The IPOX® Update 9/27/2025

U.S./Canada

IPO Revival Lifts FPX ETF as Newly Listed Stocks Top S&P 500

Bloomberg reports U.S. IPOs have gained an average of 41% YTD, with $1B+ deals up ~77%, outpacing the S&P 500 and Nasdaq 100. The First Trust US Equity Opportunities ETF (FPX)—tracking the IPOX® 100 U.S. Index—is up 37% in 2025 amid fresh inflows as cornerstone investors return and September posts the strongest IPO month in four years. Coverage underscores IPOX-linked strategies; leadership at IPOX includes founder Josef Schuster, whose firm’s benchmarks are central to ETF tracking. (Source 1) (Source 2)

Medline Weighs Blockbuster U.S. IPO to Raise About $5 Billion

Medline, a leading U.S. medical supplies manufacturer, is considering a late-October filing for a U.S. IPO of roughly $5 billion, implying a potential valuation of up to $50 billion. The deal—led by Goldman Sachs and Morgan Stanley—would be one of 2025’s largest and mark a significant liquidity event for private equity owners Blackstone, Carlyle, and Hellman & Friedman. Medline had previously filed confidentially in December. (Source)

Neptune Insurance Targets Up to $2.76 Billion Valuation in NYSE IPO; Sellers Seek ~$368 Million

Neptune Insurance, a U.S. flood-insurance provider, is pursuing an NYSE listing at up to a $2.76B valuation with a $18–$20 range for a $368.4M secondary-only sale by existing holders. Underwritten by Morgan Stanley, J.P. Morgan, and BofA, the deal highlights investor appetite for profitable, tech-enabled insurers in an underpenetrated market. IPOX® VP Kat Liu told Reuters the company’s profitability, large addressable market, and cornerstone support are positives, while noting the absence of primary proceeds. Ticker: NP. (Source 1) (Source 2)

Yesway Revives Nasdaq Listing Plans, Eyes ~$300 Million Raise

Yesway Inc., a Fort Worth–based convenience store operator backed by Brookwood Financial, is reviving U.S. IPO plans to raise about $300M after shelving a 2021 filing during the 2022 market freeze. Banks include Morgan Stanley, JPMorgan, and Goldman Sachs, with potential timing in late 2025 or early 2026. Yesway operates 440+ stores across nine states (including Allsup’s), positioning it as a consumer-facing test for sustained IPO risk appetite. (Source)

Navan Files for U.S. IPO as Revenue Jumps 30%, Eyes October Roadshow

Navan (corporate travel/expense platform) disclosed $329.4M in H1 FY2026 revenue (+30% Y/Y) with a $99.9M net loss and is targeting an October roadshow. Valuation could exceed $8B, with a planned Nasdaq ticker NAVN. Underwriters include Goldman Sachs, Citi, Jefferies, Mizuho, and Morgan Stanley, reflecting strong syndicate support amid a broader U.S. tech-IPO reopening. (Source)

BitGo Files for NYSE Listing Amid Crypto IPO Wave

BitGo Holdings, a major U.S. crypto custodian, filed to list Class A shares on the NYSE under ticker BTGO, reporting ~$4.2B in H1 2025 revenue. The syndicate spans bulge brackets and specialists (incl. Goldman Sachs, Citigroup, Wells Fargo, Canaccord, Deutsche Bank, KBW, and others), underscoring institutional interest following recent crypto listings (Circle, Bullish, Figure). Size/timing TBD. (Source 1) (Source 2)

Andersen Group Files for NYSE IPO After H1 Revenue Rise

Andersen Group—the tax, valuation, and advisory firm with roots in Arthur Andersen alumni—filed to list on the NYSE as ANDG after H1 2025 revenue rose 12.4% to $384.1M, though it swung to a $45.4M loss. Led by Morgan Stanley and UBS, the deal would be a rare U.S. consulting-sector IPO and arrived alongside filings from BitGo and Navan, underscoring breadth in the pipeline. (Source 1) (Source 2) (Source 3)

Rockpoint Gas Storage (Canada) Files for TSX IPO as Listings Rebound

Rockpoint Gas Storage, backed by Brookfield, filed a preliminary prospectus for a TSX IPO, with marketing slated for early October led by RBC Capital Markets and J.P. Morgan. Operating six facilities in California and Alberta (combined ~280 bcf capacity), Rockpoint posted FY revenue of $415.3M (+19%) and net earnings of $209.4M, and targets a 50%–60% payout ratio post-IPO. IPOX® VP Kat Liu told Bloomberg a successful outcome could catalyze further Canadian carve-outs (e.g., GardaWorld). Proceeds will fund 40% interests in two operating companies. (Source 1) (Source 2) (Source 3)

Citi Still Plans Banamex IPO After Selling 25% Stake

Citigroup sold a 25% stake in Mexico’s Banamex to billionaire Fernando Chico Pardo for $2.3B and reiterated intentions to list the bank publicly, with the stake sale expected to close in H2 2026. Chico Pardo will become chairman at completion; the listing remains central to Citi’s consumer simplification strategy. (Listing venue details pending.) (Source)

