The IPOX® Update 9/4/2026

U.S.

SB Energy Targets at Least $5 Billion Nasdaq IPO at Roughly $50 Billion Valuation

SB Energy, backed by SoftBank, has publicly filed for a Nasdaq IPO and is targeting at least $5 billion at a valuation of roughly $50 billion, with pricing potentially in the week of September 21. The company has repositioned itself from renewable-energy development into AI data-center infrastructure and reports approximately $439 billion of revenue backlog, overwhelmingly linked to OpenAI projects, despite having no operational data centers yet. IPOX® Research Associate Lukas Muehlbauer told Reuters that investors will need confidence that contracted demand can translate into cash flow, while also highlighting the risk of relying on 20-year OpenAI leases in a fast-changing AI industry. (Source 1) (Source 2)

Oura Publicly Files for Nasdaq IPO After Revenue Jumps 74% to $1.21 Billion

Oura, the smart-ring and digital-health company, publicly filed its S-1 with the SEC on September 3 for a Nasdaq IPO under the ticker OURA, marking a significant advancement from its previously reported listing preparations. Revenue increased 74% to $1.21 billion in the nine months ended June 30, 2026, while net income rose to $60.8 million from $1.6 million a year earlier, and the company reported 5 million paid members. The filing does not yet disclose the number of shares or IPO price range, although earlier reporting indicated Oura could seek to raise up to $3 billion at a valuation exceeding $16 billion; the company was last valued at roughly $11 billion in private funding. Goldman Sachs, Morgan Stanley, J.P. Morgan, Allen & Company, Jefferies, BofA Securities, Barclays and Wells Fargo are among the underwriters. (Source 1) (Source 2) (Source 3)

Cumberland Farms Secures $500 Million Apollo Investment Ahead of New York IPO

Cumberland Farms has secured a $500 million pre-IPO investment from Apollo Global Management through convertible preferred shares as the convenience-store operator prepares for a New York listing. The securities will convert into ordinary shares at 115% of the eventual IPO price, providing substantial financing before the company launches its roadshow. Owned by EG Group and backed by TDR Capital, Cumberland Farms operates more than 3,200 convenience stores and fuel stations across the U.S. and Europe and publicly disclosed its IPO paperwork in July. (Source)

Golden Pet Brands Taps Morgan Stanley and Barclays for $1 Billion-Plus New York IPO

Golden Pet Brands has selected Morgan Stanley, Barclays and other banks for a potential New York IPO that could take place before the end of 2026 and value the pet-food company at more than $1 billion. The company owns Dr. Marty Pets, Badlands Ranch and Ultimate Pet Nutrition and operates two U.S. manufacturing facilities. Golden Pet appointed former Mars and Procter & Gamble executive Apu Mody as CEO earlier in 2026 as it prepares for a possible consumer-sector flotation. (Source)

Europe

Nscale Seeks $3.5 Billion Pre-IPO Financing Ahead of Potential UK Flotation

Nscale, a UK AI infrastructure company, is seeking approximately $3.5 billion of pre-IPO financing, including up to $1.5 billion of convertible notes and roughly $2 billion from Nvidia, as it prepares for a potential near-term flotation. Goldman Sachs is working on the financing and Third Point is expected to lead the convertible investment, with the notes reportedly carrying an IPO conversion mechanism capped at a $30 billion valuation. Nscale was valued at $14.6 billion in March and investor documents indicate around $103 billion of contracted revenue, including a six-year, $45 billion Anthropic computing agreement. (Source)

Blackstone Prepares €6 Billion Hotel Investment Partners for Autumn Spain IPO

Hotel Investment Partners (HIP), majority owned by Blackstone, is being prepared for an IPO in Spain in late October or early November, with its hotel portfolio reportedly valued at approximately €6 billion. The transaction may include a €700 million primary capital increase, while Blackstone, which owns 65%, is expected to reduce its stake; Singapore's GIC owns the remaining interest. HIP owns 61 hotels with around 20,000 rooms across Spain, Greece, Italy and Portugal, while Santander, Morgan Stanley, Citi, BNP Paribas and Goldman Sachs are among the banks involved ahead of an expected CNMV filing around early October. (Source 1) (Source 2)

