The IPOX® Update 9/13/2025

U.S.

Klarna Raises $1.37 Billion in U.S. IPO; IPOX® VP Kat Liu Highlights Brand Power

Klarna raised $1.37 billion in its U.S. IPO at a $15.1 billion valuation, with the deal reportedly oversubscribed 25x. Reuters featured IPOX® VP Kat Liu, who emphasized that brand recognition is as critical as the business model in fast-evolving fintech. The listing, well below the company’s 2021 peak valuation, is seen as a sector barometer as fintechs balance growth with profitability. Early trading comes amid a broader reopening of the U.S. IPO window in 2025 after a muted 2022–2023 cycle. (Source 1) (Source 2)

StubHub Targets Up to $851 Million in NYSE IPO

StubHub set terms to sell 34 million shares at $22–$25, aiming to raise up to $851 million at a valuation of up to $9.2 billion. Proceeds are earmarked for debt repayment and tax obligations tied to equity awards, while the company leans further into primary event promotion alongside its secondary marketplace. The filing highlights strong gross transaction value recovery and a shift toward deeper partnerships with leagues and venues. The stock is slated to trade on the NYSE under ticker “STUB,” led by J.P. Morgan and Goldman Sachs. (Source)

Via Raises $493 Million in NYSE Debut; IPOX® VP Kat Liu Notes Public-Sector Exposure Risks

Via Transportation and selling holders raised $493 million at $46 per share (above range), implying a $3.5 billion valuation as shares dipped 4.4% on debut. Kat Liu of IPOX® flagged lower margins, slower scaling across jurisdictions, and dependence on public-sector budgets and regulatory processes as structural headwinds. For the quarter ended June 30, revenue was $107.1 million with a $21.2 million net loss, underscoring the path to profitability focus. The company positions itself as a software partner to transit agencies rather than a consumer ride-hailing platform. (Source 1) (Source 2)

Pattern Seeks Up to $321 Million on Nasdaq

Pattern, a U.S.-based e-commerce accelerator, set a range of $13–$15 for 21.4m shares to raise as much as $321 million, implying up to a $2.64 billion valuation. Founded in 2013, Pattern helps brands grow on marketplaces like Amazon and Walmart, with over 90% of 2024 revenue tied to Amazon product sales. Lead underwriters are Goldman Sachs and J.P. Morgan, and the stock will list as PTRN. Use of proceeds centers on working capital, growth investments, and potential acquisitions in its brand portfolio. (Source)

Fannie Mae and Freddie Mac IPO Floated as Possible “Largest IPO in History”

Fannie Mae and Freddie Mac could be taken public this year, according to Howard Lutnick, who suggested an IPO to show “mark-to-market” value to taxpayers. The discussion centers on exiting the 2008-era conservatorships and potentially selling down government stakes, though no formal plan or timetable is disclosed. Such a move would be one of the most consequential U.S. equity offerings ever and could reshape mortgage finance. Market observers caution that regulatory, capital, and political hurdles remain substantial before any listing. (Source)

Fermi Files for U.S. IPO and Also Eyes London Listing

Fermi, an energy and data center developer, filed for a U.S. IPO on Nasdaq under ticker FRMI and intends to apply for admission to the London Stock Exchange’s main market. UBS, Cantor, and Mizuho are bookrunners as the company pitches exposure to power-constrained compute infrastructure. While terms weren’t disclosed, the filing positions Fermi within a busy autumn pipeline of digital infrastructure names. Management also points to diversified revenue streams across facilities development and energy solutions. (Source 1) (Source 2)

Europe

SMG Swiss Marketplace Group Sets CHF 43–46 Range; Eyes Up to $5.6 Billion Valuation; Antitrust Checks Remain Preliminary

SMG Swiss Marketplace Group launched bookbuilding at CHF 43–46 ahead of a planned listing around September 19, guiding to a valuation of up to $5.6 billion. The base offer comprises 19,629,040 existing shares; books are reportedly covered across the range, with Pictet and BlackRock committing CHF 150m each as cornerstone buyers. Swiss watchdog COMCO said its checks are preliminary and no formal probe has been opened, easing a potential overhang. SMG operates Immoscout24 and Autoscout24, giving investors exposure to Swiss online classifieds. (Source 1) (Source 2) (Source 3)

NOBA Banking Group Plans Stockholm Listing at About $3.74 Billion Valuation

NOBA Banking Group, backed by Nordic Capital and Sampo, targets a Nasdaq Stockholm IPO with an estimated valuation near SEK 35 billion (~$3.74b). Cornerstones include OP Cooperative, DNB Asset Management, and Handelsbanken Fonder, with timing guided for Q3 2025. The pan-Nordic lender operates under brands such as Nordax Bank, Bank Norwegian, and Svensk Hypotekspension. Listing would provide capital flexibility to support growth across the Nordics and select EU markets. (Source)

DIGI Hires Rothschild to Evaluate Madrid IPO of Spanish Unit at ~€2.5 Billion

DIGI appointed Rothschild to assess an IPO of its Spanish operations on the Madrid exchange, with a potential valuation around €2.5 billion. The unit has scaled rapidly, aided by assets acquired from the Orange–MasMovil merger, and now serves 9.6 million customers. An IPO could fund network investments and spectrum, while creating a public currency to accelerate Spanish market share gains. Management has not finalized timing and will weigh market conditions before proceeding. (Source)

