The IPOX® Update 11/15/2025
U.S.
Blackstone-Backed Copeland Confidentially Files for U.S. IPO After Generating $4.75 Billion Revenue
Heating and cooling systems developer Copeland, backed by Blackstone at a $14 billion valuation, has confidentially filed for a U.S. IPO as the SEC backlog clears following the government shutdown. The company, formerly the climate technologies division of Emerson, generated $4.75 billion in revenue during the 2024 fiscal year and benefits from increasing global demand for cold-chain logistics services. This listing joins a flurry of expected Blackstone-backed IPOs, following recent public offerings like Legence and Medline's filing. (Source 1) (Source 2)
Crypto Asset Manager Grayscale Files for NYSE IPO with $35 Billion in Assets Under Management
Crypto-focused asset manager Grayscale has publicly filed for its anticipated NYSE IPO, with proceeds intended to repurchase stock from company insiders. The company reported $35 billion in digital assets under management as of September 30 and generated $202.4 million in operating profit on $318.7 million in revenue during the first nine months of 2025. Morgan Stanley, Bank of America, Jefferies, and Cantor lead the 11-bank underwriting syndicate. (Source)
SoftBank-Backed Klook Files for NYSE Listing Following 24% Revenue Growth
Hong Kong-based online travel booking platform Klook Travel Technology Ltd, backed by SoftBank, has filed for a U.S. IPO after recording $417.1 million in revenue in 2024, a 24% increase from $335.2 million the previous year. The company prepares to list on the New York Stock Exchange under the symbol "KLK," driven by the continued recovery of the global travel sector. IPOX® Vice President Kat Liu stated that "Klook has real upside. The experiences part of travel is still underpenetrated compared to flights and hotels. Being mobile-first, with deal and ticket mentality suits younger travelers and spontaneous bookings, its Asia-Pacific supply density is a clear advantage," while cautioning about "thinner margins, more fragmented supply and more volatile take rates." (Source)
Wearable Tech Company Whoop Considers IPO Within Next Two Years
Wearable technology company Whoop is exploring options for an IPO within the next two years, according to its CEO. The company is evaluating market conditions and timing for a potential public listing. No specific financial details or underwriters have been disclosed at this stage. (Source)
Europe
BASF Targets Frankfurt Exchange for Agricultural Business Listing in 2027
BASF targets the Frankfurt Stock Exchange for its Agriculture Solutions business listing as a key step toward an IPO targeted for 2027. The agriculture unit, which competes in seeds and pesticides against Bayer and Corteva, will adopt the legal designation of a European company (Societas Europaea). BASF is separating non-integrated businesses, having recently sold its coatings unit for €5.8 billion. (Source)
Italian Tech Company Bending Spoons Ready for 2026 IPO, Eyes U.S. Markets
Italian software firm Bending Spoons has confirmed its IPO readiness with a listing likely in the U.S. for potentially higher valuations, expecting adjusted earnings to double to $1.4 billion in 2026 after recent acquisitions. The company was valued at $11 billion in an October funding round, though its CEO warns of an AI bubble, drawing parallels to the early 2000s dot-com crash. The CEO also urged the EU to aggressively deregulate frameworks to better support innovative startups. (Source)
Asia-Pacific
SBI Shinsei Bank Plans $2.1 Billion Tokyo IPO in December
SBI Shinsei Bank is planning a jumbo Tokyo IPO targeting approximately ¥319.7 billion ($2.1 billion) in December with an indicative price of ¥1,440 per share, yielding a market capitalization of ¥1.3 trillion. The valuation implies a 2026 forecast Price-to-Earnings ratio of 12.77x, with proceeds funding general corporate purposes, working capital, and business expansion. Joint global coordinators include Nomura, SBI, Mizuho, Goldman Sachs, SMBC Nikko, and Bank of America. (Source)
Digital Lender Kbank Makes Third Attempt at KOSPI Listing
Digital lender Kbank is making its third attempt to list on the Korea Exchange (KRX) after withdrawing previous IPO attempts in 2023 and 2024 due to unfavorable market conditions. The bank filed to sell 60 million shares, a reduction from prior planned offerings, with optimism supported by the benchmark Kospi Index rising more than 70% this year. NH Investment & Securities and Samsung Securities are leading the underwriting syndicate. (Source)
Disclaimer: News summaries may contain mistakes. The information does not constitute financial advice, endorsement or recommendation and should not be considered as such.
