The IPOX® Update 11/29/2025

U.S. / Canada

Ackman’s Pershing Square Targets $5 Billion IPO for New Closed-End Fund

Billionaire investor Bill Ackman is planning a U.S. IPO for a new closed-end fund, aiming to raise approximately $5 billion in assets. The fund is expected to debut in early 2026, coinciding with the public listing of his management firm, Pershing Square Capital Management. The new structure is designed to offer lower fees and faster capital access compared to traditional hedge funds, with investors set to receive complimentary shares in the management company as an incentive. (Source)

Sports Tech Firm Enhanced Agrees to $1.2 Billion Nasdaq Listing via SPAC

Enhanced, a sports technology company co-founded by Christian Angermayer, has agreed to go public on the Nasdaq through a merger with the SPAC A Paradise Acquisition Corp, valuing the entity at $1.2 billion. Commenting on the resurgence of the blank-check market, IPOX® CEO Josef Schuster noted that "SPACs are here to stay," driven by the strong performance of companies from the previous cycle that "captured the most innovative growth sectors." The deal is expected to close in the first half of 2026, trading under the ticker "ENHA." (Source 1) (Source 2)

TMX Group Anticipates Rebound in Canadian IPO Activity Heading into 2026

The operator of the Toronto Stock Exchange, TMX Group, expects a robust recovery in the Canadian IPO market leading into 2026, following a period of subdued activity partially attributed to economic headwinds and U.S. tariffs. TMX executives noted that the recent C$704 million IPO of Rockpoint Gas Storage has helped boost market sentiment. Additionally, the group is exploring the launch of a new Alternative Trading System (ATS) for fixed-income trading while maintaining a cautious approach to prediction markets. (Source)

Europe

UK Government Unveils Three-Year Stamp Duty Exemption to Boost London IPOs

In a bid to revitalize the London stock market, UK Chancellor Rachel Reeves announced a three-year stamp duty relief on new IPO listings starting November 2025. The policy exemption targets the 0.5% tax usually paid by buyers of UK-listed shares, aiming to make London a more attractive venue for companies previously favoring New York. The government also announced changes to ISA investment rules to further stimulate capital flows into domestic equities. (Source)

Asia-Pacific

Agrichemical Giant Syngenta Pivots to Hong Kong for Potential Mega-IPO

Syngenta Group, the massive agrichemical company owned by China's Sinochem, is reportedly considering a Hong Kong listing after withdrawing its application for a $9 billion IPO in Shanghai. The pivot comes as mainland regulators attempt to manage a slow asset price reflation by discouraging large new offerings on the Shanghai exchange. Hong Kong is viewed as a favorable alternative, having raised significantly more capital year-to-date compared to Shanghai. (Source)

Suzhou Novosense Launches Hong Kong IPO Seeking to Raise $285 Million

Suzhou Novosense Microelectronics has launched its Hong Kong IPO, aiming to raise up to HK$2.2 billion (US$285 million) by offering 19.1 million H shares. The offering is priced at a maximum of HK$116.00 per share, representing a discount to its A-share trading price, and has secured US$140 million in commitments from cornerstone investors including BYD and Xiaomi. The deal is scheduled to price on December 3 with a listing date set for December 8. (Source)

Tencent-Backed Social App Soulgate Files for $200 Million Hong Kong IPO

Soulgate, the operator of a social networking app backed by Tencent, has filed for an IPO in Hong Kong with an estimated deal size of approximately US$200 million. This marks another attempt by the company to list publicly following previous efforts to launch on the Nasdaq and in Hong Kong. Citic Securities is acting as the sole sponsor for the offering, following the company's report of RMB 1.7 billion in revenue for the first eight months of 2025. (Source)

China’s Top Pig Breeder Muyuan Foods Files for Hong Kong Listing

Muyuan Foods Co Ltd, China's largest pig breeder currently listed in Shenzhen, has formally submitted an application to list on the Hong Kong Stock Exchange (HKEX). While specific details regarding the valuation and underwriters have not yet been disclosed, the filing confirms the company's intent to tap into offshore capital markets. The move comes as the industry navigates fluctuating pork prices and economic shifts within China. (Source)

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