U.S.
Anthropic Discloses $895.4 Billion in Computing Commitments as IPO Valuation Faces Scrutiny
Anthropic disclosed $16.96 billion of third-quarter revenue and $895.4 billion in infrastructure spending commitments in an amended IPO filing on November 2. The AI developer's sequential revenue growth slowed to 47%, while approximately $69.8 billion of the commitments fall due in the following 12 months. Reuters subsequently reported that prospective investors were seeking more attractive pricing for its planned Nasdaq offering, which some expected could reach $100 billion, with a discussed valuation of $1.5 trillion facing resistance. Final offering terms remain unconfirmed. (Source 1) (Source 2)
Kartoon Studios Acquisition Files for $300 Million NYSE SPAC IPO
Kartoon Studios Acquisition Corp. publicly filed for a proposed $300 million IPO on November 5, offering 30 million units at $10 each. The SPAC intends to pursue media and entertainment businesses and apply for an NYSE listing under the unit symbol KACQ U. E.F. Hutton is the sole bookrunner, and the proposed offering remains subject to completion of the registration process. (Source)
Churchill Capital XIV Files for $300 Million Nasdaq SPAC IPO
Churchill Capital Corp XIV filed for a $300 million SPAC IPO on November 4, proposing 30 million units at $10 each. The company intends to list its units on Nasdaq under CXIVU, with Citigroup acting as underwriter. Each unit comprises one Class A ordinary share and one-tenth of a warrant, while the final offering date remains unannounced. (Source)
Rezera Launches Up to $216.7 Million Nasdaq IPO With GSK Interest
Rezera, a Boston-based developer of treatments for inflammatory diseases, launched its Nasdaq IPO roadshow on November 5, offering approximately 16.7 million shares at $11–$13 each for proceeds of up to $216.7 million. GSK has indicated interest in buying up to $25 million of shares, alongside an agreement granting it certain negotiation rights over Rezera's lead drug programme. The company plans to trade under RZRA, with its lead candidate ruvonoflast entering late-stage development. (Source)
Dronamics Agrees Nasdaq SPAC Combination Targeting $100 Million in Net Proceeds
Dronamics, a developer and operator of long-range cargo drones, agreed on November 4 to combine with Nasdaq-listed GP-Act III Acquisition Corp. The transaction implies a pro-forma enterprise value of approximately $500 million and targets around $100 million in net cash proceeds from trust cash and prospective PIPE financing, subject to redemptions and financing commitments. The combined company is expected to list on Nasdaq, with completion targeted for the first half of 2027. Proceeds would support aircraft production and commercial expansion. (Source)
American Ventures Acquisition Sets Out $75 Million Nasdaq SPAC IPO
American Ventures Acquisition Corp. I outlined a $75 million proposed IPO in an amended registration statement dated November 4, comprising 15 million Class A common shares at $5 each. The blank-check company intends to apply for Nasdaq trading under AVAC and may pursue targets in sectors including technology, healthcare and logistics. No business-combination target has been selected, and the offering remains subject to registration and listing approval. (Source)
Wonder Confidentially Files for U.S. IPO
Wonder Group, the food-delivery and food-hall business led by Marc Lore, announced on November 5 that it had confidentially submitted a draft registration statement for a proposed U.S. IPO. The owner of Grubhub and Blue Apron has not determined the number of shares or price range. Its July financing raised $650 million at a $9 billion pre-money valuation, which represents a private funding valuation rather than proposed IPO terms. (Source 1) (Source 2)
Cove Kaz Plans U.S. Direct Listing as Kaz Resources After Ending Skyline Merger
Cove Kaz Capital Group, which develops tungsten and other critical-mineral resources in Kazakhstan, announced on November 2 that it plans a U.S. direct listing under the future name Kaz Resources in the first half of 2027. The company terminated its proposed combination with Skyline Builders Group Holding and intends to file an SEC registration statement, subject to approvals and market conditions. A separate $32 million equity commitment implies a $1.97 billion valuation; that figure is a company valuation rather than direct-listing proceeds. (Source 1) (Source 2)
Europe
LEO Pharma Considers Delaying Copenhagen IPO Until 2027
LEO Pharma is considering postponing its planned Copenhagen IPO until 2027 because of market turmoil, Reuters reported on November 6, citing Danish newspaper Berlingske. A company spokesperson declined to comment. The reported postponement remains under consideration, with no revised launch date or final offering terms confirmed. (Source 1) (Source 2)
Asia-Pacific
YMTC Parent CCSH Puts Planned $4.9 Billion Shanghai IPO on Hold
CCSH Corporation, the parent of Chinese memory-chip producer Yangtze Memory Technologies Co., has put its planned Shanghai STAR Market IPO on hold, Reuters reported on November 4. The group had sought approximately RMB33 billion, or $4.9 billion, and paused its planned strategic share-placement process amid weaker markets and tighter regulatory scrutiny. People familiar with the matter said a listing could shift to the first half of 2027, subject to market conditions; the company did not confirm a new timetable. (Source)
Razorpay Reportedly Secures SEBI Approval for INR50 Billion–INR60 Billion IPO
Razorpay, the Bengaluru-based digital-payments company, has reportedly received approval from the Securities and Exchange Board of India for a proposed INR50 billion–INR60 billion IPO, according to The Economic Times. The regulatory development advances the fintech's domestic listing preparations. The launch timetable remains subject to market conditions, and final pricing and a confirmed listing date have not been announced. (Source)
