The IPOX® Update 11/22/2025

U.S.

Kraken Files for IPO, Targeting 2026 Debut

Crypto exchange Kraken has confidentially filed for a U.S. IPO, targeting a listing in early 2026. The firm, which previously raised funds at a $20 billion valuation, has mandated Morgan Stanley, Goldman Sachs, and JP Morgan as joint bookrunners. Kraken is profitable with 2025 revenue already surpassing $1.5 billion, and plans to use proceeds for international expansion and new asset classes. (Source 1) (Source 2)

Grayscale Files for NYSE Listing

Digital asset manager Grayscale Investments has publicly filed for an IPO on the NYSE. Managing $35 billion in assets, the firm reported $202.4 million in operating profit for the first nine months of 2025. Morgan Stanley, Bank of America, Jefferies, and Cantor are leading the offering, with proceeds designated for repurchasing stock from insiders. (Source)

Lumexa Imaging Files for Nasdaq IPO

Lumexa Imaging Holdings has filed with the SEC to list on Nasdaq under the ticker "LMRI". The medical technology firm has appointed a syndicate including Barclays, J.P. Morgan, Jefferies, and Deutsche Bank to manage the offering. The filing highlights shrinking losses as the company prepares for its public debut. (Source)

Argentine Power Producer Genneia Eyes 2026 IPO

Genneia SA, a leading Argentine renewable power producer with 1.8 GW of capacity, is preparing for a New York IPO as soon as Q1 2026. The move comes amid renewed investor optimism in Argentina following President Javier Milei's midterm success. (Source)

Ackman Suggests NYSE Transfer for Fannie & Freddie

Pershing Square's Bill Ackman stated that a traditional IPO for Fannie Mae and Freddie Mac is "not feasible" currently, proposing instead that they convert their listings to the NYSE. He estimates this move could value the combined mortgage entities near $400 billion, arguing a merger is impossible without Congressional approval. (Source)

MENA

Saudi Global Ports Targets $1 Billion IPO for 2026

Saudi Global Ports (SGP), a joint venture between the Public Investment Fund (PIF) and PSA International, is preparing for an IPO in 2026 aimed at raising approximately $1 billion. SGP operates deep-sea container terminals at King Abdulaziz Port Dammam. Rothschild is advising the company, with Goldman Sachs and HSBC previously linked to the deal. (Source)

Europe

Uzbekistan Sovereign Fund Plans London Listing

Uzbekistan is advancing plans to list its national investment fund, UzNIF, in London, marking the country's first major international IPO. The fund manages $1.93 billion in assets across a portfolio of 15 companies. Meanwhile, the IPO for Navoi Mining has been delayed beyond this year. (Source)

AIP Weighs Sale or IPO for Aluminium Dunkerque

U.S. investment firm American Industrial Partners (AIP) is considering a sale or IPO for Aluminium Dunkerque, France’s largest aluminum smelter. The plant generates over €800 million in annual turnover. Unions have noted the potential entry of the French state into a buying consortium to secure the strategic asset. (Source)

BASF Targets 2027 for Ag Solutions Listing

Chemical giant BASF is preparing its Agricultural Solutions unit for an IPO on the Frankfurt Stock Exchange by 2027. A new management board, led by Livio Tedeschi, has been appointed to steer the division toward listing readiness, marking a strategic shift for the conglomerate. (Source)

Asia-Pacific

SBI Shinsei Bank Targets $2.4 Billion Relisting in Tokyo

SBI Shinsei Bank, a unit of SBI Holdings, is preparing to relist on the Tokyo Stock Exchange with an offering size potentially exceeding $2.4 billion (¥360 billion). The bank, which was delisted in 2023 and has since repaid public funds, is targeting a valuation of approximately 1.3 trillion yen. Norinchukin Bank is reported to be a cornerstone investor in the deal, aiming to purchase up to 5 billion yen in shares. (Source)

CK Hutchison Plans $2 Billion Dual Listing for AS Watson

Conglomerate CK Hutchison is weighing a dual listing for its health and beauty retail unit, AS Watson Group, in Hong Kong and the UK. The IPO could raise approximately $2 billion, with Temasek Holdings (which owns 25% of Watson) also exploring exit options. AS Watson operates over 17,000 stores across 31 markets, including Superdrug in the UK and Rossmann in Germany. (Source)

