U.S.
Anthropic Advances $75 Billion–$100 Billion IPO as IPOX® Highlights AI Valuation Implications
Anthropic, the developer of Claude, publicly filed for a Nasdaq IPO on October 26, with a potential offering of $75 billion–$100 billion and a targeted November 20 debut. The fundraising amount and timetable remain indicative rather than final offering terms. IPOX® Associate Lukas Muehlbauer said the transaction could establish a valuation benchmark for leading AI laboratories and influence confidence in companies financing AI infrastructure. He cautioned that investors would continue distinguishing demonstrated customer demand from investment based on anticipated growth. (Source 1) (Source 2) (Source 3)
Switch Postpones Planned $5 Billion U.S. IPO Until 2027
Switch, the U.S. data-centre operator, has postponed its IPO until 2027 after confidentially filing in August. The company had previously targeted a $5 billion offering at a $50 billion valuation in late November or early December. The postponement comes amid weaker financing conditions and more selective investor demand for AI infrastructure companies. (Source)
OPay Withdraws $304 Million U.S. IPO Following Regulatory Inquiry
OPay, the Nigeria-focused digital payments company backed by SoftBank, withdrew its planned NYSE IPO on October 30 after disclosing an inquiry in an unidentified foreign jurisdiction. Earlier that day, it had priced 16 million ADSs at $19 each for a $304 million offering. The company and its underwriters terminated the underwriting agreement, and the scheduled trading debut will not proceed. (Source)
IPOX® U.S. Composite Reaches Record Closing High
The IPOX® U.S. Composite Index (IPXC) rose 1.11% to a record closing level of 3,202.96 on October 29, taking its year-to-date gain to 11.47%. The benchmark advanced 2.54% over the five trading sessions since October 22, supported by strength across healthcare, industrial technology and data-centre infrastructure. Covering approximately 950 companies, IPXC tracks the broader U.S. new-listings universe and provides the selection universe for the IPOX® 100 U.S. Index, tracked by the First Trust US Equity Opportunities ETF (FPX). (Source)
IPOX® Constituents in M&A Spotlight as DoorDash Agrees Instacart Acquisition and Marvell Pursues Lumentum
Instacart and Lumentum, both constituents of the IPOX® 100 U.S. Index, featured prominently in the week’s takeover activity. DoorDash announced a definitive agreement on October 29 to acquire Instacart for $65 per share, representing approximately $17 billion in equity value, with completion subject to approvals. Separately, Marvell Technology is reportedly in advanced discussions to acquire Lumentum; the approximately $83 billion figure associated with the company represents its market capitalisation, not an agreed purchase price. IPOX® highlighted the developments as examples of M&A extending the investment lifecycle of newly listed businesses. (Source 1) (Source 2) (Source 3)
IPOX®’s Lukas Muehlbauer Highlights Clinical Catalysts Supporting Biotech IPO Demand
IPOX® Associate Lukas Muehlbauer highlighted clinical milestones as a source of investor demand for biotechnology IPOs despite uncertainty over the broader economic outlook. He explained that successful market debuts can encourage companies seeking capital for upcoming trials. Investor appetite nevertheless remains selective, particularly as higher financing costs challenge businesses that may still be years away from generating revenue. (Source 1) (Source 2)
Asia-Pacific
Syngenta Targets $66 Billion-Plus Valuation for Potential $5 Billion–$10 Billion Hong Kong IPO
Syngenta, the seeds and crop-protection group controlled by Sinochem, is reportedly targeting a valuation of at least $66 billion for its planned Hong Kong IPO. The offering could raise $5 billion–$10 billion, with proceeds intended for debt reduction and investment in seeds and crop-protection products. An early-2027 debut is considered more likely than a year-end listing, although the timetable remains unconfirmed. (Source)
Australian Regulator Questions Banks Over Failed $5 Billion Firmus IPO
Firmus, the Nvidia-backed data-centre operator, faces renewed scrutiny after Australia’s securities regulator began engaging with banks involved in its failed $5 billion Australian IPO. ASIC is examining issues including representations about investor demand, but had not opened a formal investigation. The regulatory scrutiny follows the offering’s collapse on October 9 amid concerns over AI valuations and investment returns. (Source)
Asia OneHealthcare Files for Bursa Malaysia IPO With Potential $2.4 Billion Target
Asia OneHealthcare, the TPG-backed hospital operator, filed a draft prospectus for a Bursa Malaysia IPO comprising up to 4.38 billion shares. The proposed transaction includes approximately 3.86 billion existing shares and 521.1 million new shares. The company is reportedly considering a fundraising target of up to RM10 billion, approximately $2.4 billion, although the draft prospectus does not specify the offer price, monetary deal size or listing date. (Source 1) (Source 2)
Big Caring Launches Roughly RM2 Billion Malaysia IPO
Big Caring Group, the Malaysian pharmacy retailer, launched an IPO offering up to 1.9 billion shares at a maximum RM1.08 each. The roughly RM2 billion transaction includes 590.5 million new shares expected to raise RM637.8 million for the company, alongside existing-share sales. A Bursa Malaysia debut is targeted for November 19. (Source)
Mapletree Prepares for Potential Singapore IPO as Early as 2027
Mapletree Investments, the Temasek-owned property investment group, is reportedly preparing for a potential Singapore IPO as early as 2027. The company has begun appointing banks and legal advisers, according to people familiar with the plans. Mapletree declined to comment on market rumours, and no offering size or confirmed timetable has been announced. (Source)
MENA
Banque du Caire Prices $658 Million IPO Ahead of November Listing
Banque du Caire, the Egyptian lender, priced its IPO at EGP5.30 per share, the top of its indicative range. The 45% offering totals approximately EGP36.37 billion, or $658 million, with the institutional tranche attracting six times the shares available. Trading on the Egyptian Exchange under BQDC is expected on November 2, subject to regulatory completion. (Source)
DIP Holding Opens Dubai IPO Targeting Up to $543 Million
DIP Holding, the company behind Dubai Investments Park, opened subscriptions on October 27 at an indicative AED1.10–AED1.15 per share. The sale of a 20% stake targets approximately AED1.9 billion–AED2.0 billion, or $520 million–$543 million, with proceeds going to selling shareholder Dubai Investments. Subscriptions close on November 3, final pricing is expected on November 4, and a Dubai Financial Market debut is planned for November 11. (Source 1) (Source 2)
Laprophan Wins Approval for $230 Million Casablanca IPO
Laprophan, the Moroccan pharmaceutical company, received regulatory approval for an IPO on the Casablanca Stock Exchange. The transaction targets MAD2.22 billion, approximately $230 million, through 4.1 million new shares and up to 2.41 million existing shares priced at MAD341 each. Subscriptions are scheduled for November 9–17. (Source)
Sub-Saharan Africa
Dangote Refinery’s $1.6 Billion IPO Draws Strong Demand Ahead of Listing
Dangote Petroleum Refinery, the Nigerian refining business, reportedly attracted approximately three times its $1.6 billion IPO target. Orders reached around NGN6.4 trillion, or $4.78 billion, according to people familiar with the offering. A possible expansion to $2.1 billion remained unconfirmed, with the Nigerian Exchange listing still pending. (Source)
Stanbic Bank Botswana Launches 20% Stake Sale Ahead of December Listing
Stanbic Bank Botswana opened its public offer on October 30 ahead of a planned Botswana Stock Exchange listing. The transaction offers approximately 319.4 million existing shares, representing 20% of the bank, at BWP4.30 each—an implied offering value of approximately BWP1.37 billion. Subscriptions close on November 27, with listing expected on December 7. (Source 1) (Source 2) (Source 3)