IOIPG Malaysia REIT Launches Approximately $515.7 Million IPO
IOIPG Malaysia Real Estate Investment Trust launched its IPO on November 3, targeting approximately MYR2.1 billion, or $515.7 million, ahead of a planned November 25 Bursa Malaysia debut. IOI Properties Group is offering up to 2.2 billion units, with the sale proceeds going to the sponsor rather than representing new capital raised by the trust. The nine-property portfolio includes IOI City Mall and six Marriott-branded hotels, and the offering carries a retail price of MYR0.96 per unit. (Source)
Hemay Postpones Planned HK$1.04 Billion Hong Kong IPO
Ganzhou Hemay Pharmaceutical postponed its Hong Kong IPO on November 4, citing current market conditions after marketing an offering of up to HK$1.04 billion. The drug developer said its international underwriting agreement would not be signed and the Hong Kong underwriting agreement would therefore not become unconditional. Application monies will be refunded in full without interest, and the company remains committed to a future listing without announcing a revised timetable. (Source 1) (Source 2)
Adaspace Launches Hong Kong IPO Targeting Up to HK$1 Billion
Adaspace Technology, a Chinese satellite and space-services company, opened its Hong Kong public offer on November 5, marketing approximately 30.1 million H shares at HK$24.90–HK$33.20 each. The base offering could raise up to approximately HK$1 billion before any offer-size adjustment or overallotment. Subscriptions are scheduled to close on November 10, with pricing expected on November 11 and a Hong Kong Main Board debut planned for November 13 under stock code 6935. (Source 1) (Source 2)
China Reportedly Tells Banks to Pause IPOs Amid Market Selloff
China's Securities Regulatory Commission reportedly told investment banks to pause IPOs and large existing-shareholder sales until markets recover, Reuters reported on November 3, citing the Financial Times. The instructions were described as informal guidance following an 8.5% October decline in the CSI300 Index. Reuters said it could not independently verify the report, and regulators had not immediately responded to requests for comment. (Source)
Baidu Denies Report That Kunlunxin's Hong Kong IPO Could Slip to 2027
Baidu denied market rumours after Bloomberg reported on November 3 that the Hong Kong IPO of its AI-chip unit Kunlunxin could slip to 2027 while awaiting Chinese regulatory approval. A spokesperson said the confidential filing process prevented disclosure of material non-public information about listing progress and that an announcement would be made in due course. The report and company response leave the listing timetable unconfirmed; a postponement has not been formally announced. (Source)
MENA
DIP Holding Prices Approximately $529 Million Dubai IPO at AED1.12
DIP Holding, the company behind Dubai Investments Park, set its final IPO price at AED1.12 per share on November 4, valuing the offering at approximately AED1.9 billion, or $529 million. Selling shareholder Dubai Investments will retain 80% following the sale, with trading on the Dubai Financial Market expected on November 11 subject to approvals. The company said the offering was oversubscribed multiple times, while the final price implies an estimated 7.5% dividend yield based on expected 2027 distributions. (Source)
Red Sea International Postpones First Fix IPO and Seeks Application Withdrawal
Red Sea International decided to postpone the IPO of its subsidiary Fundamental Installation for Electric Work Co., known as First Fix, after reassessing economic and market conditions. The company said on November 5 that it had submitted a request to withdraw the IPO application to Saudi Arabia's Capital Market Authority. No revised offering timetable was announced, and the company said it would disclose further material developments when appropriate. (Source)
Saudi Arabia Advances IPO Reforms; IPOX® Associate Lukas Muehlbauer Highlights Pricing Discipline
Saudi Arabia's Capital Market Authority has approved IPO reforms that would require banks to commit to underwriting before bookbuilding, alongside stronger disclosure requirements. IPOX® Associate Lukas Muehlbauer told Bloomberg that assuming commitments before investor demand becomes clear could make banks more selective and encourage them to challenge ambitious valuations. He emphasised that a healthy IPO market depends on sustainable aftermarket performance that brings investors back for subsequent offerings. The reforms could reduce near-term issuance while improving pricing discipline and investor confidence. (Source 1) (Source 2)
Sub-Saharan Africa
Dangote Explores Cross-Border Access to Nigerian Refinery IPO
Dangote Petroleum Refinery has discussed broadening access to its Nigerian IPO through other African exchanges, BRVM chief executive Edoh Kossi Amenounve told Reuters on November 4. The discussions began in April and include possible depositary receipts, but differing regulatory requirements have prevented agreement on a common approach. The Nigerian Exchange remains the planned primary venue, with a November debut expected; no additional exchange listing has been confirmed. (Source)
NNPC CEO Outlines Potential 5–10% Domestic IPO
NNPC, Nigeria's state oil company, is likely to offer an initial 5–10% stake through a domestic IPO, CEO Bashir Bayo Ojulari told Reuters on November 3. Preparations are expected to take at least all of 2027, with potential secondary listings in London or New York and separate subsidiary listings also under consideration. Ojulari said improving transparency and governance was the primary objective, while raising capital was secondary; no offering size, valuation or confirmed listing date was disclosed. (Source)