Bama Tea Co., Ltd. (Ticker: 6980 HK) is a China-based non-alcoholic beverages company specializing in premium tea leaves and related products. Bama plans to list on the HKEX on October 28, 2025, offering 9.00 million primary shares at HKD 45.00–50.00, raising HKD 450.0 million ($57.93 million). A 15% greenshoe may be offered. At launch, the deal implies a market capitalization of about $519.76 million. Managers/underwriters include ABCI Capital, Avict Global Asset Management, CLSA, CMBC Securities, China Galaxy International Securities (Hong Kong), Huatai Financial Holdings (Hong Kong), Lead Securities (HK), and SPDB International. Bama processes and markets oolong, black, green, dark and other teas, and also sells teaware and tea snacks. The company reports national leadership by 2024 premium tea sales and by the number of chained specialty tea stores, supported by a network of 3,585 offline stores as of June 30, 2025.

Deepexi Technology Co Ltd (Ticker: 1384 HK) is a China-based computer services company specializing in enterprise large-model AI application solutions. Deepexi plans to list on the Hong Kong Stock Exchange (HKEX) on October 28, 2025, offering 26.63 million primary shares at HKD 26.66 per share, raising HKD 710.01 million (USD 91.40 million). At the offer price, the company’s implied market capitalization is about USD 1.12 billion (HKD 8.71 billion). Its FastData Foil Data Fusion Platform and Deepexi enterprise large-model platform underpin agentic AI applications for customers across consumer goods, manufacturing, healthcare, and transportation. Managers/underwriters are BOCOM International, CLSA, CMBC Securities, Guotai Junan Securities (Hong Kong), Livermore Holdings, and SPDB International Capital.

BJC Co. Ltd. (Ticker: 440A JP) is a Japan-based distributor of beauty, health, and personal care products. Headquartered in Fukuoka, BJC wholesales skincare, haircare, cosmetics, and wellness items under brands such as SPICARE, soaddicted, BIDEALL NEED RICH, and Summer’s Eve SALON PREMIUM. The company operates nationwide with sales offices in Tokyo, Nagoya, Osaka, and Kumamoto, serving beauty professionals and retailers across Japan.

BJC plans to list on the Tokyo Stock Exchange on October 28, 2025, offering 6.22 million secondary shares with a 15% greenshoe option (932,500 shares). The expected price range is JPY 1,640–1,680 per share, aiming to raise JPY 10.44 billion (approximately USD 70.7 million). SBI Securities Co. Ltd. and SMBC Nikko Securities Inc. are joint lead managers. The IPO consists entirely of secondary shares sold by existing shareholders.

CIG Shanghai Co., Ltd. (Cambridge Industries Group; Ticker: 6166 HK) is a China-listed communications equipment manufacturer specializing in broadband, wireless network, photonics, and edge computing solutions. CIG develops and sells telecom broadband terminals, wireless access devices, and smart home gateway products, serving global telecom and data center markets. The company plans to list its H-shares on the Hong Kong Stock Exchange on Oct. 28, 2025, offering 67.01 million shares at an expected price of HKD 68.88 per share, to raise approximately HKD 4.62 billion (USD 594 million). All shares are primary, with a 15% greenshoe option for an additional 10.05 million shares. The IPO is managed by CLSA Ltd., DBS Asia Capital, and Guotai Junan Securities (Hong Kong) Ltd. Founded in 2005, CIG operates subsidiaries in China, the United States, Japan, Germany, and Malaysia, and supplies high-performance equipment to telecom carriers and hyperscale data centers worldwide.

Sany Heavy Industry Co Ltd (Ticker: 6031 HK) is a China-based manufacturer of construction and engineering machinery, including concrete pumps and pump trucks, road rollers, pavers, and related parts. Sany plans to list on the Hong Kong Stock Exchange on October 28, 2025, offering 580.42 million primary shares at HKD 20.30–21.30, to raise HKD 12.363 billion ($1.59 billion). A 15% greenshoe (87.06 million shares) may be offered. All shares are common stock; no secondary shares were disclosed. Managers/underwriters are ABCI Capital Ltd, BOCI Asia Ltd, CLSA Ltd, China International Capital Corporation (Hong Kong) Securities, China Merchants Securities (HK) Co Ltd, and ICBC International. Sany markets its machinery globally across construction and mining end markets.

