The IPOX® Update 10/17/2025

U.S.

Medline Targets ~$5 Billion U.S. IPO as Sales Hit $13.5B in 1H25

Medline, the Illinois-based medical supplies maker backed by Blackstone, Carlyle and Hellman & Friedman, is preparing a U.S. IPO that could raise about $5 billion. Prospective investors were told net sales reached about $13.5 billion in 1H 2025 (+9.7% YoY) and adjusted EBITDA rose to $3.4 billion in 2024, though free cash flow dipped due to tariffs and legal settlements. The deal would be the largest U.S. IPO of 2025 if completed before year-end. (Source)

PayPay Weighs December U.S. IPO With Valuation Potentially Above $20B

PayPay, Japan’s leading QR-payments app backed by SoftBank, is planning a U.S. IPO as early as December with sources indicating a potential valuation exceeding ¥3 trillion (>$20B). Investors view ¥2 trillion as a baseline, with foreign expansion prospects a key debate for pricing. Banks have been selected for a potential offering as SoftBank tests demand. (Source)

Navan Pushes Ahead With ~$960M U.S. IPO Despite SEC Shutdown; IPOX® CEO Josef Schuster Urges Flexibility

Navan, the Palo Alto-based corporate travel and expense platform, set a $24–$26 price range on ~37 million shares for a U.S. IPO targeting a ~$6.45B valuation (~$960M raise). Despite the government shutdown limiting SEC IPO processing, the company is proceeding amid renewed risk appetite following recent debuts. IPOX® CEO Josef Schuster said: “The IPO comes amid heightened volatility… we therefore believe that issuers need to be flexible to potentially accommodate this changing market environment with more attractive offering terms.” (Source 1) (Source 2)

Beta Technologies Lines Up ~$825M NYSE IPO Amid SEC Paralysis

Beta Technologies, an electric aircraft maker, is launching a NYSE IPO of 25 million shares at $27–$33 to raise about $825 million. The deal is led by Morgan Stanley and Goldman Sachs, with cornerstone demand of ~$300 million from investors including GE, BlackRock and AllianceBernstein, and a 20-day “soft launch” path despite the shutdown. Pricing is scheduled after market close Nov 3, with trading expected Nov 4. (Source)

Rakuten Explores U.S. IPO or Stake Sale for Rakuten Card Unit

Rakuten is evaluating a U.S. IPO of Rakuten Card or a strategic stake sale after Mizuho bought 15% for ¥165B in 2024, implying a valuation above ¥1T (~$7B). The feasibility study follows SoftBank’s plan to list PayPay in the U.S., as Rakuten weighs capital access versus immediate cash considerations. No formal filing or bank syndicate has been announced, and timing remains tentative. (Source)

Exzeo Group Launches $160–$176M NYSE IPO at $20–$22 a Share

Exzeo Group, an insurance technology platform owned by HCI Group, is offering 8 million shares at $20–$22 to raise $160–$176 million, with a 30-day option for 1.2 million additional shares. The company posted $133.5 million of 2024 revenue (+51% YoY) and projects Q3 revenue of $53.5–$56.8 million and EBITDA of $27.2–$30 million. Books were soft-launched Oct 16 under the SEC’s 20-day rule, with pricing slated for the week of Nov 3–4 and NYSE ticker “XZO.” (Source)

Europe

Uzum Weighs 2027 IPO, Eyeing London and Other Venues, at Up to $20B Valuation

Uzum, a Tencent-backed Uzbek digital ecosystem (banking, e-commerce and delivery), is evaluating a 2027 IPO with London under consideration alongside Abu Dhabi, Nasdaq and Hong Kong. The company was valued at ~$1.5B after a $70M round and could target up to ~$20B at IPO, with Citi, JPMorgan and Morgan Stanley linked and Rothschild advising. Proceeds would fund growth, with a potential future domestic Tashkent listing also envisioned. (Source)

