (Source 1) (Source 2) (Source 3)
Chinese Issuers Set for Record U.S. Listings Despite Geopolitics
Chinese companies continue to flock to U.S. markets, with a record wave expected in 2025 after a strong 2024. Firms cite deeper liquidity and higher valuations—often via SPACs—despite increased oversight and geopolitical tensions. Over 40 Chinese names are reportedly queuing for Nasdaq. (Source)
Europe
Thyssenkrupp Targets Mid-October Listing of TKMS Defense Unit
Thyssenkrupp Marine Systems (TKMS) is slated for a separate stock market listing around mid-October 2025 following a spin-off approval by BaFin expected in early October. The listing would occur immediately after the spin-off’s registration becomes effective. (Source)
Asia-Pacific
Aux Electric Targets September Hong Kong IPO, Aiming to Raise $600–$800 Million
Aux Electric Co., a leading Chinese air-conditioner maker, is preparing a Hong Kong listing as early as September after receiving CSRC clearance in July. Proceeds will help fund global R&D centers; CICC is sole sponsor. (Source)
Atour Weighs Second Listing in Hong Kong to Raise Several Hundred Million Dollars
Atour Lifestyle Holdings is exploring a secondary listing in Hong Kong amid U.S. delisting concerns. The Shanghai-based hotel chain could raise several hundred million dollars, with details still under discussion. (Source)
Huayan Robotics Confidentially Files for Hong Kong IPO Exceeding $200 Million
Guangdong Huayan Robotics (formerly Han’s Robot) has confidentially filed for an HK IPO that could raise over $200 million. The cobot maker may list in coming months, leveraging relaxed confidential filing pathways for tech and biotech. (Source)
BrainCo Seeks Pre-IPO Funding at ~$1.3 Billion Valuation, Eyes HK or Mainland Listing
BrainCo, a Chinese neurotech and bionic-limb developer, is raising funds at a valuation above $1.3 billion ahead of a potential listing in Hong Kong or onshore. The effort aligns with renewed investor focus on AI-adjacent hardware innovators. (Source)
SGX Posts Record Profit, Flags Strongest IPO Pipeline in Years
Singapore Exchange (SGX) reported record annual earnings and said over 30 companies are actively preparing IPOs amid supportive policy measures like a 20% tax rebate for primary listings. SGX will expand SDRs to Indonesia and Vietnam; APAC led global deal counts YTD. (Source)
Hong Kong Relaxes A–H Listing Rules to Boost Flexibility and Certainty
HKEx cut the minimum public float for A-share issuers listing in Hong Kong to 10% or HK$3bn and introduced flexible clawbacks, while mandating at least 40% of IPO shares go to the placing tranche. The move comes amid a resurgence of A-to-H share deals. (Source)
China Reopens to Pre-Profit IPOs, Broadening Eligibility to AI, Aerospace and Low-Altitude Economy
China has greenlit pre-profit IPOs on A-share markets to support early-stage tech companies. Recent progress includes approvals for Wuhan Healthgen Biotechnology (~RMB 2.4bn), Insight Lifetech (~RMB 952m), and acceptance of pre-profit filings on ChiNext starting with DapuStor. Eligibility expands to sectors such as AI and aerospace. (Source)
MENA
Emirates Global Aluminium Weighs Reviving Multi-Billion-Dollar IPO
Emirates Global Aluminium (EGA) is engaging banks and advisers, including Rothschild, to revisit a long-mulled IPO that could raise several billion dollars. Venue selection remains open as shareholders assess timing and preparedness. (Source)
Etihad Airways May Delay ~$1 Billion IPO to 2026
Etihad Airways is considering pushing its planned ~$1 billion IPO to Q1 2026 as it prioritizes expansion and partnerships. Citi, HSBC and First Abu Dhabi Bank are involved, with Rothschild advising. (Source)
Dar Al Majed Prices IPO at Top of Range After Heavy Oversubscription
Dar Al Majed Real Estate (AlMajdiah) set its final IPO price at SAR 14 per share, the top of the indicated range, valuing the deal at ~$336 million after orders reached ~$36 billion (107x covered). The company is offering 90 million shares (30% of capital), with Sinad Holding anchoring as a cornerstone. (Source)
Disclaimer: News summaries may contain mistakes. The information does not constitute financial advice, endorsement or recommendation and should not be considered as such.