Advanced Innergy Holdings Ltd (Ticker: AIH AU), trading as AIS, is an Australian company specializing in advanced materials for insulation and passive fire protection, including protection parts for undersea pipes and cables serving energy, industrial, automotive, chemical and marine markets. Advanced Innergy plans to list on the ASX on 31 October 2025, offering 150.0m primary shares at AUD 1.00 per share to raise AUD 150.0m (approximately $98.9m). At the offer, the company is valued at about $278.5m. The IPO is managed by Henslow Pty Ltd and Morgans Corp Ltd. AIS operates a global footprint with 20 manufacturing, testing and service facilities and holds an extensive IP portfolio across multiple chemistries and niche applications.

Navan, Inc. (Ticker: NAVN US) is a U.S. corporate travel, payments, and expense software company. Navan plans to list on Nasdaq on October 30, 2025, offering 36.92 million shares at $24–$26, raising up to about $960 million from the company and selling shareholders. The deal implies a valuation of up to roughly $6.45 billion. Proceeds to Navan will be used in part to repay outstanding debt. Goldman Sachs and Citigroup are lead underwriters, joined by Jefferies, Mizuho and Morgan Stanley. The IPO is proceeding during the U.S. government shutdown using the SEC’s 20-day marketing workaround to run the roadshow ahead of Thanksgiving. Founded in 2015 (as TripActions) and domiciled in the United States, Navan provides an integrated platform for corporate travel management, payments and expense control to global clients. Co-founders are among the selling shareholders.

Mininglamp Technology Group Limited (Ticker: 2718 HK) is a China-based data intelligence application software company. Mininglamp plans to list on the HKEX on November 3, with an expected IPO offer size of around HKD 1 billion (USD 131 million). The company provides data intelligence products and solutions spanning marketing and operational intelligence across online and offline scenarios, leveraging large models, enterprise knowledge graphs and multimodal data. According to Frost & Sullivan, Mininglamp was the largest data intelligence application software provider in China by total revenue in 2024. The group reports extensive proprietary technology and IP, and serves enterprise clients seeking data-driven decisioning in marketing and operations.

Beta Technologies, Inc. (Ticker: BETA US) is an electric aircraft developer focused on eVTOL platforms and supporting systems. Beta plans to list on the NYSE on November 4, offering 25 million shares at $27–$33, raising up to $825 million. At the top of the range, the deal would value the company at about $7.2 billion. Morgan Stanley and Goldman Sachs are joint bookrunners, with Bank of America and Jefferies also underwriting. The deal includes $300 million of indicated interest, and follows GE Aerospace’s recently announced $300 million investment for a minority stake. The IPO is proceeding during a dayslong U.S. government shutdown after the SEC shared guidance enabling offerings to continue. Sector activity remains elevated as eVTOL peers advance through partnerships and pilot programs. Beta is not yet profitable, reporting a $183 million net loss in 1H2025 on revenues of $15.6 million.

Shawbrook Group plc is a UK alternative lender planning to list on the London Stock Exchange on Nov. 4, 2025 (conditional trading from Oct. 30), marketing shares at 350–390 pence per share. The company targets a valuation of up to £2 billion (~$2.68 billion). The primary component raises £50 million (~$66.7 million) via new shares, while existing shareholder Marlin Bidco (controlled by BC Partners and Pollen Street) plans to sell 79.9–81.1 million existing shares for up to about £371 million, with an over-allotment option of up to 14.1 million additional shares. Shawbrook was public until its 2017 take-private by BC Partners and Pollen Street. The listing is the UK’s largest IPO YTD.

Exzeo Group, Inc. (Ticker: XZO US) is a U.S. insurtech providing an end-to-end platform for Property & Casualty carriers, spanning data, advanced underwriting models, quoting/policy administration, and claims management. Exzeo plans to list on the NYSE on November 5, 2025, offering 8 million shares at $20–$22 to raise up to $176 million. At the top of the range, the deal implies a valuation of up to $2 billion. Joint bookrunners are Truist Securities (TRST), Citizens Capital Markets (CITZ), and William Blair (WBLR). Headquartered in Tampa, Florida, United States, Exzeo traces its roots to HCI Group; the parent previously contemplated a spin-off before pivoting to an IPO. The offering proceeds during the U.S. government shutdown following updated SEC guidance that allows certain IPOs to continue.

Princes Group Plc is a British-Italian consumer foods company (brands include Princes Tuna and Napolina Pasta), intending to list on the London Stock Exchange on Nov. 5, offering up to 84.2 million new shares at 475p–590p per share to raise about £400 million (~$535 million). The targeted post-transaction market valuation is £1.16–£1.24 billion. Proceeds are aimed at funding further acquisitions. The offering will be led by BNP Paribas, Rabobank, Peel Hunt and UniCredit. Princes is a subsidiary of Milan-listed NewPrinces SpA, which has indicated it intends to subscribe for up to £200 million of shares. The listing date is later than the initially flagged end-of-October timeline, coming amid a sluggish UK IPO market and at a valuation below the ~£1.5 billion previously discussed.

