The IPOX® Update 8/23/2025
U.S.
Fannie Mae & Freddie Mac Share Sale Pegged Around $30B; Banks Vie for Roles
Fannie Mae and Freddie Mac are being prepped for a landmark U.S. listing event with a potential ~$30 billion share sale under discussion, which could be the largest equity deal in years. Banks are actively pitching for roles as the administration weighs timing, with combined valuations floated at ~$500 billion. (Source 1) (Source 2)
Gemini Targets ~$500M Nasdaq IPO in Busy Post–Labor Day Window
Gemini, the crypto exchange co-founded by the Winklevoss twins, is aiming to raise about $500 million in a Nasdaq IPO slated for the post–Labor Day window. Joint bookrunners include Goldman Sachs, Citigroup, Morgan Stanley and Cantor; the filing highlights revenue shifts toward credit card and staking amid softer trading fees. (Source)
WaterBridge & Pattern File U.S. IPOs as Momentum Builds; IPOX® CEO Sees Supportive Backdrop
WaterBridge Infrastructure (midstream water; ticker WBI planned on NYSE/NYSE Texas; leads: J.P. Morgan, Barclays) and Pattern Group (e‑commerce accelerator; Nasdaq PTRN; leads: Goldman Sachs, J.P. Morgan) filed for U.S. IPOs. WaterBridge runs extensive Delaware Basin water assets, while Pattern reported H1 2025 revenue of $1.14B (+35%) and net income of $47M. IPOX® CEO Josef Schuster flagged strong conditions as small/mid-caps rally. (Source 1) (Source 2)
Figure Technology Solutions (FIGR) Files; IPOX® CEO: Crypto Becoming a Big IPO Pillar
Figure Technology Solutions, co‑founded by Mike Cagney, disclosed H1 2025 revenue of $191M (+22%) and a return to profitability, planning a Nasdaq listing as FIGR with Goldman Sachs, Jefferies and BofA as leads. Reuters notes crypto‑friendly market conditions following Circle’s debut; IPOX®’s Josef Schuster says crypto is becoming a key pillar of the IPO market. (Source)
Conservative Pricing Debate Heats Up After Big U.S. Debuts; IPOX® Analyst Muehlbauer Weighs In
Following blockbuster debuts like Figma and Circle, Reuters reports the 20 largest U.S. IPOs averaged a ~36% first‑day pop, reviving concerns that banks are pricing too cautiously. IPOX®’s Lukas Muehlbauer said conservative pricing can strategically build momentum and long‑term brand equity; critics argue it leaves issuer proceeds on the table. (Source 1) (Source 2)
Europe
TenneT Germany Partial IPO Could Raise up to €12B (~$13.9B)
TenneT’s German arm remains on a dual‑track path: a minority stake sale or a partial IPO that sources say could raise up to €12B in new shares. Dutch authorities plan a decision in September, with an intention‑to‑float possible in short order if a sale isn’t agreed. (Source 1) (Source 2)
SMG Swiss Marketplace Group Eyes ~CHF1B Zurich IPO as Soon as September
SMG Swiss Marketplace Group, backed by General Atlantic, is sounding out investors for a Zurich listing that could raise about CHF1B (~$1.1–$1.2B) and value the company near CHF4.5B. The company says shareholders haven’t finalized timing, but IPO readiness steps are underway. (Source)
Ottobock Weighs Frankfurt IPO at >€6B Valuation (Late Sept–Mid Oct)
German prosthetics maker Ottobock is considering an IPO that could value it above €6B, with the founding family potentially selling 25%–30% (or in stages). The company posted H1 adjusted EBITDA of €180M on sales of €801M. (Source)
Asia-Pacific
Aux Electric to Open Books for $500–$600M Hong Kong IPO
Aux Electric, a Chinese air‑conditioner maker (brands: AUX, Hutssom, AUFIT, ShinFlow), plans to start bookbuilding the week of Aug 25 for a $500M–$600M HK IPO. The company reported Q1 2025 net profit of RMB 925M (+23% y/y) on revenue of RMB 9.4B, and held a 7.1% global AC share by volume in 2024. (Source)
Hesai Plans ~$300M Hong Kong Listing (Secondary to Nasdaq)
Hesai Group (Nasdaq‑listed lidar maker) is planning to raise about $300M via a Hong Kong listing as soon as September, pending CSRC approval. The deal follows a trend of U.S.-listed Chinese tech firms seeking HK listings; CICC and CMB International are lead banks. (Source 1) (Source 2)
Mr DIY (Thailand) to Premarket $200–$300M IPO in September
MR. DIY Holding Thailand will begin premarketing in September for a $200M–$300M IPO on the Stock Exchange of Thailand, offering ~981M shares. Bookrunners include Bualuang, CIMB, CLSA, J.P. Morgan and UBS; the chain operates 1,000+ stores. (Source)
Banma Network Plans Hong Kong IPO (≥$200M); Alibaba to Retain ~30%
Banma Network Technology, backed by Alibaba (44.7% pre‑IPO) and SAIC, plans a Hong Kong IPO of at least $200M, with Alibaba retaining about 30% post‑listing. The spin‑off aims to raise profile and independent access to capital for its smart cockpit/autonomous software business. (Source 1) (Source 2)
Temasek‑Backed Edge Medical Files Confidentially for Hong Kong IPO (~$150–$200M)
Edge Medical, a Shenzhen surgical‑robot maker (multi‑port, single‑port, bronchoscopic systems), confidentially filed for an HK IPO targeting $150M–$200M. GF Securities and Morgan Stanley are working on the deal amid a rebound in HK biotech listings. (Source)
Miniso’s Top Toy Valued at ~HK$10B Ahead of Planned HK Spin‑Off
Top Toy, Miniso’s pop‑toy unit, reached a valuation of ~HK$10B (~$1.28B) after a Temasek‑led round; Miniso has previously flagged a potential HK spin‑off with JPMorgan and UBS. Top Toy operated 293 stores as of June 30 and lifted H1 2025 profit before tax by 46%. (Source)
Canva Runs Employee Share Sale at $42B Valuation; IPO Chatter Builds
Canva launched an employee share sale valuing the company at $42B, with participation from Fidelity and JPMorgan Asset Management. The oversubscribed round is seen as a step toward a potential listing later this year as the firm leans into AI‑powered design tools and reports annualized revenue of $3.3B. (Source)
Breakingviews: Shein’s IPO Snags Put “China‑Goes‑Global” on Notice
Shein faces ongoing IPO hurdles: a blocked New York attempt, a stalled London plan without CSRC approval, and a renewed push toward Hong Kong after considering corporate restructuring back to mainland China. Competitive pressures (e.g., Temu) and regulatory headwinds have reportedly compressed valuation expectations. (Source)
CSL to Spin Off Vaccine Unit on ASX; Restructuring Underway
Australia’s CSL plans to demerge its influenza vaccine business CSL Seqirus onto the ASX as part of a wider restructuring that includes ~3,000 job cuts and a A$750M buyback. The move aims to give the vaccines arm autonomy and improve capital efficiency ahead of a potential 2026 completion. (Source)
MENA
Dar Al Majed Raises ~$336M; Retail Tranche 278% Covered
Saudi developer Dar Al Majed priced its IPO at the top of the range to raise about $336M, drawing $36B in total orders. The retail tranche was 278% covered (~SAR 701M), with allocation mechanics disclosed following strong institutional demand. (Source 1) (Source 2) (Source 3)
Disclaimer: News summaries may contain mistakes. The information does not constitute financial advice, endorsement or recommendation and should not be considered as such.
