The IPOX® Update 9/19/2025

U.S.

SoftBank’s PayPay Targets U.S. IPO of $2B+ in 4Q25

PayPay, SoftBank’s dominant QR-code wallet in Japan, has hired a slate of global banks for a prospective U.S. listing that could raise over $2 billion. The deal would be SoftBank’s first major U.S. float since Arm and follows PayPay’s push into cards, securities and digital banking to deepen monetization. Management has highlighted profitability and a user base approaching half of Japan’s population as key selling points to investors. Listing timing remains subject to market conditions, but preparations indicate an accelerated path. (Source 1) (Source 2)

Netskope Jumps on Nasdaq Debut After $900M+ IPO; IPOX® Comments

Netskope (NTSP.O) surged around 21% on its first day, valuing the cloud security firm near $8.8 billion after raising more than $900 million. Investors keyed in on strong revenue growth and the firm’s AI-enabled, cloud-native platform despite ongoing losses. IPOX® CEO Josef Schuster and IPOX® Vice President Kat Liu noted that cybersecurity demand remains structurally resilient, while mixed peer performances keep scrutiny high. The book was reportedly heavily subscribed, signaling robust appetite for high-quality tech issuance. (Source 1) (Source 2)

StubHub’s Volatile NYSE Debut After ~$800M U.S. IPO; IPOX® Comments

StubHub raised nearly $800 million in its NYSE offering, but early gains faded and shares closed below the issue price in choppy trading. The deal underscores both renewed issuance and investor caution around consumer-facing platforms amid scrutiny of fees and market structure. IPOX® Vice President Kat Liu observed that measured demand reflects moderating revenue growth and mixed comps such as ticketing peers’ post-IPO trajectories. The company now faces the task of proving operating leverage and improving investor confidence over the coming quarters. (Source)

Pattern Group Prices $300M Nasdaq IPO; IPOX® Comments

Pattern Group (PTRN.O), a Utah-based e-commerce accelerator for brands across Amazon, Target, Walmart and eBay, raised $300 million and ended its debut down modestly, implying a valuation near $2.38 billion. IPOX® Research Associate Lukas Muehlbauer said investors remain selective, rewarding solid fundamentals while penalizing perceived risk. He flagged sensitivity to Amazon’s fee structures and rules as a key operating risk, along with trade-policy uncertainties like de-minimis changes. The company now needs to demonstrate durable growth across marketplaces to broaden investor support. (Source)

EQT Weighs Options Including a U.S. IPO for First Student

EQT AB is exploring strategic alternatives for First Student, including a potential U.S. IPO, according to people familiar with the matter. The school-bus operator runs a fleet across the U.S. and Canada and has begun transitioning thousands of vehicles toward electrification. Early adviser discussions suggest the path to market is open but not assured. EQT may also consider holding the asset longer depending on valuations and demand. (Source)

Strava Invites Banks for Potential U.S. IPO

Strava has asked leading banks to pitch for roles on a potential listing that could come as early as 2026. The fitness platform, which recently appointed a CFO, was valued at roughly $2.2 billion in its latest funding round. With more than 150 million users globally, the company is exploring how to translate engagement into public-market readiness. Specific raise size and venue details are still to be determined. (Source)

Barron’s: IPO Momentum Returns; IPOX® CEO on Allocation Strategy

Barron’s highlights a revival in new issues, with 150+ IPOs raising about $28.5 billion year-to-date and strong average first-day performance. IPOX® CEO Josef Schuster emphasized that initial allocations skew to hedge funds, favoring a disciplined approach of buying after early volatility. The piece notes that many IPOs historically underperform benchmarks over longer horizons, reinforcing selective entry. It also observes the IPOX®-linked FPX ETF at record levels after significant year-to-date gains. (Source)

Bloomberg: IPOX® 100 U.S. Index Outperformance Signals Growing Issuance

Bloomberg notes that first-time share sales in the U.S. have accelerated this year, helped by improving sentiment and more grounded private-to-public valuation gaps. The IPOX® 100 U.S. Index has strongly outperformed since the spring rally, signaling receptive aftermarket conditions. That backdrop typically encourages more companies to pursue listings as success begets supply. AI, fintech and crypto-adjacent names remain key thematic drivers in the current pipeline. (Source)