KNDS to Decide on IPO Within Months; Germany May Take a Stake

KNDS, the Franco–German defense group, will determine whether to launch an IPO within months, potentially listing next year. The German state is in talks and could become a reference shareholder, while proceeds would support acquisitions and a broader European shareholder base. Management is also moving to name a new chair to guide governance and capital markets readiness. A listing would tap investor demand for European defense exposure amid elevated geopolitical spending. (Source)

Pret A Manger Signals Future IPO Potential While Focusing on UK/US Expansion

Pret A Manger reported a 2024 operating loss driven by a non-cash goodwill impairment, while sales rose 10% and core earnings increased 36%. The company sees IPO potential longer term, prioritizing U.K. share gains and a significant U.S. store expansion from a base of about 70 locations. Pret plans new meal-deal formats to capture value-conscious demand and aims to triple its U.K. footprint over time. Majority owner JAB continues to back the brand’s international growth strategy. (Source)

Germany Weighs Sale or IPO Options for SEFE and Uniper

SEFE and Uniper, nationalized amid the 2022 energy crisis, are under review for possible sales or IPOs as Berlin looks to reduce stakes to below 25%+1 share by 2028. A partial Uniper selldown could start as early as this year, while SEFE options remain open pending market conditions and regulatory pathways. The review follows substantial state support of €6.3 billion (SEFE) and €13.5 billion (Uniper). Any transaction would need to balance energy security objectives with taxpayer returns. (Source 1) (Source 2)

Asia-Pacific

Zijin Gold International Clears Hong Kong Approval for About $3 Billion IPO

Zijin Gold International received HKEX approval and plans to start premarketing around mid-September for an IPO of at least $3 billion, up from prior ~$2b amid record-high gold prices. Morgan Stanley and Citic Securities are sponsors, and the deal would be among Hong Kong’s largest this year. Proceeds will support global gold assets outside China as the parent streamlines commodity exposure. Investors are tracking spot gold near multi-year highs and the potential dividend policy at listing. (Source 1) (Source 2)

Hesai Raises About $534 Million in Hong Kong; Earlier Books Well Covered

Hesai, the Chinese lidar maker already listed on Nasdaq, raised about HK$4.16 billion (~$534 million) via its Hong Kong listing after strong demand allowed bookbuilding to close early. Six cornerstone investors—including Hillhouse and Grab—subscribed roughly $148 million, with a 15% greenshoe in place. The deal aligns with a “homecoming” trend among U.S.-listed Chinese issuers amid geopolitical and audit-friction considerations. Hesai reported improved profitability in Q2 2025 as auto ADAS adoption expands. (Source 1) (Source 2)

Big Caring Group Plans Around $250 Million Bursa Malaysia IPO

Big Caring Group, Malaysia’s largest pharmacy chain with 600+ stores, targets an IPO of roughly $250 million next year on Bursa Malaysia. Backed by Creador with Maybank and RHB as banks, the float may include both primary and secondary shares to fund expansion. Proceeds are expected to support store growth, logistics, and private-label development as modern retail gains share. The deal would mark Creador’s fourth Malaysia listing. (Source)

Butong Group Premarkets Hong Kong IPO of About $130 Million

Butong Group, a Chinese nursery products maker founded in 2019, began premarketing for a roughly $130 million Hong Kong IPO. H1 2025 revenue rose 25% to RMB 725.8m with net profit of RMB 48.5m; sponsors are Citic Securities and Haitong International. Proceeds will fund production upgrades, overseas expansion, R&D, and working capital as the company scales distribution. The float adds consumer exposure to HK’s pipeline after a materials- and tech-heavy year. (Source)

Unitree Robotics Targets ~$7 Billion Valuation for Shanghai STAR Market Listing

Unitree Robotics plans to file in Q4 for a STAR Market IPO at up to a ¥50 billion (~$7b) valuation, among China’s most high-profile robotics listings. The profitable humanoid and quadruped robotics maker counts Alibaba, Tencent, and Geely among backers. Policy support and domestic supply-chain depth are tailwinds as China prioritizes advanced manufacturing. Listing proceeds would likely fund R&D, capacity, and ecosystem partnerships. (Source)

Carro Explores Dual Listing and Australia Expansion; Venues Include U.S., Hong Kong or Singapore

Carro, the Southeast Asian used-car marketplace, is pursuing 2–3 near-term acquisitions and an Australia entry while weighing a dual listing in the U.S., Hong Kong, or Singapore. The company previously eyed a U.S. IPO above $3 billion valuation and is in talks with HSBC and UBS. Management ties timing to achieving near-term EBITDA targets and improving market depth. A listing could provide capital for inventory financing and regional platform investments. (Source)

MENA

Bateel Explores Riyadh IPO to Fund International Growth

Bateel, the Saudi luxury confectioner known for gourmet dates and cafés, is working with Morgan Stanley on a potential Riyadh listing while sounding out local lenders. The company plans to more than double stores and triple café and retail revenues as it accelerates international expansion. An IPO would add to a robust Saudi pipeline anchored by consumer and industrial names. Proceeds would support new market entries, production, and branded retail experiences. (Source)

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