The IPOX® Update 9/25/2026

U.S.

Nscale Targets Roughly $30 Billion Valuation in $3 Billion NYSE IPO

Nscale, a London-based AI-cloud infrastructure provider, is targeting a valuation of roughly $30 billion in a planned NYSE IPO that could raise approximately $3 billion. The company has expanded rapidly through major AI-compute agreements, including contracts with Anthropic and Microsoft. The prospective listing is emerging as a significant test of investor demand for capital-intensive AI infrastructure and so-called neocloud providers. (Source 1) (Source 2)

Oura Launches Up to $2.2 Billion Nasdaq IPO at Roughly $15.6 Billion Valuation

Oura launched its U.S. IPO with 50 million shares offered at $40–$44, seeking proceeds of up to $2.2 billion and a Nasdaq listing under ticker OURA. The smart-ring maker's valuation at the top of the range would be roughly $15.6 billion, while Eli Lilly and Dragoneer have indicated interest in purchasing up to $100 million and $300 million of shares, respectively. IPOX® VP Kat Liu highlighted expectations for continued growth and a larger contribution from higher-margin recurring revenue, while IPOX® Associate Lukas Muehlbauer noted the offering's sizable secondary component. (Source 1) (Source 2) (Source 3) (Source 4)

Accelevation Seeks Up to $720 Million in Nasdaq IPO at $5.37 Billion Valuation

Accelevation launched its Nasdaq IPO roadshow with 30 million shares offered at $20–$24, potentially raising up to $720 million and valuing the company at approximately $5.37 billion at the top of the range. The company supplies power distribution, cooling and modular infrastructure for AI data centers. IPOX® VP Kat Liu said investors are becoming increasingly selective toward AI-infrastructure offerings, with greater focus on competitive positioning, backlog quality and the conversion of demand into sustainable revenue, margins and cash flow. (Source 1) (Source 2)

Bamboo Insurance Postpones Planned $700 Million NYSE IPO

Bamboo Insurance, backed by CVC, postponed its planned NYSE IPO shortly before pricing, citing market conditions. The homeowners-insurance managing general underwriter had planned to sell 35 million shares at $18–$20, potentially raising up to $700 million at a fully diluted valuation of approximately $3.24 billion. The transaction, which was expected to trade under ticker BMB, could reportedly be revived at a later date. (Source 1) (Source 2)

ADARx Raises $446.3 Million in Upsized Nasdaq IPO

ADARx Pharmaceuticals raised $446.3 million in an upsized IPO by selling 26.25 million shares at $17 each and began Nasdaq trading under ticker ADRX on September 25. AbbVie also committed to a concurrent private investment following an earlier research collaboration with the biotechnology company. IPOX® Research Associate Lukas Muehlbauer said AbbVie's backing provides external validation of ADARx's technology and noted the biotech market's preference for mature clinical assets with identifiable catalysts. (Source 1) (Source 2) (Source 3)

Anthropic IPO Timing May Slip Beyond U.S. Midterms as Founders Seek Majority Voting Control

Anthropic could delay its anticipated U.S. IPO until after the November midterm elections as the AI developer balances competitive pressures, safety considerations and public-market preparations. The company has also asked shareholders to approve a structure under which CEO Dario Amodei and six other co-founders would collectively retain 50.1% of voting power following a listing. The proposed governance structure would preserve founder control despite future dilution and adds another significant element to preparations for one of the largest prospective AI IPOs. (Source 1) (Source 2)

Europe

Airtel Money Launches London IPO Process Targeting $8 Billion–$9 Billion Valuation

Airtel Money formally launched plans for a London IPO that could raise about $800 million and value the African mobile-payments business at approximately $8 billion–$9 billion. The flotation is expected to consist primarily of existing shares and have a minimum free float of 10%, with detailed terms expected in early October and pricing around mid-October. Airtel Money operates across 13 African markets and had approximately 53 million monthly active users as of June, while an $800 million transaction would rank among London's largest IPOs in several years. (Source 1) (Source 2)

