The IPOX® Update 8/30/2025

U.S.

Klarna revives U.S. IPO, targeting ~$1bn at a $13–$14bn valuation

Klarna, the Swedish BNPL giant, plans a U.S. listing next month seeking about $1bn in proceeds at a $13–$14bn valuation. The deal resumes after a spring pause and follows improving tech IPO sentiment in the U.S. Klarna reported Q2 revenue up 20% with 111m active customers, supporting the renewed push. (Source)

Netskope expected to raise about $1bn via Nasdaq IPO

Netskope, a cybersecurity software provider serving 4,000+ enterprises, has publicly filed for a Nasdaq IPO expected to raise ~$1bn. Morgan Stanley and J.P. Morgan lead a 15-bank syndicate, with proceeds partly earmarked for employee tax obligations. Revenue grew 30.7% to $328.5m in the six months to July 31 as operating losses narrowed. (Source)

Pattern files for Nasdaq IPO, aiming for roughly $500m

Pattern, an e-commerce accelerator using AI/ML and an “Outcome as a Service” model, has publicly filed for a Nasdaq listing seeking about $500m. Goldman Sachs and J.P. Morgan are joint leads; proceeds will fund tax obligations tied to RSUs and growth, with a secondary component also planned. Pattern reported TTM adjusted EBITDA of $117.7m on $2.1bn revenue. (Source)

Andersen seeks ~$500m in U.S. IPO

Andersen, a professional services and tax advisory firm, is preparing a U.S. listing to raise about $500m with Morgan Stanley and UBS as bookrunners. The deal is among several candidates positioned for the post-Labor Day window amid improved investor demand. (Source)

Canada’s TSX sees $410m GO Residential REIT IPO; outlook mixed, says IPOX®’s Schuster

GO Residential REIT raised $410m in a July listing on the Toronto Stock Exchange, but shares are down ~15% since debut, highlighting Canada’s cautious IPO tone. IPOX® CEO Josef Schuster noted Canadian IPOs often reward patient investors over the medium term, despite muted first-day “pops.” (Source)

Avant targets $250–$400m; Lendbuzz eyes ~$250m in fall IPO slate

Avant, an online consumer-lending platform backed by Ares, has confidentially filed for a U.S. IPO of $250–$400m with Goldman Sachs, J.P. Morgan and UBS leading. Auto-finance player Lendbuzz aims to raise about $250m in late Sep/early Oct, led by Goldman, J.P. Morgan, RBC and Mizuho. (Source)

American Exceptionalism Acquisition Corp. A files $250m SPAC; Santander on the ticket

American Exceptionalism Acquisition Corp. A plans a $250m SPAC IPO in the U.S., with Banco Santander as a bookrunner amid a modest SPAC revival. The move aligns with Santander’s broader push in U.S. advisory and underwriting following hires from Credit Suisse. (Source)

Trump Media & Crypto.com launch crypto treasury venture via SPAC; to list on Nasdaq as MCGA

Yorkville Acquisition Corp will merge with Trump Media & Technology Group and Crypto.com to form Trump Media Group CRO Strategy, which will pursue a treasury-style strategy accumulating Cronos (CRO) tokens. The SPAC combination foresees Nasdaq listing under ticker MCGA, backed by a package including $1bn in CRO tokens and cash/warrant financing. (Source)

Databricks raises >$1bn at $100bn valuation; remains a prime future IPO candidate

Databricks is set to raise over $1bn in a Series K round valuing the AI data platform above $100bn, with plans to invest in its Lakehouse/Lakebase and AI agent efforts. With $3.7bn annualized revenue and cash-flow positivity, the company is widely viewed as a strong future IPO prospect. (Source)

Europe

Stada eyes Frankfurt IPO in autumn, market conditions permitting

Stada, the German generics and consumer-health group owned by Bain Capital and Cinven, is preparing for a potential Frankfurt IPO as early as autumn, subject to market support. The company postponed plans in March; H1 adjusted EBITDA rose 5% to €481m, bolstering the case for a listing. (Source)

