The IPOX® Update 10/16/2026
U.S.
DayOne Targets US$5 Billion U.S. IPO Amid AI Infrastructure Market Volatility
DayOne Data Centers, a Singapore-based data-centre operator formerly part of GDS, is pursuing a potential U.S. IPO that could raise approximately US$5 billion to finance its expansion across Asia. Its established operating capacity differentiates it from more speculative AI infrastructure businesses, although customer concentration, significant construction commitments and market volatility remain key risks. The offering's timetable and final terms have yet to be determined. (Source)
Unison Selects Banks for Potential US$500 Million U.S. IPO
Unison, a San Francisco-based home-equity financing company, has reportedly selected UBS and Cantor Fitzgerald to help arrange a potential U.S. IPO seeking up to US$500 million. The company provides homeowners with upfront capital in exchange for a share of future property value appreciation. A listing could take place as early as November 2026, although the offering size, timing and underwriting arrangements remain subject to change. (Source)
SoftBank-Backed OPay Eyes New York IPO and Private Placement Worth Up to US$500 Million
OPay, a SoftBank-backed fintech company focused on Nigeria, is preparing an IPO on the New York Stock Exchange under the proposed ticker OPAY. The transaction could raise approximately US$500 million through a combination of the public offering and a concurrent private placement, potentially including around US$200 million from Standard Bank. Serving more than 50 million monthly active users, OPay is also considering a secondary listing in Nigeria following its U.S. debut. The reported US$500 million represents combined financing rather than the standalone IPO size. (Source 1) (Source 2)
Anthropic's Potential November IPO Faces Valuation Pressure and AI Governance Concerns
Anthropic, the U.S. artificial intelligence company, is preparing for a potential November 2026 IPO as some investors reportedly reduce valuation expectations from US$2 trillion to approximately US$1.5 trillion. Third-quarter revenue reached US$16.8 billion, but sequential growth slowed to 45%, prompting concerns about AI spending, growth sustainability and profitability. New York City Comptroller Mark Levine has also called for a postponement until the company addresses AI safety and governance concerns. The listing remains under consideration, with its final timing, valuation and offering size undetermined. (Source 1) (Source 2)
General Atlantic Targets First-Half 2027 U.S. IPO at Up to US$10 Billion Valuation
General Atlantic, a U.S. growth-focused investment firm managing approximately US$130 billion in assets, is reportedly preparing for an IPO in the first half of 2027 at a potential valuation of up to US$10 billion. The firm is working with major Wall Street banks on a transaction that could support its expansion and strengthen its competitive position against larger publicly traded alternative asset managers. General Atlantic previously explored an IPO in 2023 before postponing those plans, and the proposed offering size has not been disclosed. (Source 1) (Source 2)
Europe
KNDS Postpones Multibillion-Euro IPO Amid German Government Stake Acquisition Talks
KNDS, the Franco-German defence manufacturer behind the Leopard 2 tank, has put its planned multibillion-euro IPO on hold as the German government negotiates to acquire the 50% ownership stake held by the company's German shareholder families. The negotiations could significantly alter KNDS's ownership structure and affect the timing and terms of a future European stock market listing. Despite the delay, the company continues to regard an IPO as a strategic objective. (Source)
Asia-Pacific
Nvidia-Backed Firmus's Failed US$5 Billion Australian IPO Raises AI Valuation Concerns
Firmus Technologies, an Australian AI infrastructure company backed by Nvidia, withdrew its planned US$5 billion IPO on October 9 after failing to secure sufficient institutional investor demand. Subsequent reporting highlighted concerns about valuation, substantial financing requirements, customer concentration and uncertainty surrounding long-term AI infrastructure spending. The failed Australian flotation has intensified scrutiny of data-centre IPO valuations, while Firmus is reportedly considering additional private financing and a potential future U.S. listing. (Source 1) (Source 2)
Blackstone-Backed AirTrunk Delays US$1.5 Billion Singapore REIT IPO to 2027
AirTrunk, a Blackstone-backed hyperscale data-centre operator, has reportedly postponed its planned US$1.5 billion Singapore REIT IPO until 2027. The company had been preparing to launch formal investor marketing in October 2026 but delayed the transaction amid higher interest rates, market volatility and weakening demand for AI infrastructure investments. The postponement follows the failed Australian IPO of Firmus Technologies and underscores increasing investor sensitivity to data-centre valuations. Any future Singapore listing will depend on market conditions. (Source 1) (Source 2)
Wiluna Mining Secures A$180 Million IPO Demand Ahead of October 22 ASX Relisting
