The IPOX® Update 10/09/2026
U.S.
DayOne Data Centers Files for Nasdaq IPO, Potentially Raising Up to $5 Billion
DayOne Data Centers, a Singapore-headquartered data-center operator backed by SoftBank, publicly filed for a U.S. IPO on October 5, seeking a Nasdaq listing under ticker DODC. The offering could raise as much as $5 billion, according to the Wall Street Journal, although final terms remain undisclosed. Formerly part of GDS Holdings, DayOne operates data centers across Asia-Pacific and Europe and reported first-half 2026 revenue of $512 million, more than triple the year-earlier figure, while its net loss widened to approximately $77.2 million. IPO proceeds would support its substantial development pipeline and future capital requirements. (Source 1) (Source 2)
Centinel Spine Files for $250 Million NYSE IPO Following 42% Revenue Growth
Centinel Spine, a U.S. medical-device manufacturer specialising in motion-preserving spinal procedures, filed for an NYSE IPO on October 7 under ticker CNTL. IFR estimates the offering could raise approximately $250 million, although final pricing and offer size have not been disclosed. The company reported first-half revenue of $85.2 million, up approximately 42% year over year, supported by demand for its prodisc artificial-disc replacement platform. Morgan Stanley, Goldman Sachs, Piper Sandler, Canaccord Genuity and BTIG are involved in the transaction. (Source 1) (Source 2) (Source 3)
City Therapeutics Targets $956 Million Valuation in $185 Million Nasdaq IPO
City Therapeutics, a Massachusetts-based biotechnology company developing RNA-interference medicines for rare diseases, launched its Nasdaq IPO roadshow on October 9 under ticker CTY. The company aims to raise up to $184.7 million by offering approximately 9.7 million shares at $17–$19 each, implying a valuation of around $956.3 million at the upper end. Founded in 2023, City Therapeutics is developing treatments including an early-stage therapy for thrombosis, with proceeds earmarked for clinical trials, RNAi-platform development and working capital. Goldman Sachs, Jefferies, Stifel and Oppenheimer are underwriting the offering. (Source)
Nvidia-Backed Iambic Therapeutics Seeks $806 Million Nasdaq IPO Valuation; IPOX® VP Kat Liu Comments
Iambic Therapeutics, an Nvidia-backed biotechnology company using artificial intelligence to develop cancer treatments, launched its Nasdaq IPO under ticker IAM, targeting proceeds of up to $159.4 million. The company plans to offer 9.375 million shares at $15–$17 each, implying a valuation of up to $805.8 million, while ARK Investment Management and Duquesne Family Office have indicated interest in purchasing up to $60 million of shares. IPOX® VP Kat Liu told Reuters that the investment case should primarily be assessed through the company's clinical pipeline, rather than its AI technology alone. She emphasised that valuation depends on the probability of regulatory approval and eventual commercialisation of its drug candidates. (Source 1) (Source 2)
Lycia Therapeutics Files for Approximately $100 Million Nasdaq IPO to Advance Drug Pipeline
Lycia Therapeutics, a clinical-stage biotechnology company developing targeted protein-degradation therapies, filed for a Nasdaq IPO on October 5 under proposed ticker LYCA. IFR estimates the offering could raise approximately $100 million, although the share count and price range have not been finalised. Co-founded by Nobel laureate Carolyn Bertozzi, Lycia uses its LYTAC and cataLYTAC technologies to develop treatments for autoimmune and allergic diseases, including its Phase 1 candidate LCA-0061 for food allergies and other allergic conditions and a separate programme targeting Graves' disease. The IPO would support clinical development and the advancement of its therapeutic pipeline. (Source 1) (Source 2) (Source 3)
Nvidia-Backed Lambda Seeks $4 Billion in Private Funding Ahead of Planned 2027 IPO
Lambda, a Nvidia-backed AI-cloud infrastructure provider, is reportedly seeking up to $4 billion in a private financing round ahead of a potential U.S. IPO in 2027. Blackstone and Coatue are leading financing discussions at a reported pre-money valuation of approximately $14.5 billion. Lambda's contracted order backlog reportedly increased to $50 billion in September from $15 billion in June, reflecting substantial demand for AI computing capacity. The proposed $4 billion financing represents private fundraising rather than IPO proceeds, and the eventual listing remains subject to market conditions and execution. (Source 1) (Source 2)
