The IPOX® Update 10/10/2025

U.S.

SEC Eases IPO Path During U.S. Government Shutdown With 20-Day Effectiveness Option

The SEC is allowing companies to let registration statements become effective automatically, setting pricing 20 days in advance during the shutdown. Issuers won’t be penalized for omitting pricing details from prospectuses filed while the SEC is closed, a step intended to keep the IPO market moving. The change reportedly followed discussions with law firms and market participants. (Source)

Biotech Issuers Consider Alternative IPO Paths Amid SEC Halt, Reuters Explainer Cites IPOX® Insights

With SEC reviews paused in week two of the shutdown, some issuers are considering the “20-day registration rule” to declare effectiveness without formal approval, though investor-protection risks rise. IPOX® Research Associate Lukas Muehlbauer told Reuters, “Biotech companies are prime candidates for this unconventional but valid way to go public during a shutdown as their high cash-burn rates often create an urgent need for funding,” and added, “The current market has an excellent climate for IPOs… The primary risk is that the offering price is locked in for 20 days.” He further noted MapLight’s readiness could help it “get ahead of the queue,” recalling Gossamer Bio’s 2019 playbook that ultimately priced normally post-shutdown. (Source 1) (Source 2)

MapLight Therapeutics Targets $704 Million Valuation

MapLight Therapeutics plans to raise about $250.8 million and debut on Nasdaq under “MPLT,” implying a roughly $704.3 million valuation amid a resurgence in biotech IPOs. In Reuters coverage, IPOX® CEO Josef Schuster said, “This is an opportunistic move by the company to tap the IPO market and to take advantage of the currently excellent climate for IPOs in general and biotech IPOs in particular.” Schuster added that renewed biotech M&A and MapLight’s pipeline could further support demand. (Source 1) (Source 2)

AI Chipmaker Cerebras Withdraws U.S. IPO but Eyes 2026 Listing After $1.1 Billion Funding

Cerebras Systems withdrew its U.S. IPO plans shortly after securing $1.1 billion at an $8.1 billion valuation, with Reuters noting the move reflects timing rather than weak sentiment. IPOX® CEO Josef Schuster commented, “Given that Cerebras just very recently completed a sizeable fund raise, it is of no surprise that they are holding off to pursue the IPO at this time,” adding the decision doesn’t signal broader IPO softness. The company still aims to list in mid-2026, following CFIUS-related considerations and strong AI revenue ties. (Source 1) (Source 2) (Source 3)

Diagnostics Firm BillionToOne Files for U.S. IPO Despite Government Shutdown

BillionToOne, a Menlo Park diagnostics company with a single-molecule NGS platform for prenatal and oncology uses, filed to list on Nasdaq under “BLLN.” The company reported H1 revenue of $125.54 million with a narrowed net loss, and the deal is led by J.P. Morgan, Piper Sandler, Jefferies, and William Blair. The filing followed MapLight’s push, underscoring biotech’s willingness to proceed amid the shutdown. (Source)

Citi Still Leans Toward Banamex IPO as Grupo Mexico Backs Away From Bidding War

Grupo Mexico said it won’t raise its offer for Banamex after market volatility, as Citi remains inclined toward an IPO path for the Mexican lender. The bank hopes a previously agreed 25% stake sale sets a valuation floor, while Grupo Mexico proposed broad local participation. The decision keeps an eventual Banamex listing scenario in play despite takeover interest. (Source)

Europe

EDF Weighs Edison IPO at €7–10 Billion to Fund Nuclear Build-Out While Retaining Control

EDF is consulting banks on strategic options for Italy’s Edison, with an IPO seen as the likeliest route to raise capital while keeping a majority stake. The potential Milan listing could involve selling 30–35% and values Edison at €7–10 billion, supporting investment needs under the new CEO. Edison reported €15.4 billion revenue and €1.7 billion core profit last year, and already has public-listing readiness. (Source)

Permira and Blackstone Prepare Banks for IPO of €10 Billion Mobile.de

Private-equity owners are said to have tapped banks for a public listing of mobile.de, one of Europe’s largest online vehicle marketplaces. The float is expected to be among Europe’s biggest, with the business profile rooted in car, commercial vehicle, motorcycle and e-bike listings across consumer and dealer channels. A European exchange listing is anticipated, aligning with the company’s German footprint and scale. (Source)

Polish Kids’ Retailer SMYK Seeks Zł 150m Warsaw IPO to Cut Debt and Expand

SMYK Group plans a roughly Zł 150m (US$41m) Warsaw Stock Exchange IPO comprising a secondary sell-down by ACP and at least 25% free float, with 10%–15% for retail investors. The retailer operates 253 Polish stores and 35 in Romania, targeting new markets in the Czech Republic, Slovakia and Bulgaria. Proceeds support deleveraging to ~1.6x net debt/adj. EBITDA, with pricing slated for early November; Barclays, Bank Pekao and UniCredit/Kepler are joint bookrunners. (Source)

Asia-Pacific

Chinese Humanoid Robot Maker AgiBot Targets Up to $6.4 Billion Valuation in Planned Hong Kong IPO

AgiBot is preparing a Hong Kong listing as soon as 2026 with a targeted HK$40–50 billion ($5.14–$6.4 billion) valuation and an expected 15%–25% float. CICC, CITIC Securities and Morgan Stanley are leading, with backers including Tencent and HongShan as China prioritizes robotics to meet demographic and productivity goals. The Shanghai-based firm may file an early prospectus next year, with details still subject to change. (Source)

Malaysia’s MMC Port Postpones Up to $2 Billion Listing to Include Full-Year Results

MMC Port Holdings is said to delay its Kuala Lumpur IPO into next year to incorporate full-year 2025 numbers and support valuation. The port operator, Malaysia’s largest with seven ports on the Strait of Malacca and three cruise terminals, had targeted a late-2025 listing. Proceeds around $2 billion were previously discussed, which would make it Malaysia’s biggest IPO since 2012. (Source)

MENA

Dubai Classifieds Platform Dubizzle to Test IPO Appetite Amid Property Boom, Eyes ~$2 Billion Value

Dubizzle Ltd. will begin gauging investor interest next week for a possible Dubai listing that could value the classifieds firm around $2 billion. The plan rides a 70% surge in Dubai property prices since the pandemic and follows a run of real-estate-linked IPOs. The company is working with several banks and a financial advisor on the transaction. (Source)

Dubai-Headquartered Fintech Optasia Files for R6.3 Billion (US$375m) Offering on Johannesburg Exchange

Optasia, a Dubai-based AI-driven fintech operating in 38 countries, plans to raise up to R6.3 billion via a JSE IPO and private placement, with about R1.3 billion in primary proceeds. The business serves 121 million monthly active users, processes over 32 million daily loan transactions, and counts MTN, Vodacom and Airtel as partners; Morgan Stanley and Standard Bank lead the deal with Investec and Moelis. The company targets a valuation near R63 billion (US$3.67bn), premarketing through Oct. 17 and bookbuilding by month-end, with first dividends eyed in 2027. (Source)

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