The IPOX® Update 10/03/2025

U.S.

U.S. Government Shutdown Threatens IPO Pipeline as SEC Pauses Reviews

The SEC’s limited operations during the shutdown are expected to delay listings, putting companies like Once Upon a Farm, Beta Technologies and Ethos in limbo. U.S. IPOs had raised $52.94 billion across 263 listings as of Sept. 29, the most since 2021, before the potential pause. IPOX® Associate Analyst Lukas Muehlbauer said “strong investor demand, hefty inflows into IPO-themed funds and the best after-market performance in years will continue to lure companies to the market.” (Source) (Source 2)

MRI Software Weighs Sale or U.S. IPO at Up to $10B Valuation

MRI Software, backed by TA Associates, Harvest Partners and GI Partners, is exploring a sale or an IPO with Goldman Sachs advising, aiming for a valuation of up to $10 billion including debt. Any transaction could occur within the next 12 months, with the company growing ~10% annually and generating more than half of revenue outside the U.S. The process underscores sponsor-backed optionality amid a constructive issuance window. (Source)

Alliance Laundry Targets $4.3B Valuation, Up to $751M NYSE IPO

Alliance Laundry, backed by BDT & MSD Partners, plans to raise up to $751.2 million by offering 34.1 million shares at $19–$22, implying a valuation up to ~$4.34 billion. Cornerstone interest from long-term investors has been highlighted as supportive of the deal’s appeal. IPOX® CEO Josef Schuster told Reuters the broadening of U.S. IPO flow to include PE-backed firms “should help to steer investors towards the deal,” adding that cornerstone demand “underlines the attractiveness of the IPO for medium- to long-run focused investors.” (Source) (Source 2)

Navan Lines Up October IPO, Aims to Raise About $750M

Navan (formerly TripActions) is preparing an October listing, targeting roughly $750 million with Goldman Sachs as lead advisor. The corporate travel and expense platform cites improved tech-IPO sentiment and strengthened leadership ahead of its debut. Marketing is expected to align around early October. (Source)

Wealthfront Files for Nasdaq IPO After Revenue Jumps to $309M

Wealthfront filed to list on Nasdaq under “WLTH,” reporting $308.9 million in revenue for the year ended Jan. 31, 2025, up from $216.7 million. The deal joins a 2025 wave of fintech IPOs amid a healthier issuance backdrop. “The filing adds to the long list of firms which have had their IPO recently or are being filed… the U.S. IPO market is extremely healthy,” said IPOX® CEO Josef Schuster, while cautioning investors may balk “if pricing and terms are too aggressive.” (Source) (Source 2)

HCI to Spin Off Exzeo in NYSE IPO Next Month

HCI Group plans to unlock value by spinning off Exzeo Group via a NYSE IPO, with Truist, Citizens and William Blair as bookrunners. Management says a partial IPO followed by distribution could retain tax efficiency after lock-up, as Exzeo posted $44m EBITDA on $120.1m adjusted revenue in 2024 and strong H1 2025 growth. The platform comprises nine insurance software/data apps, with some overlap to Neptune Insurance, another NYSE IPO candidate. (Source)

DeepL Explores U.S. IPO at Up to $5B Valuation

DeepL, the Cologne-based AI translation company, is considering a U.S. listing as early as next year and could seek a valuation of up to $5 billion. The company has held early discussions with advisers as it expands its U.S. presence. Final venue and timing may change with market conditions. (Source) (Source 2)

University of Phoenix Owner Seeks Up to $1.17B Valuation in NYSE IPO

Phoenix Education Partners, owner of the University of Phoenix, launched a U.S. IPO to raise up to $140.3 million by offering 4.25 million shares at $31–$33, implying up to ~$1.17 billion valuation. Apollo and Vistria are selling, with Apollo retaining majority voting control. Shares are set to list on the NYSE under “PXED.” (Source) (Source 2)

Dataiku Picks Banks for U.S. IPO, Eyes 2026 Listing

Dataiku has selected Morgan Stanley and Citigroup to lead its U.S. IPO preparations following a formal kickoff meeting. The AI data analytics firm, which surpassed $300 million in ARR in January, could go public as early as H1 2026. Details may evolve based on markets and investor demand. (Source)

Beta Technologies Files for U.S. IPO Amid Electrification Push

Beta Technologies, the electric aircraft maker, filed for a U.S. IPO to list on the NYSE under “BETA,” aligning with investor interest in clean mobility and aerospace innovation. Partnerships with industry players and government users position the company within the electrification trend despite continued losses. “Beta's IPO plays into two narratives… electrification and renewed appetite for selective growth stories,” said IPOX® Vice President Kat Liu. (Source) (Source 2)