Wiluna Mining, an Australian gold mining company, has completed bookbuilding for its approximately A$180 million IPO ahead of a planned relisting on the Australian Securities Exchange (ASX) on October 22, 2026. Shares were priced at A$0.65, implying a market capitalisation of approximately A$472 million. The proceeds will primarily finance exploration, project development and financial restructuring as the company works toward restarting operations at its Western Australian gold assets. (Source)
Toggle Holdings Sets IPO Price Range Ahead of October 30 Tokyo Listing
Toggle Holdings, a Japanese technology-enabled real estate company, has set an indicative IPO price range of JPY4,030–4,040 per share ahead of its planned October 30, 2026 listing on the Tokyo Stock Exchange Growth Market. The base offering comprises approximately 3.37 million shares, representing an estimated transaction value of JPY13.6 billion (US$86 million). Bookbuilding runs from October 15 to October 21, with final pricing expected on October 22 and SMBC Nikko Securities serving as lead underwriter. (Source 1) (Source 2)
Moonshot AI's Hong Kong IPO Faces Shareholder Dispute and Underwriting Uncertainty
Moonshot AI, the Chinese artificial intelligence developer behind the Kimi platform, is holding settlement discussions over a shareholder dispute ahead of its proposed Hong Kong IPO. Recurrent.ai and certain investors are reportedly seeking compensation potentially exceeding US$700 million, creating potential disclosure and governance complications, although the dispute is not expected to derail the flotation. Separately, Bank of America is reportedly no longer in discussions for an underwriting role. Moonshot was valued at approximately US$30 billion in a June financing round, but the IPO fundraising amount remains undisclosed. (Source 1) (Source 2)
IOI Properties Advances Malaysian REIT IPO Backed by US$1.8 Billion Property Portfolio
IOI Properties Group is advancing the proposed IPO of IOIPG Malaysia REIT on Bursa Malaysia, having signed an underwriting agreement with six financial institutions. The offering involves up to 2.2 billion units, representing 40% of the REIT's issued units, supported by an initial property portfolio valued at approximately US$1.8 billion. The group has confirmed October 30, 2026 as the shareholder entitlement date for a restricted unit offering, with the REIT's listing tentatively scheduled for November 25. The final timetable and fundraising proceeds remain subject to confirmation. (Source 1) (Source 2)
Goertek Cancels Planned Hong Kong IPO of Microelectronics Subsidiary
Goertek, a Chinese electronics manufacturer, has terminated the proposed spin-off and Hong Kong IPO of Goertek Microelectronics following a board decision announced on October 12, 2026. The company cited changing external conditions and the subsidiary's development priorities as reasons for cancelling the transaction. Goertek Microelectronics had previously pursued a mainland-China IPO involving approximately RMB3.19 billion in proposed fundraising before shifting its listing plans to Hong Kong in 2025. No final fundraising size was disclosed for the cancelled Hong Kong offering. (Source)
MENA
Egypt Expands Banque du Caire IPO to 45% Stake, Targeting Up to EGP33 Billion
Banque du Caire, an Egyptian state-owned bank, is preparing an IPO on the Egyptian Exchange after the government reportedly increased the planned offering from 30% to 45% of the bank's equity. The enlarged transaction could raise up to EGP33 billion (approximately US$617 million) through an offering to institutional and retail investors. Subscriptions are expected to close in late October 2026, with trading targeted for November, subject to regulatory approvals. The IPO forms part of Egypt's broader programme to privatise state-owned assets and attract investment. (Source)
MNT-Halan's US$148 Million Egyptian IPO Draws 16-Fold Demand Ahead of October 20 Listing
MNT-Halan, an Egyptian fintech company, has completed subscriptions for its EGP7.84 billion (approximately US$148 million) IPO on the Egyptian Exchange, attracting aggregate investor demand equivalent to approximately 16 times the shares offered. The retail tranche was subscribed 43.6 times, indicating particularly strong individual investor interest. The offering comprises 320 million existing shares, representing 20% of the company, priced at EGP24.50 per share. Trading is expected to commence on October 20, 2026 under ticker HALN. (Source 1) (Source 2)
Sub-Saharan Africa
Dangote Refinery Extends US$1.6 Billion Nigerian IPO Subscription Period to October 27
Dangote Petroleum Refinery, the operator of a major oil refinery in Lagos, has extended the subscription period for its planned Nigerian IPO to October 27, 2026 to broaden investor participation across Africa. The base offering is expected to raise approximately US$1.6 billion, with potentially higher proceeds depending on the final transaction structure, making it a candidate for Africa's largest IPO. Ahead of the listing, the refinery reported US$4.73 billion in net profit for the first nine months of 2026, reversing a loss in the prior-year period. Proceeds are expected to support further refinery expansion, while the first trading date has yet to be confirmed. (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.