Europe

Verisure Lines Up Up to €3.1B Stockholm IPO—Sweden’s Largest in 25 Years

Verisure plans a primary raise of up to €3.1 billion on Nasdaq Stockholm, the largest Swedish float since 2000 and Europe’s biggest since 2022’s Porsche listing. Proceeds are earmarked for deleveraging and funding the ADT Mexico acquisition, positioning the company for continued growth. The home-security leader has rapidly expanded its subscriber base over the last decade. Strong institutional support could help set the tone for Europe’s autumn issuance window. (Source)

SMG Swiss Marketplace Group Raises ~CHF903M ($1.1B) in Zurich Debut; IPOX® Comments

SMG Swiss Marketplace Group AG rallied 8.7% on its SIX debut after a roughly $1.1 billion raise, Switzerland’s largest since March 2024. IPOX® Research Associate Lukas Muehlbauer said aftermarket strength in scarce, larger-cap deals can bolster confidence for the European pipeline. The company, backed by blue-chip sponsors, operates leading classifieds across property and autos. Momentum ahead of Verisure’s deal suggests receptive demand for differentiated growth stories. (Source)

Ottobock Pre-Markets ~€750M Frankfurt IPO

Ottobock, a global leader in prosthetics and orthotics, is preparing a Frankfurt offering of roughly €750 million, including €100 million of primary proceeds. The funds are slated for employee incentive settlements, technology investment and targeted M&A. The remaining shares would come from family owners following prior stake realignments. Bank line-up and scheduling point to an early-October pricing window, market conditions permitting. (Source)

UK Fintech SumUp Explores Listing at up to $15B Valuation

SumUp is weighing an IPO that could value the payments firm at up to $15 billion, with venue undecided between London and New York. Proceeds would likely fund expansion and consolidation in a fragmented European market. The company serves millions of small businesses across dozens of countries through hardware and financial services. Any listing outcome will be closely watched as a barometer for London’s attractiveness to growth tech. (Source)

Finland Plans Helsinki IPO of Posti Group

Finland intends to list state-owned Posti Group on Nasdaq Helsinki to broaden ownership and enhance financial flexibility. The state plans to sell a portion of its holdings while remaining a long-term majority owner. Officials also cite profile-building benefits for the national postal company. Precise timing and size will be guided by market conditions and policy goals. (Source)

Asia-Pacific

Zijin Gold Eyes ~$3.2–$3.7B Hong Kong IPO; Books Covered and Cornerstones Lined Up

Zijin Gold International launched a Hong Kong offering sized around $3.2 billion, potentially up to $3.7 billion with the greenshoe, at an offer price of HK$71.59. The deal implies a market value near the mid-$20 billions, supported by substantial cornerstone orders. Reporting points to interest from large institutions alongside a growth track driven by technology and acquisitions. Valuation and execution are in focus given the sector’s cyclicality and recent volatility in precious metals equities. (Source 1) (Source 2) (Source 3)

MMC Port Starts Premarketing for Up to $1.5B Bursa Malaysia IPO

MMC Port Holdings has begun premarketing an IPO that could raise up to $1.5 billion in Kuala Lumpur, adding eight bookrunners to an already sizable syndicate. Parent MMC Corporation plans to sell a 30% stake, equivalent to 4.27 billion shares, in what could be Malaysia’s largest listing since 2012. The operator of five seaports posted higher 2024 revenue but softer net profit, a profile investors will scrutinize during roadshows. A decision on opening books is expected following the premarketing phase. (Source)

Chery Automobile Books Covered for up to $1.2B Hong Kong IPO

Chery Automobile aims to raise up to HK$9.15 billion (about $1.2 billion) in Hong Kong and has reported early book coverage supported by 12 cornerstone investors. Proceeds are earmarked for R&D and expanding the model lineup as overseas sales climb. Analysts note valuation sensitivity versus peers and external risks such as tariffs in key export markets. Pricing is slated for late September with trading expected to begin shortly thereafter. (Source 1) (Source 2)

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