The IPOX® Update 9/6/2025

U.S.

StubHub Targets $1 Billion+ IPO at $14 Billion Valuation; Netskope Seeks $1 Billion IPO

StubHub Holdings Inc., a New York-based ticket marketplace, and Netskope Inc., a cloud security firm, are preparing to launch IPO marketing as soon as Monday. StubHub aims to raise at least $1 billion at a valuation of up to $14 billion, while Netskope is targeting about $1 billion, possibly starting around $750 million and increasing during marketing. Their launches come during a busy week for U.S. listings, with six IPOs expected to raise $3.6 billion in aggregate. (Source)

Advent Plans $12 Billion U.S. IPO of Austrian Engine Maker Innio

Advent International is working with advisers, including Solebury Capital, on a potential U.S. IPO of Austrian engine maker Innio. The listing could value the company at $12 billion, benefiting from rising demand from data centers. Innio, acquired from GE for $3.25 billion in 2018, produces gas engines under the Jenbacher and Waukesha brands. (Source)

Cohesity Eyes 2026 IPO with Potential $17 Billion Valuation

Cohesity, a data security firm backed by Nvidia, is planning an IPO in 2026. CEO Sanjay Poonen said the company expects a valuation comparable to or higher than rivals such as Rubrik ($17 billion) and Commvault. Cohesity raised funding from Nvidia in 2024 to launch AI-driven search products. (Source)

Lambda Hires Banks for AI Infrastructure IPO in 2026

Lambda, an AI infrastructure provider specializing in GPU cloud services, has hired Morgan Stanley, J.P. Morgan, and Citi to manage its IPO expected in 2026. The company has raised more than $1.7 billion in funding, including $480 million in its February 2025 Series D round. Lambda could follow in the footsteps of rival CoreWeave, which went public in March 2025. (Source 1) (Source 2)

Asia-Pacific

Zijin Gold International Plans $3 Billion Hong Kong IPO Amid Record Gold Prices

Zijin Mining is spinning off its gold operations into Zijin Gold International for a Hong Kong IPO aiming to raise over $3 billion. The deal comes as gold prices hit record highs. Funds will support global expansion, including projects in Colombia, Australia, and Suriname. (Source)

Chery Automobile Wins Approval for $1.5–$2 Billion Hong Kong IPO

Chery Automobile has received approval from the Hong Kong Stock Exchange for an IPO expected to raise $1.5–$2 billion. Sponsors include CICC, GF Securities, and Huatai International. Chery reported a 91% year-over-year profit increase in Q1 2025, supported by strong domestic and overseas sales. (Source)

Nasdaq Proposes Tighter Rules for Chinese IPO Listings

Nasdaq has proposed new rules for Chinese companies seeking listings in the U.S., requiring a minimum $25 million in proceeds and a $15 million public float. The rules also include faster suspension for firms under $5 million market cap. The move aims to curb volatility and manipulation tied to small-cap Chinese listings. (Source)

Europe

Rolls-Royce Considers London IPO of Small Modular Reactor Unit

Rolls-Royce is exploring financing options, including a London IPO, for its small modular reactor (SMR) division. The consortium includes CEZ, Qatar Investment Authority, and BNF Resources. The UK government supports the IPO plan, with profitability for the SMR unit expected by 2030. (Source)

Czech Online Grocer Rohlik Mulls IPO After Expanding Retail Services

Rohlik Group, a Prague-based online grocer valued near $2 billion, is considering an IPO next year. To boost profitability, it has expanded into retail media and logistics services under its new platform Veloq. The company operates across Central and Eastern Europe and is evaluating IPO versus private funding. (Source)

MENA

Saudi Arabia’s Sabic Slows Work on IPO of Industrial Gases Unit

Saudi Basic Industries Corp (Sabic) has paused investor meetings for the potential IPO of its unit National Industrial Gases Co., in which it holds a 74% stake. Advisers include Lazard, HSBC, JPMorgan, and Morgan Stanley. The IPO was previously expected to help streamline Sabic’s portfolio amid ongoing losses. (Source)

Gulf Cryo Poised to Explore Middle East IPO with Rothschild

Gulf Cryo, a Kuwait-founded industrial gas company operating across 10 Middle Eastern countries, is reportedly hiring Rothschild to advise on a potential IPO. Listing venues could include Saudi Arabia, the UAE, or Kuwait. The company supplies gases for factories and hospitals and counts Bahrain’s Mumtalakat fund as a shareholder. (Source)

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