The IPOX® Update 8/15/2025
U.S.
SoftBank’s PayPay Targets $2B+ U.S. IPO; Banks Mandated and Confidential Filing In
PayPay Corp., the Japanese payments app backed by SoftBank, is preparing a U.S. listing that could raise over $2 billion, with Goldman Sachs, JPMorgan, Mizuho and Morgan Stanley involved. The company has confidentially submitted a draft registration to the U.S. SEC, with timing eyed as soon as late 2025. A U.S. venue is favored for deeper tech investor access and valuation support. (Source 1) (Source 2) (Source 3) (Source 4)
Circle Prices Opportunistic ~$1.4B Follow-On Just Two Months After IPO Surge
Circle Internet Group is selling 10 million shares (~$1.4B) in a marketed follow-on only weeks after its June NYSE debut, with insiders participating following a ~349% rally since listing. IPOX® founder Josef Schuster said the move sensibly transfers risk to public markets as demand remains strong. (Source)
StubHub Revives ~$1B IPO Despite Tariff Uncertainty and Fee Lawsuit
StubHub updated its S-1 and could pursue an IPO of around $1 billion as soon as next month. The ticketing platform reported $1.8B 2024 revenue and minimal net loss, while founder-CEO Eric Baker retains significant voting control; legal scrutiny over fees remains a risk factor. (Source)
Bullish Upsizes U.S. IPO to Raise Up to $990M at ~$4.82B Valuation
Bullish, the crypto exchange backed by Peter Thiel, increased its IPO to sell 30M shares at $32–$33, targeting up to $990M and a valuation near $4.82B. IPOX® VP Kat Liu said ranges can come in below last private marks and noted peers like Kraken and Gemini in the pipeline. (Source)
Gemini Aims to Raise ~$500M; Public Filing Expected Post-Labor Day
Gemini plans to publicly file for a U.S. listing with an offering size around $500M, led by Goldman Sachs and Citigroup with Morgan Stanley and Cantor in the syndicate. The deal would ride constructive sentiment for crypto equities. (Source)
Klook Taps Banks for U.S. IPO, Eyes Up to ~$500M
Klook, the travel-leisure booking platform, mandated Morgan Stanley, Goldman Sachs and JPMorgan for a potential U.S. IPO as soon as late 2025, previously flagged around $500M. The Hong Kong-based firm competes with global OTAs and leverages strong U.S. IPO conditions. (Source)
Kyivstar’s Landmark Nasdaq Listing Targets $50M–$200M to Support Ukraine’s Rebuild
Kyivstar, Ukraine’s largest mobile operator (parent: VEON), is listing on Nasdaq aiming to raise $50M–$200M. Management highlights potential upside from progress toward peace and ongoing network expansion; governance steps include adding former U.S. Secretary of State Mike Pompeo to its board. (Source 1) (Source 2) (Source 3)
Via Transportation Files for U.S. IPO; H1 2025 Revenue +27% to $205.8M
Via Transportation, a New York-based transit-tech platform, filed for a U.S. IPO on the NYSE under ticker VIA. It reported $205.8M H1 2025 revenue (+27% y/y) and a narrowed net loss of $37.5M; underwriters include Goldman Sachs, Morgan Stanley, Allen & Co., Wells Fargo. IPOX® CEO Josef Schuster said the deal will test sentiment for travel/transit tech. (Source)
Motive Technologies Picks JPMorgan to Lead U.S. IPO Prep
Motive, a fleet-tracking and AI safety platform, hired a bank group led by JPMorgan (with Citi, Barclays, Jefferies) to prepare an IPO potentially by year-end. The company recently raised $150M in pre-IPO funding and cites ~$500M ARR across 100k+ customers. (Source)
Crypto Rally Spurs Rush of U.S. Listings and Filings
Supportive policy signals and a record $4T+ crypto market cap are accelerating U.S. listing plans by digital-asset firms. Recent highlights include Bullish’s billion-dollar raise and Circle’s strong post-IPO performance, with additional filings from names such as BitGo, Grayscale and Gemini. (Source)
IPOX® CEO Josef Schuster Discusses IPO Cycle and Strategies on Money Life
IPOX®’s Josef Schuster highlights the revival of U.S. IPO activity, performance of recent vintages, SPAC dynamics, and IPOX® strategies including the High Dividend approach and ETFs like FPX. He reviews notable deals and the private-public market interplay for investors. (Source)
