U.S.
Anthropic Launches Up to $64.4 Billion Nasdaq IPO as IPOX® Highlights Cash Generation
Anthropic launched its IPO roadshow on November 10, offering 825 million shares at $70–$78 each for base proceeds of up to $64.4 billion, including shares sold by existing holders. The filed range implies a fully diluted valuation of up to $1.4 trillion, with a separate $26 billion private placement and Nasdaq trading targeted for November 19 under ANT. Reuters reported on November 13 that orders had reached about six times the shares on offer by Thursday evening. IPOX® Associate Lukas Muehlbauer told Reuters that Anthropic lacked direct listed peers and pointed to customer retention, the cost of serving AI queries and cash generation after model development and computing costs as key tests for the valuation. (Source 1) (Source 2) (Source 3)
Rezera Postpones Planned $216.7 Million Nasdaq IPO
Rezera postponed its planned Nasdaq IPO, citing market conditions. The Boston biotech had marketed approximately 16.7 million shares at $11–$13, implying gross proceeds of up to $216.7 million. Rezera has yet to announce a revised timetable. (Source 1) (Source 2)
ZA Acquisition Files for $75 Million SPAC IPO
ZA Acquisition Corp. I filed for a $75 million SPAC IPO on November 9, proposing to sell 7.5 million units at $10 each. The blank-cheque company intends to list the units on Nasdaq under ZACAU, with D. Boral Capital leading the deal. The terms are preliminary. (Source 1) (Source 2)
Research Alliance V Files for $62 Million Nasdaq SPAC IPO
Research Alliance Corp. V filed for a Nasdaq IPO of 6.2 million ordinary shares at $10 each. The SPAC, backed by an affiliate of RA Capital Management, plans to focus on U.S. healthcare businesses, including biotechnology. Leerink Partners is the underwriter, and the company intends to trade under RACV. (Source)
American Barrick Gold Files for Proposed NYSE IPO
American Barrick Gold filed an S-1 on November 10 for a proposed NYSE IPO under ABGC. The new company will hold Barrick Mining’s interests in the Nevada Gold Mines joint venture, which now includes the Fourmile project, and the Pueblo Viejo mine in the Dominican Republic. Barrick expects to retain majority ownership and receive the net proceeds. The number of shares and price range remain undisclosed. (Source 1) (Source 2)
Nscale Updates NYSE IPO Filing With Wider Loss and Financing Needs
Nscale amended its NYSE IPO filing on November 12, estimating nine-month revenue of $307.5 million and a net loss of about $1.69 billion. The British AI infrastructure provider said it had yet to secure binding financing commitments for the investment needed to fulfil its Anthropic contracts. Reuters, citing The Telegraph, reported that Nscale was considering a delay into 2027, while the amended filing left offer terms undisclosed. (Source 1) (Source 2) (Source 3)
Europe
METKA Plans Athens IPO With Approximately €250 Million in New Shares
METKA, the Greek infrastructure subsidiary of Metlen Energy & Metals, announced on November 11 that it intends to list on Euronext Athens. The proposed IPO includes about €250 million of new shares and an additional sale of existing shares by its parent, which expects to retain indirect majority ownership. METKA plans to use the new capital mainly for infrastructure investments, including public-private partnerships and concessions. (Source 1) (Source 2)
Cetus Maritime Places About $200 Million of Shares Ahead of Oslo Listing
Cetus Maritime completed a private placement of about $200 million, including an overallotment of existing shares, ahead of its planned Euronext Growth Oslo debut on November 18. The dry-bulk shipowner placed 95 million new shares at NOK17.44 each, raising about $174 million for the company. Cetus plans to use the proceeds for fleet acquisitions, debt reduction and payments on new vessels. (Source 1) (Source 2)
Kazakhstan Temir Zholy Publishes Hong Kong Post-Hearing Filing for Planned Triple Listing
Kazakhstan Temir Zholy (KTZ) published its Hong Kong post-hearing filing on November 11, advancing a planned IPO in Hong Kong, London and on the Astana International Exchange. The state railway operator expects to use proceeds to upgrade its network and repay debt. Kazakh authorities subsequently announced the detention of KTZ’s chairman and the head of its state shareholder on suspicion of corruption, adding uncertainty to the timetable. (Source 1) (Source 2)
Asia-Pacific
CK Hutchison Says No Decision on A.S. Watson Listing After Pause Report
CK Hutchison said on November 12 that it had made no decision on a separate listing of A.S. Watson, and that preparations and evaluations were continuing. The Wall Street Journal had reported that market conditions had put the dual listing on hold. The listing had previously been planned for Hong Kong and London and could have raised up to $2 billion. The health and beauty retailer has no confirmed offer terms or listing timetable. (Source 1) (Source 2)
Alibaba Confirms Proposed Hong Kong IPO for Chip Unit T-Head