Europe
Spain's Abenójar Tungsten Prepares £150 Million London IPO for Fourth Quarter
Abenójar Tungsten, a Spanish mining developer, announced plans for a London Stock Exchange IPO in the fourth quarter of 2026, with investor premarketing beginning October 7. IFR estimates the primary offering could raise approximately £150 million, although final terms have not been announced. Proceeds would support development of the El Moto tungsten-gold project in Spain, which has been designated strategic under the European Union's Critical Raw Materials Act and could eventually supply up to 20% of European tungsten demand, according to the company. BMO Capital Markets, Deutsche Bank, Peel Hunt and Canaccord Genuity are involved in the transaction. (Source 1) (Source 2) (Source 3)
KKR-Backed Refresco Explores European or U.S. IPO at Valuation Exceeding $10 Billion
Refresco, a Netherlands-based beverage manufacturer backed by KKR, is exploring a potential IPO that could value the business at more than $10 billion, according to Reuters. Investment banks have been invited to pitch for a possible listing in Europe or the United States, although preparations remain preliminary and no venue or offering size has been determined. KKR acquired Refresco for approximately $8 billion in 2022, and the company operates 85 production facilities across North America, Europe and Australia. Refresco generated nearly $7 billion in revenue during 2025, supplying beverage manufacturing and bottling services to retailers and major consumer brands. (Source)
Asia-Pacific
Nvidia-Backed Firmus Shelves $5 Billion Australian IPO Amid Valuation Concerns
Firmus, an Australian AI-infrastructure operator backed by Nvidia and Blackstone, abandoned its planned Australian IPO in October after failing to secure sufficient investor demand for an offering targeting approximately $5 billion. The proposed listing would have valued the company at around $30.6 billion, almost three times its valuation in an August private funding round. Investors raised concerns about Firmus's debt burden, capital requirements, limited operational capacity and execution risks. Following the cancellation, Firmus is pursuing private financing and may consider alternative listing venues, marking one of the largest withdrawn IPOs of 2026. (Source 1) (Source 2) (Source 3)
Transsion Holdings Launches $428 Million Hong Kong IPO Ahead of October 15 Listing
Transsion Holdings, the Shanghai-listed Chinese smartphone manufacturer behind Tecno, Infinix and itel, launched its Hong Kong secondary IPO on October 7, targeting approximately HK$3.36 billion ($428 million) in gross proceeds before any overallotment. The company is offering approximately 86.6 million H shares at up to HK$38.80 each, with trading expected to begin October 15. A leading smartphone supplier across African markets, Transsion intends to use the proceeds for research, international expansion and new technologies. Eleven cornerstone investors, including Singapore's GIC, have committed approximately HK$1.24 billion. (Source)
PLDT Postpones $385 Million Philippine Data-Center REIT IPO Until 2027
PLDT, the Philippine telecommunications group, has postponed the planned IPO of its VITRO data-center REIT until 2027, citing higher interest rates and unfavourable market conditions. The transaction had been expected to raise up to PHP24.2 billion ($385 million), potentially establishing the Philippines' first publicly listed data-center REIT. VITRO was expected to launch with eight data-center assets representing approximately 24 megawatts of capacity. PLDT remains committed to the planned listing as part of its asset-monetisation and debt-reduction strategy but considers current conditions unsuitable for the offering. (Source 1) (Source 2)
Gaw Capital Plans Up to $300 Million Hong Kong IPO for Real-Estate Private-Debt Fund