UltraGreen.ai Seeks $400 Million in Singapore IPO

UltraGreen.ai, a medical imaging company specializing in fluorescence-guided surgery, is aiming to raise $400 million on the Singapore Exchange (SGX), targeting a market capitalization of $1.6 billion. The IPO is set for December 3, with cornerstone investors including abrdn Asia and AIA Investment Management committing $237.5 million. Proceeds will fund R&D and expansion for its AI-powered surgical intelligence platform. (Source)

Chubb Insurance Malaysia Files for $300 Million Listing

Chubb Insurance Malaysia has filed for an all-secondary IPO on Bursa Malaysia, aiming to raise up to $300 million (M$1.34 billion). The listing, targeted for the first half of 2026, involves the controlling shareholder offering up to 30% of the existing share capital. Maybank is serving as the principal adviser and sole bookrunner for the transaction. (Source)

NS Group Sets Terms for $259 Million Tokyo IPO

NS Group, a Bain Capital-backed provider of rent collection services, is premarketing a Tokyo IPO seeking up to ¥40 billion ($259 million). The offering consists entirely of secondary shares with an indicative price range of ¥1,440 to ¥1,730. The listing is expected on December 16, with SMBC Nikko, Daiwa, and JP Morgan acting as joint global coordinators. (Source)

MTT Shipping Files for $200 Million Bursa Malaysia IPO

MTT Shipping has filed for an IPO on Bursa Malaysia to raise approximately $200 million, targeting a launch in Q2 2026. The offering comprises 633.5 million primary shares. The company reported an 18% revenue increase to M$400.9 million over a recent four-month period, with CIMB and CLSA advising on the deal. (Source)

3SBio Spins Off Mandi for Hong Kong Listing

Biotech firm 3SBio is spinning off its consumer healthcare unit, Mandi, for a Hong Kong IPO expecting to raise between $150 million and $200 million. Mandi specializes in treatments for hair loss (minoxidil) and skin health, posting a 64% profit increase in H1 2025. Huatai International is the sole sponsor for the listing. (Source)

SemiFive Launches $88 Million IPO in Korea

Korean semiconductor design house SemiFive has launched a KOSDAQ IPO to raise up to W129.6 billion ($88.3 million). Specializing in custom silicon for AI and HPC, the Samsung Foundry partner aims to list on December 16. Samsung Securities and UBS are leading the float for the company, which saw revenue rise 57% in 2024. (Source)

SkyeChip Files for Malaysia IPO

SkyeChip, a Malaysian semiconductor designer, has filed for an IPO on Bursa Malaysia potentially raising $60 million. The company focuses on high-performance IC design and AI solutions and plans to sell 400 million shares. Maybank is the principal adviser, with CIMB acting as a joint bookrunner. (Source)

Manner Coffee Plans Hong Kong IPO at $3 Billion Valuation

Manner Coffee, a ByteDance-backed Chinese coffee chain with over 2,000 stores, is planning a Hong Kong IPO as soon as next year. The company is seeking a valuation of up to $3 billion and aims to raise a few hundred million dollars. Manner competes directly with Starbucks and Luckin Coffee in the rapidly growing Chinese market. (Source)

Rapidus Targets 2031 IPO for Japanese Chip Ambitions

Japan's state-backed chip venture, Rapidus Corp., aims to go public around fiscal 2031 to support its goal of mass-producing 2-nanometer chips. The government is injecting funds to help the company achieve positive free cash flow by 2029, with a long-term plan to raise ¥1 trillion from the private sector to compete with global leaders like TSMC. (Source)

Singapore and Nasdaq Streamline Dual Listing Process

Singapore has announced a regulatory framework to ease dual listings on the SGX and Nasdaq for Asian growth firms with a market cap over S$2 billion. The cooperation allows companies to use a single set of offering documents for both exchanges. This initiative is part of a broader S$30 million program to boost market engagement and liquidity. (Source)

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