The IPOX® Update 10/24/2025

U.S.

Trump Administration Eyes Potential Fannie Mae IPO by Late 2025

Fannie Mae (and Freddie Mac) could return to public markets as soon as late 2025, with the FHFA evaluating an IPO to end long-running conservatorship. Authorities are focused on cost-cutting and running the GSEs like businesses in preparation for a potential offering. OTC shares have surged since Nov 2024, reflecting rising expectations for a transaction. (Source)

Onex Expects WestJet IPO in Two Years After Scoring Big Gains (Canada — likely TSX)

Onex says an IPO of WestJet is a “natural next step” within two years after selling a 25% stake to Delta (12.7%), Korean Air (10%) and Air France-KLM (2.3%). The airline’s refocus on western Canada and expansion of long-haul routes underpin improved performance since going private in 2019. Details on venue and size were not disclosed, though a Toronto listing is likely given WestJet’s Canadian base. (Source)

Nasdaq CEO Sees Robust IPO Market Despite Shutdown; Listings and Profit Rise

Nasdaq reported stronger Q3 profit and said the U.S. IPO pipeline remains healthy, even as a government shutdown caused short-term delays. Total new Nasdaq listings climbed to 205 in Q3, up from 138 a year earlier, as 2025’s first nine months marked the best since 2021. Growth in fintech and recurring-revenue businesses supported results. (Source)

DeepGreenX Withdraws NYSE Direct Listing Amid U.S. Government Shutdown

DeepGreenX Group pulled its planned direct listing on the NYSE, citing processing delays and limited SEC communications during the shutdown. The withdrawn registration would have enabled existing holders to sell up to 93.75 million shares without new issuance. The move contrasts with a few issuers using the 20-day rule to proceed despite the shutdown. (Source)

Europe

EDF Picks Intesa and Lazard to Explore Edison Options, Including Milan IPO

EDF appointed Intesa Sanpaolo IMI and Lazard to evaluate strategic alternatives for Edison, ranging from an IPO to bringing in a financial sponsor or selling a stake. The review supports EDF’s capital-raising needs for new nuclear investments, with Edison valued at an estimated €7–10 billion. Edison’s CEO previously said the company is structurally ready to list on the Milan bourse. (Source)

Empik Said to Plan Warsaw IPO of About €200 Million

Empik SA, Poland’s leading books and music retailer, is preparing a Warsaw listing that could raise around €200 million. Advisers include Morgan Stanley and Trigon, while shareholder Penta may further reduce its 49% stake. The deal could come next year, subject to market conditions. (Source)

Asia-Pacific

Yangtze Memory Weighs Mainland China IPO at $40+ Billion Valuation

Yangtze Memory Technologies is considering a mainland China IPO that could value the chipmaker above $40 billion, alongside peer ChangXin Memory. CICC and CSC Financial are said to be advising, with potential listings next year. The offerings could catalyze additional Chinese high-tech IPOs after a muted period. (Source)

Haier Weighs ~$500 Million Hong Kong IPO for Cosmoplat IoT Unit

Haier Smart Home is evaluating an HK listing of its IoT arm Cosmoplat, potentially raising about $500 million. The company is working with CICC and HSBC, with timing potentially next year. Proceeds would back growth in smart supply chains, procurement, manufacturing and enterprise applications. (Source)

UltraGreen.ai to Premarket Singapore IPO in November, Targeting ~$400 Million

UltraGreen.ai, a medical imaging firm focused on fluorescence angiography for AI-guided surgery, plans to start premarketing for a Singapore listing in early November. The company is targeting an IPO of roughly US$400 million, with Citigroup and DBS on the ticket. Deal size and timing may adjust as discussions progress. (Source 1) (Source 2)

FineToday Pulls Up to ¥42.2 Billion Tokyo IPO, Citing Market Conditions

FineToday Holdings (backed by CVC) withdrew its Tokyo IPO again, shelving a sale of up to ¥42.2bn despite the Nikkei at record levels. Investors balked at a valuation implying a ~14% premium to peers such as Kose and Shiseido. Goldman Sachs, Daiwa, SMBC Nikko and UBS were joint global coordinators. (Source)

Innorna Plans Hong Kong IPO That Could Raise About $200 Million

Innorna, a Chinese mRNA drug developer backed by CDH Investments, is working with CICC and Jefferies on a potential HK listing as soon as next year. The raise could be around $200 million, riding a rebound in biotech sentiment (Hang Seng Biotech Index +86% YTD). Proceeds would support RNA therapies and lipid nanoparticle platforms across multiple indications. (Source)

Hong Kong’s First Private Credit Fund IPO: SIMCo Infrastructure Private Credit OFC Files

SIMCo Infrastructure Private Credit OFC, backed by Sequoia Investment Management, filed for Hong Kong’s first private credit fund IPO to raise about US$200 million. The deal leverages new SFC rules for closed-ended funds investing in private and illiquid assets; DBS is sole listing agent. The portfolio targets global economic infrastructure debt with up to 60% allocation to North America. (Source)

Telkom Indonesia to Spin Off Wholesale Fibre Unit in Rp35.8 Trillion Deal

Telkom Indonesia will partially spin off its wholesale fibre connectivity business to subsidiary Telkom Infrastruktur Indonesia in a deal valued at Rp35.787 trillion (~US$2.16b). The move is aimed at sharpening business focus and optimizing network assets. This is a spin-off transaction, not an IPO. (Source)

MENA

Dubizzle Postpones Dubai IPO Amid Weak UAE Aftermarkets

Dubizzle delayed its Dubai listing one day before bookbuilding, citing weak aftermarket performance of recent UAE floats. The classifieds platform had planned to sell 30% of its shares, with valuation talk around US$2 billion. Emirates NBD, Goldman Sachs, HSBC and Morgan Stanley were among the coordinators. (Source)

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