Gaw Capital has filed to list its Real Estate Private Debt OFC on the Hong Kong Stock Exchange, potentially creating the market's first publicly traded property-focused private-debt investment vehicle. IFR estimates the offering could raise approximately $200 million–$300 million, although final terms have not been disclosed. The fund intends to invest primarily in secured real-estate loans across Asia-Pacific and the Middle East, with a reported pipeline of prospective transactions valued at approximately $291 million. Gaw Capital managed approximately $35.6 billion in assets at the end of 2025. (Source 1) (Source 2)
Mi Material Prepares S$215 Million Singapore IPO to Expand Semiconductor Operations
Mi Material, the semiconductor-materials subsidiary of Malaysia-listed Mi Technovation, lodged its preliminary prospectus for a Singapore Exchange Mainboard IPO on October 5. The indicative offering totals approximately S$215 million, including vendor shares, with new-share proceeds including the cornerstone tranche estimated at S$168.2 million and a proposed issue price of S$1.80 per share. Trading is targeted for October 28, with cornerstone investors including abrdn, Barings, Fullerton and Manulife. The company manufactures solder balls and other semiconductor-packaging materials and intends to use proceeds for research facilities and production expansion. (Source 1) (Source 2)
Elice Group Prices $150 Million KOSDAQ IPO at Top of Range
Elice Group, a South Korean AI-infrastructure company, priced its KOSDAQ IPO at Won90,500 per share, the upper end of its indicated price range. The company will issue approximately 2.22 million new shares to raise Won201.1 billion ($150 million), implying a market capitalisation of around Won1 trillion. Originally an AI-education platform, Elice has expanded into enterprise cloud computing and data-center infrastructure, attracting strong institutional demand during bookbuilding. Mirae Asset Securities and Samsung Securities are managing the transaction, with trading expected later in October. (Source 1) (Source 2)
Bain and GIC Explore $3.2 Billion IPO or Sale of Japan's WHI Holdings
WHI Holdings, a Japanese human-resources software provider backed by Bain Capital and Singapore's GIC, is being considered for a potential IPO or outright sale at a valuation of approximately ¥500 billion ($3.2 billion). The shareholders have begun preliminary discussions with advisers and prospective buyers, although no final decision, listing timetable or IPO offer size has been announced. WHI operates through Works Human Intelligence, which provides payroll, employee management, attendance tracking and talent-management software to approximately 1,200 major Japanese corporate groups. A Japanese stock-market listing remains one possible exit route alongside a private sale. (Source)
MENA
Egypt's MNT-Halan Prices $150 Million IPO Ahead of October 20 Listing
MNT-Halan, an Egyptian fintech company, has fixed the IPO price for its domestic business, MNT Tech Holding, at EGP24.50 per share, targeting approximately EGP7.84 billion ($150 million) through the sale of 320 million existing shares. The offering represents approximately 20% of the Egyptian business and implies an equity valuation of EGP39.2 billion. Institutional subscriptions are scheduled to close October 13, followed by the public offering on October 15 and anticipated trading around October 20. The transaction would be Egypt's largest IPO since 2021, providing investors exposure specifically to MNT-Halan's Egyptian operations rather than its international businesses. (Source 1) (Source 2)
Africa
Kenya's Quickmart Launches KSh15 Billion Nairobi IPO Backed by IFC
Quickmart, a Kenyan supermarket operator, launched its KSh15 billion IPO on October 5, offering two billion existing shares at KSh7.50 each, representing 50% of the company and implying an equity valuation of KSh30 billion. The entirely secondary offering will provide a partial exit for existing shareholders, including private-equity investor Adenia and members of the founding families, with no proceeds going directly to Quickmart. The International Finance Corporation has committed approximately KSh1.94 billion as a cornerstone investor. Subscriptions close October 30, with trading on the Nairobi Securities Exchange expected to begin November 12. (Source 1) (Source 2) (Source 3)
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.
