Sports technology firm Enhanced plans to go public via a $1.2 billion merger with A Paradise Acquisition Corp, highlighting a resurgence in the blank-check market. IPOX CEO Josef Schuster noted that "SPACs are here to stay," driven by the success of innovative companies from the previous cycle. Co-founded by Christian Angermayer, the company plans to host sporting events where performance-enhancing drugs are allowed. The company expects to list on the Nasdaq under the ticker "ENHA" in the first half of 2026.

In a new Bloomberg feature, IPOX® Schuster Founder Josef Schuster discusses the impact of the recent crypto crash on the US IPO market. With returns from new listings waning, Schuster notes that crypto is currently the "least favored sector" due to sustained investor losses. He suggests that while upcoming issuers may not need to postpone their debuts, they will likely face pressure to adjust pricing expectations downward. Read more about the challenging landscape for digital asset public offerings.

Asia-Pacific dominates this week, led by SBI Shinsei Bank’s potential $2.4 billion Tokyo relisting and CK Hutchison’s plan for a $2 billion AS Watson float. Singapore sees UltraGreen.ai targeting $400 million, while the U.S. pipeline heats up with crypto giant Kraken filing for a 2026 debut and Grayscale seeking a NYSE spot. MENA activity is strong with Saudi Global Ports eyeing $1 billion. Meanwhile, Uzbekistan’s sovereign fund prepares for a historic London listing, signaling renewed global momentum across diverse sectors.

On November 20, Central Bancompany shares climbed in their Nasdaq debut, securing a $5.26 billion valuation after raising $373 million. The listing continues a strong year for financial IPOs. IPOX® CEO Josef Schuster commented on investor confidence, stating, “The bank's successful trajectory fits well with investors looking for exposure to banks operating in markets with strong economic growth.” The Missouri-based lender manages $19.2 billion in assets.

Global IPO activity intensifies with major U.S. filings including Blackstone-backed Copeland ($4.75B revenue), Grayscale ($35B AUM), and SoftBank-backed Klook ($417M revenue). Asia-Pacific markets see SBI Shinsei Bank's $2.1 billion Tokyo offering and Kbank's third KOSPI attempt. European developments feature BASF's 2027 Frankfurt listing plans and Bending Spoons eyeing a 2026 U.S. IPO at $11 billion valuation. IPOX analysts highlighted travel sector opportunities and cautioned about market volatility.

Reuters highlighted Klook’s strong 2024 performance, revealing a 24% rise in revenue in its U.S. IPO filing. The SoftBank-backed platform seeks to list on the New York Stock Exchange as global travel rebounds. IPOX® Vice President Kat Liu noted Klook’s advantage in the underpenetrated travel experiences market while cautioning about thinner margins and fragmented supply. Goldman Sachs leads the offering’s underwriting team.

This week's IPO activity featured significant U.S. SPAC deals, including Dubai hookah maker AIR's $1.75 billion Nasdaq listing and Xanadu Quantum's $3.6 billion merger. Aeromexico successfully debuted on NYSE at a $2.8 billion valuation. International markets saw Malaysia's Sunway Healthcare planning a $1 billion IPO, while Germany's Mobile.de attracted interest ahead of a potential €10 billion listing. IPOX analysts highlighted SPAC revival momentum and MENA market valuation challenges.

Dubai-based AIR, owner of the popular hookah brand Al Fakher, announced a $1.75 billion SPAC merger with Cantor Equity Partners III to list on Nasdaq as AIIR in 2026. The deal signals SPAC resurgence amid recovering markets, with the IPOX® SPAC Index outperforming equities on strong aftermarket performance. IPOX® Research Associate Lukas Muehlbauer highlighted lower interest rates easing capital access and diminishing risk perceptions for SPACs.

IPOX® Research Analyst Lukas Muehlbauer commented on Grupo Aeromexico's NYSE debut, where shares opened at $19.16, valuing the airline at $2.8 billion post-bankruptcy. The IPO raised $222.8 million amid regulatory scrutiny over Mexican routes and Delta joint venture. Muehlbauer noted investors are overlooking immediate concerns, buoyed by Aeromexico's recovery and efficient restructuring, though disputes may pressure stock performance until resolved.

In this First Trust Webinar, IPOX® Senior Investment Manager Kat Liu, CFA, delivers essential insights into the US IPO market and why IPO investment is important. She details the First Trust U.S. Equity Opportunities ETF (FPX), which employs systematic screening and a patented "1000 trading days" framework. FPX achieved 12.27% annualized returns since 2006 (as of 9/30/25), outperforming the S&P 500 with nearly 40% year-to-date gains.

Smaller Saudi firms like Cherry Trading Co. ($67M IPO) and Almasar Alshamil Education Co. ($160M) are testing the subdued equity market, where valuation discipline is key amid investor caution. MENA IPOs raised $5.1B this year, but many trade below offer prices, contrasting global gains. IPOX® Research Associate Lukas Muehlbauer notes: "Newly listed stocks across the Middle East and North Africa have declined this year... global asset managers expect more disciplined pricing." This signals a fundamentals-driven shift.

In a Reuters feature on Xanadu Quantum Technologies’ $3.6 billion SPAC merger with Crane Harbor Acquisition Corp., IPOX® Vice President Kat Liu highlighted the strategic advantages of the SPAC route. Liu noted that such deals provide “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.”

OpenAI targets a record-breaking $1 trillion valuation, Medline files for a $50 billion listing, and Gloo Holdings readies a Nasdaq debut at $873 million. Meanwhile, the UK’s Doncasters eyes a 2026 New York offering, KR1 plans a London uplisting, and Pollon Life, backed by Jack Ma, files in Hong Kong, signaling renewed global confidence in major listings across regions.

In Bloomberg’s ECM Watch, IPOX® Founder Josef Schuster commented on the surge in U.S. industrial spinoffs following Honeywell’s and DuPont’s high-profile separations. Schuster noted that “the dynamics these companies are creating are pretty solid,” emphasizing that many recent spin-offs are backed by strong fundamentals. While early trading can see selling pressure, he highlighted that size and index inclusion often support long-term performance.