Seres Group Co Ltd (Ticker: 9927 HK) is a Chinese automotive manufacturer headquartered in Chongqing, China, specializing in the production of sport utility vehicles, new energy vehicles, electric commercial automobiles, motorcycles, and automotive components such as engines and shock absorbers. Formerly known as Sokon Group, the company rebranded to Seres Group in 2022. Seres Group plans to list on the Hong Kong Stock Exchange on November 5, 2025, offering 100.2 million primary shares at an expected price range of HKD 131.50 per share, targeting gross proceeds of HKD 13.18 billion (approximately $1.70 billion). The offering includes a 15% greenshoe option totaling an additional 15.03 million shares. The IPO is being managed by China Galaxy International Securities (Hong Kong), China International Capital Corp (Hong Kong Securities), and Huatai Financial Holdings (Hong Kong).

Ningbo Joyson Electronic Corp. (Ticker: 699 HK) is a Chinese automotive technology supplier focusing on intelligent cockpit systems, automotive safety, intelligent driving, and E-Mobility solutions. According to their website, Ningbo Joyson is a key partner to major global car manufacturers. The company plans to list H-Shares on the Hong Kong Stock Exchange on November 6, 2025, offering 155.10 million primary shares at an expected price of HKD 23.60 per share, aiming to raise approximately HKD 3.66 billion (about $471 million). The IPO will be managed by ABCI Capital Ltd., China International Capital Corp (HK) Securities, China Renaissance Securities (HK) Ltd., and GF Securities (Hong Kong) Brokerage Ltd.

BillionToOne, Inc. (Ticker: BLLN US) is a United States diagnostics company focusing on prenatal screening and oncology liquid biopsy enabled by its molecular counter platform. BillionToOne plans to list on the Nasdaq Global Select Market on November 6, 2025, following expected pricing on November 5. The IPO comprises 3.85m primary Class A shares at a price range of $49–$55, for expected gross proceeds of around $200m. The company is seeking a market capitalization between $2.5bn and $2.8bn. The deal includes a 5% directed share program. J.P. Morgan is left lead, with Piper Sandler, Jefferies, William Blair, BTIG, Stifel, and Wells Fargo also on the ticket. BillionToOne is proceeding during the government shutdown by removing the delaying amendment, allowing automatic effectiveness 20 days after filing. The company’s tests serve U.S. customers across prenatal and oncology indications.

Vigonvita Life Sciences Co., Ltd. (Ticker: 2630 HK) is a China-based biopharmaceutical company focusing on the discovery, acquisition, development, and commercialization of small-molecule drugs targeting neuropsychiatric and reproductive health disorders. Founded in 2013, Vigonvita has two core products under development: LV232, a dual-target serotonin transporter/5-HT3 receptor modulator for major depressive disorder, and TPN171, a type-5 phosphodiesterase (PDE5) inhibitor for erectile dysfunction. The company also has four drug candidates in clinical stages and three in pre-clinical development.

Vigonvita plans to list on the Hong Kong Stock Exchange (HKEX) on November 6, 2025, offering 17.6 million primary shares at an expected price range of HKD 32.00–34.00, aiming to raise approximately HKD 598.33 million (about $77 million). The IPO is managed by ABCI Capital, CCB International, CLSA, China Everbright Securities (HK), China Galaxy International Securities, and China International Capital Corporation (CICC).

WeRide Inc. (Ticker: 6998 HK) is a Chinese autonomous driving technology company that develops and commercializes self-driving solutions across Robotaxi, Robovan, Robobus, and Robosweeper applications. Operating through subsidiaries, WeRide provides products and services for mobility, logistics, and urban sanitation, serving customers worldwide. The company plans to list its Class A H-shares on the Hong Kong Stock Exchange on November 6, 2025, offering 88.25 million primary shares at an expected price of HKD 35.00 per share, seeking to raise approximately HKD 3.09 billion (about $398 million).

WeRide, which is already listed on Nasdaq under WRD US, became the world’s first publicly listed Robotaxi company in 2024. The Hong Kong offering is jointly managed by ABCI Capital Ltd., BOCI Asia Ltd., China International Capital Corp (HK) Securities, Daiwa Capital Markets HK Ltd., Futu Securities International HK Ltd., and ICBC International Securities Ltd. Proceeds will be used to advance autonomous driving R&D, mass-produce Level 4 fleets, and expand operations over the next five years.

Grupo Aeroméxico (AERO US) is Mexico’s only full-service, long-haul international carrier, serving every major city in Mexico and 52 international destinations across four continents. The company plans to list on the NYSE under the ticker AERO, with pricing expected on 5 Nov 2025 (after market close) and trading on 6 Nov 2025. The US-registered IPO is approximately $275mm.