Nikkei Quotes IPOX®’s Lukas Muehlbauer on GrabAGun and “Trump Stocks” Backdrop
Nikkei cites IPOX®’s Lukas Muehlbauer on brand effects from high-profile endorsements and the need for sustainable growth at GrabAGun Digital Holdings (listed via SPAC). He cautions that strong political coloration can alienate customers, underscoring execution risk for consumer-facing names. (Source)
Europe
Europe’s IPO Window Re-Opens: Visma, Verisure, CSG and Navoi Touted as Big-Ticket Candidates
Bloomberg reports a constructive backdrop for large European IPOs, highlighting potential listings such as Visma, Verisure, Czechoslovak Group and Uzbekistan’s Navoi Mining. IPOX®’s Lukas Muehlbauer said early successes could keep the window open if pricing and trading hold up. (Source)
IPOX® 100 Europe Index +24% YTD Despite Mixed Debuts in 2025’s Largest IPOs
Bloomberg notes that while large 2025 European IPOs like HBX Group, Innoscripta and Hacksaw trade below issue, the IPOX® 100 Europe Index has gained 24% YTD, underscoring broader post-IPO strength versus initial day-one performance. (Source)
Visma Owners Near Bank Picks for Potential £16B London Float (2026)
Visma shareholders are close to appointing coordinators for a potential London IPO, with Citi, Goldman Sachs, JPMorgan and Morgan Stanley in contention. The software group serves 1M+ SMBs across Europe and has expanded rapidly via acquisitions. (Source)
Asia-Pacific
Aux Electric Targets $500M–$600M Hong Kong IPO to Expand Global Footprint
Aux Electric, a top-five global air-conditioner maker, is said to seek $500M–$600M via a Hong Kong listing with CICC as sponsor. The 1994-founded company posted strong 2025 Q1 growth and aims to boost brand recognition and overseas expansion with the float. (Source)
Iluvatar CoreX Considers $300M–$400M Hong Kong IPO as AI Chip Demand Builds
Iluvatar CoreX is weighing a $300M–$400M Hong Kong share sale amid heightened investor interest in Chinese AI semis. The move adds to a growing pipeline of mainland tech listings seeking regional capital. (Source)
QCraft Confidentially Files for ~US$200M Hong Kong IPO Under New HKEX Process
Autonomous driving firm QCraft has confidentially filed in Hong Kong for an IPO of roughly $200M, leveraging new HKEX privacy provisions for select tech/biotech issuers. The listing could come as early as this year, joining peers in ADAS/AV seeking HK capital. (Source 1) (Source 2)
Orion Breweries Lines Up Tokyo IPO Next Month in Carlyle-Led Exit
Orion Breweries is planning a Tokyo listing as early as next month, with Nomura, SMBC Nikko and Mizuho as underwriters. Details on size are pending; the deal could gauge investor appetite amid pressured Japanese consumer spending. (Source)
Navoi (NMMC) Weighs Dual Listing at ~$20B Valuation
Uzbek gold producer Navoi Mining & Metallurgical Company (NMMC) is exploring a dual listing targeting an indicative valuation around $20B. Specific exchanges are unconfirmed; the move would support capital raising and transparency as Uzbekistan courts foreign investment. (Source)
Hong Kong’s Confidential Filing Regime Triggers a Wave of Tech/AI IPO Pipelines
Since May, 20+ companies have reportedly used HKEX’s new confidential filing route, enabling tech/biotech issuers to keep early financials private amid market volatility. Autonomy/AI names such as Zelos Tech and MiniMax are among users of the mechanism. (Source)
MENA
Saudi Arabia Leads H2 2025 Pipeline; 14 Planned MENA IPOs with Q2 Proceeds of ~$2.5B
MENA IPO activity remains robust: 14 IPOs in Q2 raised about $2.5B (YoY +4% by proceeds), with Saudi Arabia leading and flynas the quarter’s largest Saudi listing. Outlook: 14 more names intend to list in H2, including 10 from KSA; Dubai saw a notable $584M REIT float. (Source 1) (Source 2)
Disclaimer: News summaries may contain mistakes. The information does not constitute financial advice, endorsement or recommendation and should not be considered as such.