Frankfurt and Zurich poised to eclipse London in upcoming IPO flurry

European dealmakers expect Frankfurt and Zurich to lead a September revival in listings, with candidates including Stada, Ottobock, and Swiss Marketplace Group. London’s year-to-date haul has slumped to ~$208m versus $16.7bn in 2021, while European IPO fundraising stands at ~$7.2bn vs. $41bn in the U.S. (Source 1) (Source 2)

Asia-Pacific

Chery Auto cleared for Hong Kong IPO, targeting $1.5–$2.0bn

Chery Auto received CSRC approval for a Hong Kong listing expected to raise $1.5–$2.0bn. Sponsors are CICC, GF Securities (HK), and Huatai International; pre-marketing is slated for mid-September, following strong growth in 2024 revenue and profits. (Source)

JD Property & partners to launch >$1bn Singapore REIT

JD Property is joining forces with Partners Group and EZA Hill Property to list a Singapore REIT with assets likely worth >$1bn on SGX. The vehicle, expected to be set up by October, plans to expand via additional industrial/logistics acquisitions across Southeast Asia. (Source 1) (Source 2)

Sunway Healthcare targets Q1 2026 Bursa Malaysia IPO of ~$713–$800m

Sunway Healthcare Holdings plans a Bursa Malaysia listing in Q1 2026, with expected deal value of >RM3bn (~$713–$800m). The offer blends a secondary sell-down with 575m new shares to fund hospital expansion, supported by a bank group including AmInvestment, Maybank, CIMB, HSBC, Jefferies and UBS. (Source)

Tekscend Photomask targets ~¥300bn ($2bn) valuation for Tokyo IPO

Tekscend Photomask, a Japanese chipmaking photomask producer owned by Toppan Holdings (50.1%) and Integral (49.9%), is preparing a TSE listing with an estimated ~¥300bn valuation. The IPO may include both primary and secondary shares, led by Bank of America, Nomura, SMBC Nikko, and Morgan Stanley MUFG. (Source)

Hesai Group said to plan ~$300m Hong Kong listing

Hesai Group, the world’s largest automotive lidar maker and already Nasdaq-listed, is preparing a Hong Kong share sale of about $300m. China’s regulator approved up to 51.2m ordinary shares for HK listing as the company considers a secondary venue amid renewed U.S. delisting risks. (Source)

Myungin Pharm sets terms for ~₩197bn ($142m) KRX IPO

Myungin Pharm, South Korea’s leading psychotropic-drug maker by market share (2023–2024), is offering 3.4m primary shares on the KRX at ₩45,000–₩58,000 per share to raise up to ~₩197.2bn (~$142m). Bookbuilding runs Sep 9–15 with pricing on Sep 17; 55%–75% is allocated to institutions. (Source)

South Korea tightens IPO lockups; Nota AI proceeds with ~₩26.6bn deal

New KRX rules require at least 30% of institutional allocations to be locked-up (rising to 40% in 2026); shortfalls compel underwriters to hold 1% of the offer for six months. Despite stricter terms, Nota AI plans to raise up to ~₩26.6bn, with bookbuilding Sep 12–18 and Mirae Asset as lead. (Source)

MENA

Jamjoom Fashion Trading Company launches US$80–$100m Nomu IPO

Jamjoom Fashion is offering ~2.4m existing shares (30% free float) on Saudi Arabia’s Nomu market, seeking $80–$100m. The 2023 carve-out of the Jamjoom group operates Nayomi and Mihyar with 218 stores across the GCC; the offer is open to qualified investors only with subscription Sep 1–4. (Source)

Tencent-backed Uzum eyes 2027 IPO and $300m Eurobond in 2026

Uzum, Uzbekistan’s leading fintech/e-commerce platform (registered in Abu Dhabi), is preparing for a potential 2027 IPO with venues under consideration including Hong Kong, Abu Dhabi and Nasdaq. The company also plans a debut $300m international bond in H1 2026 to support expansion. (Source)

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