CSG Tests Investors for €3B Amsterdam IPO, Eyes Early 2026

Czechoslovak Group (CSG) is sounding out investors for a potential Amsterdam listing that could raise north of €3 billion at a valuation up to €30 billion, with a Prague listing also considered. Formal marketing could start as early as January using Q3 results, targeting an early-2026 execution window. The defense contractor has benefited from elevated European defense demand. (Source)

Shawbrook Starts Premarketing for London IPO Around £400M

Shawbrook Group, a UK challenger bank, has begun premarketing for a London IPO seeking ~£50m of primary proceeds within a ~£400m deal size and ~£2bn valuation. BC Partners and Pollen Street are the principal sellers, with Goldman Sachs, Barclays, Deutsche Numis, KBW and UBS leading; a 15% greenshoe is expected with 144A and retail access. Books and roadshow are targeted for late October with pricing around Nov 7 or 10. (Source)

ISS Stoxx IPO Deferred to 2026 as Deutsche Boerse Weighs Buyout

ISS Stoxx, Deutsche Boerse’s index unit, is unlikely to list this year as advisers now target 2026 and the bourse considers buying out minority investor General Atlantic’s 20% stake. Earlier hopes for a post-summer listing faded despite a recent German IPO revival. Multiple sources suggest the buyout path may be more probable than near-term listing. (Source)

Asia-Pacific

Seres, Huawei’s EV Partner, Gauges Interest for ~$2B Hong Kong Listing

Seres, the electric-vehicle partner of Huawei, is said to be testing investor appetite for a Hong Kong listing of around $2 billion. The move would bolster capital for expansion amid intensifying EV competition. Details on timing, syndicate and final structure have not been disclosed. (Source)

Coca-Cola Mulls ~$1B IPO of Indian Bottling Arm HCCB

Hindustan Coca-Cola Beverages, Coca-Cola’s India bottling unit, is said to be exploring a domestic IPO that could raise about $1 billion at a roughly $10 billion valuation. The potential float would tap strong consumer-staples demand in India, though timing and syndicate remain unannounced. Bloomberg first reported the plan, with no official confirmation yet from the company. (Source)

WeRide Lines Up ~$300M Dual-Primary Hong Kong Listing

WeRide has hired Morgan Stanley and CICC to lead a planned dual-primary Hong Kong listing targeted for December 2025, with about $300 million of new shares (~10% issuance). The autonomous-driving firm, valued near $2.9B and down ~25% YTD, reported Q2 2025 revenue of ¥127.2M (+60.8% YoY) and narrowing losses. A CSRC filing notice has been received, but the company cautions there is no assurance of completion. (Source)

I-Mab to Rebrand as NovaBridge and Pursue Dual Nasdaq/HKEX IPO

I-Mab plans to rebrand as NovaBridge Biosciences following an Oct 24, 2025 EGM and pursue a dual listing IPO across Nasdaq and the Hong Kong Stock Exchange. The company is shifting to a global biotech platform model focused on business development and translational clinical development and is advancing the acquisition of VEGF-A/ANG2 biologic “VIS 101” via subsidiary Visara. Kyler Lei has been appointed CFO to bolster Hong Kong and global capital markets expertise. (Source)

MENA

Dubizzle Launches ~$600M Dubai IPO With $100M Prosus Commitment

Dubizzle, the UAE classifieds and verticals platform (Bayut, auto, real estate), opened a Dubai IPO of ~US$600 million at an implied ~US$2 billion valuation and a ~30.3% free float. Premarketing runs to Oct 22, books open Oct 23–29, pricing Oct 30 and trading Nov 6, with joint global coordinators including Emirates NBD, Goldman Sachs, HSBC and Morgan Stanley; Rothschild advises. Prosus, the largest shareholder, has committed US$100 million as the company targets near-term profitability after H1 2025 revenue of ~US$133 million and adjusted EBITDA of US$22.4 million. (Source)

Disclaimer: News summaries may contain mistakes. The information does not constitute financial advice, endorsement or recommendation and should not be considered as such.