Mexican Fintech Kapital Eyes Dual U.S.–Mexico Listing Within Three Years

Kapital plans an IPO within three years and favors a dual listing in the U.S. and Mexico after reaching unicorn status. The company is expanding via acquisitions of traditional banking assets, including businesses tied to Intercam. Advisors and precise timetable are to be determined. (Source)

Europe

Verisure Sets Stockholm IPO Range, Targeting Up to €13.9B Valuation and €3.1B Raise

Verisure set an IPO price range of SEK 142–153 for its Nasdaq Stockholm debut, implying a €12.9–€13.9 billion market cap. Proceeds of about €3.1 billion will reduce debt and fund the ADT Mexico acquisition while enabling partial monetization for existing holders led by Hellman & Friedman. First trading is expected on October 8, 2025. (Source) (Source 2)

Ottobock Prices Frankfurt IPO Range, Eyes ~€700–€800M Deal and up to €4.2B Market Cap

Ottobock set a €62–€66 range for its Frankfurt listing from Sept. 30–Oct. 7, targeting roughly €766–€808 million in proceeds with cornerstone commitments from Kühne Holding and a Capital Group fund. Trading is slated for October 9, 2025, with the Näder family maintaining control. The float stands out among Europe’s larger medtech offerings this year. (Source) (Source 2)

Princes Group Plans London IPO at ~£1.5B Valuation to Fund M&A

Princes Group, owner of Princes Tuna and Napolina, is pursuing a London IPO that could value the group around £1.5 billion. Proceeds are earmarked to accelerate acquisitions and growth across its branded food portfolio. The group reported £2.1 billion pro-forma revenues in 2024 and operates 23 factories across the UK, Europe and Mauritius. (Source)

Magnum Ice Cream Company to Debut Mid-November in Amsterdam, London and New York

The Magnum Ice Cream Company (TMICC), demerged from Unilever, plans a November 10 listing with shares trading in London, Amsterdam and New York. Unilever holders receive one TMICC share per five Unilever shares/ADRs, while Unilever initially retains 19.99% to be sold down over time. Investor roadshows are scheduled in London and Frankfurt ahead of admission. (Source) (Source 2)

Posti Helsinki Privatisation IPO Covered on Day One at €7.50

Posti, Finland’s postal and logistics group, launched an IPO at €7.50 per share that was covered within an hour of bookbuild. The offering comprises 11.6 million shares with trading due October 10 and retail open until October 7, implying a ~€300 million market cap. Investors are attracted to the targeted payout of at least 60% of net income and a double-digit implied dividend yield. (Source)

Asia-Pacific

JingDong Industrials Refiles for Hong Kong IPO to Raise ~$500M

JingDong Industrials (JDi), a JD.com unit, is preparing a Hong Kong IPO to raise about $500 million after receiving CSRC approval. The industrial supply-chain tech provider reported H1 2025 revenue of RMB 10.3 billion (+18.9% y/y) and JD.com will retain a majority stake. BofA, Goldman Sachs, Haitong, UBS and Huatai are coordinating. (Source)

VPBank Securities Targets ~$481M IPO in Vietnam This Month

VPBank Securities will offer 375 million shares (25%) at VND 33,900 each from Oct. 10–31 to raise about $481 million. The deal rides Vietnam’s IPO upswing amid regulatory changes and hopes for a market-status upgrade. Proceeds support growth as peers also tap equity markets. (Source)

Top Toy (Miniso) Files for Hong Kong IPO, Eyes ~$300M

Top Toy, Miniso’s pop-toy arm, filed for an HKEX listing expected to raise around $300 million, with JPMorgan, UBS and Citic Securities as sponsors. The spin-off follows rapid store expansion and a 27% y/y rise in adjusted H1 2025 net profit to RMB 180 million. Miniso intends to retain control post-listing. (Source) (Source 2)

JST Group (Jushuitan) Heads for Hong Kong IPO Seeking $250–$300M

JST Group (Jushuitan), a Chinese e-commerce SaaS ERP provider, plans to raise $250–$300 million in Hong Kong with CICC and JPMorgan as sponsors. The company swung to an adjusted profit of RMB 47 million in H1 2025 from a RMB 33 million loss a year earlier. A near-term timetable is indicated by filings and market reports. (Source) (Source 2)

MENA

Amanat to List Education Subsidiary Almasar Alshamil on Saudi Tadawul (30% Free Float)

Amanat Holdings received CMA approval to list 30% of Almasar Alshamil Education on Tadawul as EBITDA rose 15.2% to SAR 137.2 million on H1 revenue of SAR 288.1 million. The portfolio spans KSA and UAE, including Middlesex University Dubai and special-education provider HDC. Listing must occur within six months of approval. (Source) (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.