Europe

Kingspan Plans Amsterdam IPO of ADVNSYS; 25% Float Could Top €1.5 Billion

Kingspan Group is preparing to list its data-centre infrastructure unit ADVNSYS in Amsterdam, likely in Q1 next year, selling about 25% while retaining control. With €197M EBITDA (2023) and a path toward ~€300M next year, analysts peg valuations at >€6B, implying a potential float >€1.5B. Proceeds are expected to leave the parent debt-free, reflecting strong demand for mission-critical data-centre suppliers. (Source 1) (Source 2)

Deutsche Börse Weighs ~$1 Billion IPO of ISS STOXX Governance Data Unit

Deutsche Börse is considering an ~$1B IPO of ISS STOXX, its governance-data division, while also evaluating acquisition of General Atlantic’s stake. A large bank group (Deutsche Bank, Morgan Stanley, UBS, Goldman Sachs, Société Générale) is advising. The decision will align with market windows and strategic fit as investors seek pure-play governance/ESG analytics exposure. (Source)

Beauty Tech Group Sets October London Debut at £280–£320 Million Valuation

Project Glow Topco—parent of Beauty Tech Group (brands: ZIIP Beauty, Tria Laser)—set a 251p–291p range for an October LSE listing, guiding to a £280M–£320M market cap. The float combines ~£29M in primary shares with a secondary sell-down; Berenberg leads and N.M. Rothschild & Sons advises. H1 2025 sales rose 27% to £55.2M, supported by North America (~37% of 2024 sales). (Source 1) (Source 2)

TenneT Shelves IPO After €9.5 Billion Investor Injection into German Unit

TenneT Germany secured €9.5B from NBIM, ABP, and GIC for grid expansion, taking a combined 46% stake and effectively displacing a previously explored IPO (banks had included ABN AMRO, Deutsche Bank, Goldman, Morgan Stanley). The investment values TenneT Germany at €40B EV and €10.4B pre-money equity, underscoring Europe’s dual-track dynamic where private capital often outbids IPO routes. (Source)

Asia-Pacific

Zijin Gold Closes Books Early for Hong Kong’s ~$3.2 Billion IPO

Zijin Gold is wrapping bookbuilding early for a HK$25B (~$3.2B) Hong Kong listing priced at HK$71.59, with a 15% greenshoe that could lift proceeds to ~$3.7B. A heavyweight US$1.6B cornerstone slate (26 investors including GIC, Hillhouse, BlackRock, Schroders) underpins sentiment; shares are scheduled to list on Sept 29. Zijin Gold bundles Zijin Mining’s overseas gold assets and posted a robust H1 2025 profit increase. (Source)

Toppan’s Tekscend Photomask Targets Up to ¥123 Billion Tokyo IPO

Tekscend Photomask, a Toppan Holdings unit, plans a TSE IPO sized up to ¥123B (~$832M) at a ¥2,670–¥3,110 range, valuing the business at roughly $1.8B–$2.1B. Up to 45.9% of the capital could be sold (incl. greenshoe), with Qatar Holding committing ¥8B. Use of proceeds: repay borrowings tied to Singapore photomask investments and fund further capex there. Bookbuild Sept 30–Oct 6; pricing Oct 8; listing Oct 16. (Source)

VPS Securities Lines Up US$400–$500 Million Ho Chi Minh City IPO

VPS Securities, Vietnam’s largest brokerage, is seeking shareholder approval to issue ~202.3M shares for a domestic IPO of $400M–$500M, targeting Q4 2025–Q1 2026 on the Ho Chi Minh Stock Exchange. Early price talk is VND 60,000–70,000 per share. The plan follows Techcom Securities’ $410M deal and comes amid a strong YTD rally in Vietnam equities. (Source)

Mech-Mind Robotics Said to Prep ~$200 Million Hong Kong IPO

Mech-Mind Robotics, backed by Meituan and HSG (formerly Sequoia China), has confidentially filed for a Hong Kong listing of about $200M. The AI-robotics firm sells industrial 3D cameras and vision software for tasks like bin-picking, assembly, and inspection, joining a broader AI listing pipeline (e.g., Zhipu, Huayan Robotics) as the Hang Seng Tech Index rebounds. (Source)

Vietnam IPO & Stocks Rally Builds Despite Tepid Foreign Flows

Vietnam’s IPO pipeline is accelerating amid a ~29% YTD market rally and faster listing procedures, highlighted by Techcom Securities’ $410M raise. Yet foreigners have trimmed exposure to around 15% of market cap, reflecting lingering caution even as the country eyes a potential FTSE Russell upgrade. (Source)

MENA/Africa

Kenya Plans ~$1.15 Billion IPO of Kenya Pipeline on Nairobi Securities Exchange

Kenya aims to raise approximately $1.15B through an IPO of Kenya Pipeline Company on the Nairobi Securities Exchange, one of the largest listings in the country’s history. Proceeds target infrastructure expansion and align with a broader privatization agenda. Detailed timetable and allocations are forthcoming and closely watched by regional ECM desks. (Source)

Dubai’s ALEC Holdings IPO Multiple Times Covered; Up to ~$381 Million Offer

ALEC Holdings, a UAE construction firm, was reportedly covered within minutes of book open, with orders multiple times oversubscribed at AED 1.40. The 1B-share offer implies up to ~$381M in proceeds; guidance warns orders below AED 1.40 risk missing. The company projects a 2026 dividend yield of 7.1%–7.4%; books close Sept 30, pricing Oct 1, trading expected Oct 15. (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.