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IPOX® in the News
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.
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.
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.
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.
The IPOX® Update
Bill Ackman targets a massive $5 billion IPO for a new closed-end fund, while sports tech firm Enhanced agrees to a $1.2 billion SPAC merger. IPOX® CEO Josef Schuster notes the SPAC model’s enduring relevance following the deal. Elsewhere, the UK introduces stamp duty relief to revitalize London listings, and Hong Kong sees a flurry of activity with Syngenta’s potential pivot and new filings from Suzhou Novosense and Muyuan Foods.
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.
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.