The IPOX® Update 11/7/2025
U.S.
Canadian Quantum Computing Firm Xanadu to List on Nasdaq via $3.6 Billion SPAC Merger
Canadian quantum computing firm Xanadu Quantum Technologies will go public on Nasdaq via a merger with Crane Harbor Acquisition Corp. (CHAC), valuing the combined company at approximately $3.6 billion. The deal is expected to raise nearly $500 million, including a $275 million PIPE, amid growing interest from tech and financial firms in quantum computing. IPOX® Vice President Kat Liu commented that "the SPAC route provides a large, single-tranche capital infusion, extending the company's R&D runway and ensuring survival in a market where venture appetite for capital-intensive quantum projects has cooled." (Source)
Apollo-Backed Aeromexico Makes Successful NYSE Debut with $2.8 Billion Valuation
Apollo-backed Grupo Aeromexico successfully debuted on the NYSE with shares rising 0.84% to $19.16, valuing the Mexican airline at nearly $2.8 billion in its return to public markets after emerging from Chapter 11 bankruptcy in 2022. The IPO raised $222.8 million through the sale of 11.7 million American Depositary Shares at the midpoint of the $18-$20 range, despite ongoing U.S. regulatory pressures. IPOX® Research Associate Lukas Muehlbauer noted that the market reaction suggested investors were looking past "immediate regulatory concerns," supported by Aeromexico's "post-bankruptcy recovery," while also pointing to potential headwinds from U.S. efforts to revoke Mexican airline routes and unwind Aeromexico's joint venture with Delta Air Lines. (Source)
Dubai Hookah Maker AIR to Go Public in U.S. via $1.75 Billion SPAC Deal
Dubai-based AIR, owner of popular hookah brand Al Fakher, announced a merger with Cantor Equity Partners III to go public on Nasdaq under ticker AIIR, valuing the combined entity at $1.75 billion. The deal highlights the SPAC resurgence driven by improved economic conditions and positive aftermarket performance, with AIR reporting $375 million in revenue and $150 million in adjusted EBITDA for 2024. IPOX® Research Associate Lukas Muehlbauer noted that "one of the reasons for the uptick in new SPACs has been an improved macroeconomic environment, particularly the decline in interest rates," and that "the broadly positive post-merger aftermarket this year is also showing that SPAC deals are shaking off the image of being overly risky." (Source 1) (Source 2)
Betting Platform Kalshi Hires First CFO, Considers Potential IPO
Prediction market platform Kalshi has hired Saurabh Tejwani, a former Uber executive, as its first Chief Financial Officer as the company reportedly considers a potential IPO. The hiring signals Kalshi's maturation as a business and possible preparation for public markets. No specific timeline or financial details regarding the potential IPO have been disclosed. (Source)
Europe
German Auto Marketplace Mobile.de Attracts Interest from Prosus Ahead of Potential €10 Billion IPO
Prosus has expressed early-stage interest in potentially bidding for German auto marketplace Mobile.de, though owners Permira and Blackstone are leaning towards an IPO that could value the company up to €10 billion ($11.66 billion) next year. JPMorgan and Goldman Sachs have been hired to prepare Mobile.de for its stock market debut. Other interested parties include private equity firms EQT, Cinven, and Apax. (Source)
Unilever's Magnum Ice Cream Plans Triple Listing in London, NYSE, and Amsterdam
Magnum Ice Cream Co intends to list shares simultaneously on the London Stock Exchange Main Market, NYSE, and Euronext Amsterdam, all under the ticker symbol "MICC," following Unilever's corporate demerger. The company expects to incur approximately €800 million in costs related to the demerger and plans to pay its first dividend in the first half of 2027 based on 2026 results. The listings were delayed due to the U.S. government shutdown, but will proceed once the SEC can formalize approvals. (Source)
Asia-Pacific
Malaysia's Sunway Healthcare Prepares for $1 Billion IPO
Malaysia-based Sunway Healthcare is planning a major IPO targeting approximately $1 billion in proceeds and is preparing to start pre-deal discussions with potential investors. The company has not yet disclosed specific details regarding underwriters or exact timing for the offering. This represents one of the largest healthcare IPOs planned in the Asia-Pacific region. (Source)
Cell C Plans Johannesburg Stock Exchange Listing to Raise $445 Million
South African mobile operator Cell C intends to list on the Johannesburg Stock Exchange through a private placement of existing shares by TPC, a Blue Label Telecoms unit, aiming to raise approximately 7.7 billion rand ($445 million). Proceeds will be used for debt settlement, dividends, and working capital, though Cell C itself will not receive any funds from the offering. Blue Label Telecoms currently holds a 49.53% non-controlling stake in Cell C. (Source)
Singapore Surgical Imaging Firm UltraGreen.ai Launches Pre-Marketing for Over $300 Million IPO
UltraGreen.ai, which develops fluorescence-guided surgery technology and supplies ICG dyes, has started pre-marketing for a Singapore IPO aiming to raise S$300M–S$400M (over $300 million), valuing the surgical imaging firm at over S$2 billion. The listing is targeted for as early as December 2025 or Q1 2026, with Citigroup and DBS Group appointed as advisers. IPO proceeds will support global expansion, R&D, and strategic investments. (Source)
Foreign Issuers Explore Hong Kong IPOs as Market Gains Momentum
Hong Kong's buoyant IPO market is attracting foreign companies with few or no China links, including Dubai's Softcare, which recently raised HK$2.4 billion ($307 million), and U.S. and Southeast Asian biotech firms seeking alternatives to U.S. regulatory uncertainty. Singapore-based Hummingbird Bioscience is considering a $100M–$200M Hong Kong listing next year, while Indonesian mining companies and Singapore REITs are exploring listings attracted by potential Stock Connect inclusion. The trend demonstrates Hong Kong's growing appeal as an international listing venue beyond traditional China-focused issuers. (Source)
MENA
Saudi Arabia Small-Cap Companies Test IPO Market Amid Valuation Scrutiny
Smaller companies in Saudi Arabia, including Cherry Trading Co. (targeting $67 million) and Almasar Alshamil Education Co. (targeting $160 million), are preparing IPOs despite a cautious market environment where many recent listings trade below offer prices. Middle East IPOs have raised over $5.1 billion this year, but the Saudi benchmark index is down 7% amid regulatory delays on foreign ownership rules and a slowdown in state-led deals. IPOX® Research Associate Lukas Muehlbauer stated that "newly listed stocks across the Middle East and North Africa have declined this year, while other regions have posted solid returns," adding that "in this cautious market, global asset managers expect more disciplined pricing." (Source)
Disclaimer: News summaries may contain mistakes. The information does not constitute financial advice, endorsement or recommendation and should not be considered as such.