Alibaba confirmed on November 10 that its chip-design subsidiary T-Head had confidentially applied for a Hong Kong listing on September 11 after the exchange cleared Alibaba to proceed with the proposed spin-off. IFR reported a potential $2 billion–$3 billion offering. Alibaba said the size and structure remain undecided and the listing is subject to regulatory approvals. (Source 1) (Source 2) (Source 3)
xFusion Clears Shenzhen Review for Planned $1.2 Billion IPO
xFusion Digital Technologies cleared a Shenzhen Stock Exchange listing committee review on November 12 for its proposed ChiNext IPO. The AI server and computing infrastructure maker is targeting RMB8 billion, or about $1.2 billion, with CITIC Securities as sponsor. The committee asked about gross margins and whether recent growth could be sustained, and found the company met issuance, listing and disclosure requirements. (Source)
WHI Holdings Wins Tokyo Approval for December Listing and Secondary Share Sale
WHI Holdings, a Japanese developer of enterprise HR software, received Tokyo Stock Exchange approval on November 13 for a Prime Market listing on December 15. Funds advised by Bain Capital and GIC plan to sell 42.7 million existing shares across the domestic and international tranches. Applying the top of the preliminary domestic price range of ¥2,340–¥2,590 to all base shares would imply about ¥110.7 billion. The proceeds would go to the selling shareholders, with final pricing planned for December 7. (Source 1) (Source 2)
Zhuanzhuan Reportedly Files for Up to $500 Million Hong Kong IPO
Zhuanzhuan, a Chinese online marketplace for second-hand goods, has confidentially filed for a Hong Kong IPO, Bloomberg reported on November 12. The potential offering could raise up to $500 million, with a listing as early as 2027, according to people familiar with the matter. The company has not announced an offer size or timetable. (Source)
IOIPG Malaysia REIT Prices RM2 Billion IPO at RM0.91 per Unit
IOIPG Malaysia REIT set its institutional and final retail IPO price at RM0.91 per unit on November 12, below the RM0.96 initially offered to retail investors. The deal is expected to generate approximately RM2 billion for sponsor IOI Properties Group. The trust is scheduled to list on Bursa Malaysia’s Main Market on November 25. (Source 1) (Source 2)
Shenzhou Semiconductor Faces November 16 Review for RMB2.18 Billion STAR Market IPO
Jiangsu Shenzhou Semiconductor Technology is due to appear before the Shanghai Stock Exchange’s listing committee on November 16 for its proposed STAR Market IPO. The maker of plasma power supplies for semiconductor manufacturing plans to issue up to 22 million new shares and targets RMB2.18 billion in proceeds, according to its updated prospectus. The new shares would represent at least 25% of the enlarged share capital. (Source)
FOLIO Holdings Wins Tokyo Growth Market Approval for ¥14.7 Billion Base IPO
FOLIO Holdings, an SBI Holdings subsidiary that provides AI investment management and financial infrastructure, received Tokyo Stock Exchange approval on November 12 for a Growth Market debut on December 17 under 677A. The base deal comprises about 3.1 million new shares and 13.9 million existing shares, worth approximately ¥14.7 billion at the indicative ¥865 per share. A separate overallotment of about 2.5 million shares could take the total to roughly ¥16.9 billion. (Source 1) (Source 2)
Goodai Global Files for KOSPI Listing Review
Goodai Global, the South Korean cosmetics group behind Beauty of Joseon and SKIN1004, submitted a preliminary KOSPI listing application on November 13. Seoul Economic Daily reported that the proposed offer comprises about 28 million shares, equivalent to 24% of the company after listing. Mirae Asset Securities is the lead manager, and no offer price has been disclosed. (Source)
Moonshot AI Restructures Ahead of Planned Hong Kong IPO
Moonshot AI, the Chinese developer of the Kimi AI models, is nearing completion of a corporate restructuring ahead of its proposed Hong Kong IPO, The Wall Street Journal reported on November 13. The changes would wind down its Cayman Islands holding company and move investors’ stakes into its main operating entity in China. A listing date and offer terms remain unconfirmed. (Source)
MENA
Dandy Sets November 16 Qatar Debut Following QAR206 Million IPO
Dandy, a Qatari producer of dairy products, beverages and ice cream, is scheduled to start trading on the Qatar Stock Exchange’s Main Market on November 16 under DNDY. The IPO covered 41.2 million shares, or 40% of the company, at QAR5 per share, for a base offer size of QAR206 million before fees. The founders retain the other 60%. (Source)
Sub-Saharan Africa
Dangote Refinery IPO Could Rise to $2.08 Billion as Pension Funds Seek Shares
Dangote Petroleum Refinery is expected to use a 30% upsize option that could lift its Nigerian IPO from about $1.6 billion to $2.08 billion, IFR reported on November 12. Bloomberg separately reported that South Africa’s Public Investment Corporation and Nigerian pension-fund administrators sought about $1 billion of shares. Final allocations require regulatory approval before the shares can start trading on the Nigerian Exchange. (Source 1) (Source 2) (Source 3)