Trafigura Launches Volare Shipping with $500 Million Placement Ahead of Oslo Listing

Trafigura launched tanker company Volare Shipping and plans to raise $500 million through a private placement ahead of a listing on Euronext Growth Oslo around October 5. Volare will initially own or manage 14 very large crude carriers, comprising six existing vessels and eight newbuilds scheduled for delivery through 2028. Proceeds from the transaction are expected to finance the company's newbuilding programme amid strong tanker-market conditions. (Source)

Asia-Pacific

Firmus Prepares Up to $5.5 Billion ASX IPO for October Debut

Firmus, an AI-infrastructure developer, is preparing a roughly $5 billion Australian IPO, with a greenshoe potentially increasing proceeds to approximately $5.5 billion. Institutional bookbuilding is scheduled for October 6–7, with ASX trading expected to begin October 22, and the transaction could become Australia's second-largest IPO on record. Firmus operates data centers in Australia and Singapore and is expanding capacity across Asia-Pacific, while the company reportedly expects a first-half loss of about $77 million as it pursues its capital-intensive growth strategy. (Source 1) (Source 2) (Source 3)

GCash Parent Mynt Secures Cornerstone Backing Ahead of Up to $1.3 Billion Philippine IPO

Mynt, parent company of the GCash digital-wallet platform, secured more than 20 cornerstone investors, including BlackRock and T. Rowe Price, ahead of its planned Philippine IPO. The transaction could raise up to approximately 80.3 billion pesos, or $1.3 billion, which would make it the country's largest IPO if priced at the top end. Cornerstone investors have committed approximately 36.5 billion pesos, substantially covering the institutional tranche, while listing on the Philippine Stock Exchange is expected on October 20. (Source 1) (Source 2) (Source 3)

Bain-Backed EcoCeres Targets $1 Billion Hong Kong IPO by Year-End

EcoCeres, a renewable-fuels producer backed by Bain Capital, is preparing to raise approximately $1 billion in a Hong Kong IPO targeted for completion before year-end. Bain, the company's main shareholder, is expected to sell part of its stake in the transaction. EcoCeres produces sustainable aviation fuel, renewable diesel and renewable naphtha from waste feedstocks and operates facilities in China and Malaysia, with Deutsche Bank, HSBC, Morgan Stanley and UBS working on the offering. (Source)

Kinwong Electronic Seeks Roughly $650 Million in Hong Kong Secondary Listing

Shenzhen Kinwong Electronic launched a Hong Kong offering of approximately 72.9 million H shares at up to HK$69.88 each, implying gross proceeds of roughly HK$5.1 billion, or about $650 million. The printed-circuit-board manufacturer is already listed in mainland China, making the transaction an additional Hong Kong listing rather than its first IPO. Kinwong supplies PCB products used in automotive electronics, telecom infrastructure, smart devices and industrial systems, with Hong Kong trading scheduled to begin September 29. (Source 1) (Source 2)

Direct Drive Tech Launches $138 Million Hong Kong IPO

Direct Drive Tech launched a Hong Kong IPO of 50 million shares at HK$21.60 each, implying proceeds of approximately HK$1.08 billion, or about $138 million. The robotics technology company develops robotic actuator modules, precision motors and robots for consumer, industrial and embodied-intelligence applications. Shares are expected to begin trading in Hong Kong on September 29 under stock code 06731. (Source 1) (Source 2) (Source 3)

Camsense Launches Approximately $87 Million Hong Kong IPO

Shenzhen Camsense Technologies launched a Hong Kong IPO of approximately 11.6 million H shares at HK$58.85 each, raising about HK$682 million, or roughly $87 million. The transaction implies a market value of approximately HK$5.68 billion for the laser-based sensing and perception technology developer, whose products are used in robotics and autonomous equipment. BYD and ZMAX Optech are among the cornerstone investors, with Hong Kong trading expected to begin September 30. (Source 1) (Source 2)

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.