Asia-Pacific

Moonshot AI Confidentially Files for $3 Billion Hong Kong IPO

Moonshot AI, the Chinese developer of the Kimi large-language model, has confidentially filed for a $3 billion Hong Kong IPO. The company is being valued at around $50 billion in an ongoing private financing round and has raised more than $5.5 billion since inception. Moonshot is also discussing revenue-sharing agreements that could allow Microsoft, Amazon and Google to host its Kimi K3 model, while Goldman Sachs, CICC and Deutsche Bank are working on the prospective IPO, whose timing remains subject to regulatory approvals and market conditions. (Source)

Asia OneHealthcare Confidentially Files for Up to $2.5 Billion Malaysia IPO

Asia OneHealthcare, backed by TPG, has confidentially filed for a Kuala Lumpur IPO that could raise as much as RM10 billion, or approximately $2.5 billion, with a possible launch in early 2027. At that size, the hospital operator's deal could become Malaysia's largest IPO since 2012. Asia OneHealthcare operates hospital businesses across Malaysia, Indonesia and Vietnam, while Maybank, Jefferies and UBS are advising on the transaction; TPG and Hong Leong acquired the Southeast Asian Columbia Asia hospital portfolio for about $1.2 billion in 2019. (Source 1) (Source 2)

Ligent Targets $800 Million Hong Kong IPO and September 22 Listing

Ligent Technologies is preparing to launch a Hong Kong IPO as early as September 14, targeting approximately $800 million and a valuation of around RMB28 billion, or roughly $4.2 billion, with trading potentially beginning September 22. The Hisense-controlled company manufactures optical transceivers, chips and network terminals used in data centers, cloud computing and telecom networks, while Primavera Capital is a significant minority shareholder. First-half revenue increased about 28% to RMB5.39 billion and profit rose nearly 30% to RMB661 million, supported by expanding AI and cloud-computing demand. (Source)

Club Med Hong Kong IPO Advances with More Than $500 Million Fundraising Target

Club Med is advancing toward a standalone Hong Kong IPO expected to raise more than $500 million as Fosun International seeks to return the resort brand to public markets. Club Med operates 69 resorts across 40 countries and regions and plans to expand to approximately 85 locations by 2030, after Fosun took its broader tourism subsidiary private in 2025 at roughly a $1.2 billion valuation. Reuters Breakingviews estimates listed-hotel peer multiples could support a multibillion-dollar valuation, although slower growth and lower profitability could make a premium valuation difficult to achieve. (Source 1) (Source 2)

Akulaku Confidentially Files for $300 Million–$500 Million Hong Kong IPO

Akulaku, an Indonesian fintech backed by Ant Group, Mitsubishi UFJ Financial Group and Siam Commercial Bank, has confidentially filed for a Hong Kong IPO seeking approximately $300 million–$500 million. The company provides consumer credit, digital banking, wealth management and insurance services across Southeast Asia and was reportedly valued at around $2 billion in 2025. After an earlier U.S. SPAC plan did not proceed, Akulaku has shifted its listing strategy to Hong Kong, with HSBC serving as IPO sponsor and Morgan Stanley as overall coordinator. (Source)

Jollibee Shifts International-Unit IPO to Hong Kong, with Deal Seen Raising Up to $400 Million

Jollibee Foods plans to spin off and list its international business, Jollibee Foods Corporation International (JFCI), in Hong Kong after abandoning an earlier plan for a U.S. listing. The company formally selected Hong Kong on September 1, citing access to global and regional investors and stronger alignment with its Asian brand recognition and international growth strategy, while IFR/LSEG reported that the IPO could raise up to approximately $400 million. JFCI will house Jollibee's businesses outside the Philippines, including operations across North America, China, Vietnam, Singapore and Malaysia. (Source 1) (Source 2)

VinFast-Linked GSM Confirms 2028 Hong Kong IPO Alongside U.S. and European Expansion

Green and Smart Mobility (GSM), the Vietnamese electric-taxi operator linked to VinFast, has confirmed plans for a 2028 Hong Kong IPO while expanding internationally. GSM has not disclosed an IPO fundraising target, but advisers previously suggested a valuation of around $20 billion; the company plans to enter the United States, Sweden and the Netherlands by the end of 2026 and additional European markets in 2027. Controlled by VinFast CEO Pham Nhat Vuong and his family, GSM operates a capital-intensive company-owned fleet using primarily VinFast electric vehicles, making future access to public equity an important component of its international expansion strategy. (Source)

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.