Aeroméxico is offering 14,473,684 ADS (each ADS = 10 ordinary shares), split 56% primary / 44% secondary, at $18–$20 per ADS. The deal implies an equity valuation of up to ~$2.9bn. Primary proceeds are expected to fund fleet expansion, customer experience infrastructure, and maintenance. Joint bookrunners are Barclays, Morgan Stanley, J.P. Morgan, and Evercore.

Pony AI Inc. (Ticker: 2026 HK) is a Chinese autonomous mobility technology company specializing in the large-scale commercialization of Level 4 autonomous driving systems. Founded in 2016, Pony.ai develops its proprietary Virtual Driver full-stack platform that integrates software, hardware, and services across multiple transportation applications. The company plans to list its Class A ordinary shares on the Hong Kong Stock Exchange on November 6, 2025, offering 41.96 million primary shares at a maximum price of HKD 180.00 per share, aiming to raise approximately HKD 7.55 billion (about $972 million).

The Hong Kong IPO comprises both a public and an international offering and follows Pony.ai’s continued dual-primary listing alongside its ADSs on NASDAQ (PONY US). The offering is jointly managed by Goldman Sachs (Asia), BofA Securities, Deutsche Bank AG Hong Kong, Huatai Financial, Macquarie Capital, CLSA, BOCI Asia, and Futu Securities. Pony.ai intends to use the IPO proceeds to commercialize its Level 4 autonomous driving technology, advance R&D, and support working capital needs.

Maynilad Water Services, Inc. (Ticker: MYNLD PM) is a Philippines company focusing on water and wastewater services in Metro Manila. Maynilad plans to list on the Philippine Stock Exchange on November 7, 2025, offering 1.66 billion shares at PHP 15.00 per share, with additional reserved, overallotment and upsize option shares, raising up to PHP 34.33 billion ($590.58 million). The offer period runs through October 29. Proceeds will fund capital expenditure and general corporate purposes. BPI Capital is the domestic lead underwriter, while HSBC, Morgan Stanley, and UBS act as global coordinators. Cornerstone investors are expected to take more than half of the offering. Maynilad is majority owned by Metro Pacific Investments, DMCI Holdings, and Marubeni, and is the country’s largest private water concessionaire.

Grupa Smyk (Ticker: Pending) is a Poland-domiciled retailer of children’s clothing, toys and accessories operating about 290 stores across Poland, Ukraine, Romania and Slovakia. Smyk is expected to list on the Warsaw Stock Exchange on November 7, 2025, offering up to 13.6 million new shares (primary) and up to 18.4 million existing shares (secondary). The retail subscription cap is PLN 13 per share; the final price is due on or around October 30. The IPO is expected to raise about PLN 389 million ($107 million) in total, including up to PLN 150 million ($41 million) of primary proceeds. Smyk will use primary proceeds to repay debt and fund international expansion. The offering includes a sell-down by sole shareholder AMC V Gandalf/Accession Capital Partners and CEO Michał Grom following last year’s management buyout. Global coordinators include Barclays, UniCredit and Pekao Investment Banking.

Evommune (Ticker: EVMN US) is a U.S. biotech company developing treatments for chronic inflammatory and immune-related conditions. Based in Palo Alto, California, the company plans to list on the NYSE on November 7, 2025, offering 9.4 million shares at $15–$17 each to raise up to $159.4 million. At the midpoint of the range, the IPO would value Evommune at around $543 million. Underwriters are Morgan Stanley, Leerink Partners, Evercore ISI, and Cantor. Evommune’s lead drug candidate, EVO756, is an oral therapy currently in mid-stage trials for skin disorders such as chronic hives and eczema, with clinical results expected in the second half of next year. The company focuses on developing new medicines that address inflammation-driven diseases where current treatment options are limited.

Human Made is a Japan-based street fashion brand founded by DJ and designer Nigo, known for global pop-culture collaborations. Human Made plans to list on the Tokyo Stock Exchange Growth Market on November 27, with pricing scheduled for November 17, offering 5.67m shares at an indicative price of ¥2,920, targeting gross proceeds of approximately ¥16.6bn ($109m). The base deal consists of 931,400 new shares and 4.74m secondary shares, with an over-allotment option of up to 850,700 shares subject to demand. Selling shareholders include founder Nigo and U.S. singer-songwriter Pharrell Williams, who acted as an advisor to the company last year. Nomura and Mizuho are joint lead managers. The company operates from Shibuya, Tokyo, and has expanded its retail footprint to cities including Shanghai, Seoul, and Hong Kong.