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Tactical Resources Corp. (Ticker: TREO US) is a Canadian-domiciled rare earth elements exploration and development company focused on building a U.S. supply chain for critical minerals. The company is advancing the Peak Project in Hudspeth County, Texas, and is also pursuing rare earth processing and separation technologies. Tactical Resources plans to begin trading on the Nasdaq Capital Market on August 18, 2026, following completion of its business combination with Plum Acquisition Corp. III.
The transaction is a de-SPAC combination rather than a conventional IPO. Tactical became a wholly owned subsidiary of a new parent company renamed Tactical Resources Corp. Following a four-for-one share consolidation effective August 17, approximately 13.6 million shares are expected to be outstanding. Tactical shareholders received New PubCo shares at a deemed pre-consolidation value of $10.00 per share, equivalent to $40.00 per share after the consolidation, implying an estimated reference valuation of approximately $545 million. The announcement did not specify a new primary share offering or associated proceeds. Plum’s warrants were also consolidated four-for-one, with the exercise price adjusted to $46.00, but will not be Nasdaq-listed.
Ingenia Therapeutics (Ticker: 952509 KS) is a U.S.-based biotechnology company developing treatments that repair and protect small blood vessels damaged by disease. Its drug candidates are being studied for retinal diseases, chronic kidney disease, glaucoma, cancer and pulmonary hypertension.
Ingenia plans to list on South Korea’s KOSDAQ market on August 18, 2026. The company will offer 5 million new shares at KRW 12,000 per share, raising KRW 60 billion, or approximately $41 million. The offering values the company at around $409 million after listing. Samsung Securities is the sole lead underwriter.
According to published terms, the IPO proceeds will be used to advance clinical trials, develop additional drug candidates and expand partnerships with global pharmaceutical and biotechnology companies. Ingenia’s lead retinal disease treatment, IGT-427, was licensed to EyeBio in 2022. EyeBio was later acquired by Merck & Co., which is now leading late-stage clinical development of the treatment.
Lyntris, Inc. (Ticker: LYNX US) is a U.S. defense technology company providing connectivity solutions for military customers, including the U.S. Department of Defense and U.S. allies. Its offerings span sensor architecture, sensor hardware and data software platforms used in missile defense, maritime domain awareness, and space ISR and communications missions.
The Delaware-incorporated company plans to list on the NYSE on August 19, 2026, offering 24 million shares at $19.00 to $22.00 each. At the $20.50 midpoint, the IPO would raise approximately $492 million and imply a market capitalization of around $2.4 billion. Lyntris was formed in 2026 through the combination of Accelint and Vitesse, two businesses created by Trive Capital through a series of mergers. For the 12 months ended June 30, 2026, Lyntris reported revenue of approximately $451 million and a net loss of approximately $12 million.
Kido Industrial Co., Ltd. (Ticker: 282620 KQ) is a South Korean manufacturer of high-performance outdoor, motorcycle and fashion apparel for global brands, with expertise in technical waterproof garments and complex textile manufacturing. The company operates production facilities across Vietnam, Bangladesh, Indonesia and Myanmar.
Kido plans to list on KOSDAQ on August 21, 2026, offering 1.7 million shares at KRW 28,400 per share, raising approximately KRW 48.3 billion (approximately $33 million). The offering consists of 1.35 million newly issued shares and 350,000 existing shares sold by shareholders. At the IPO price and based on 5.84 million shares outstanding after the offering, Kido would have an implied market capitalization of approximately $113 million. Founded in 1980 and headquartered in Seoul, Kido generated KRW 346.6 billion of revenue and KRW 35.3 billion of net income in 2025. Mirae Asset Securities is the lead manager, with Samsung Securities participating as an underwriter.
The IPOX® Newsletters
IPOX® in the News
Reuters reports that Londian Wason’s NYSE debut valued the Chinese copper foil maker at about $2.01 billion, marking the largest U.S. IPO by a Chinese company in more than a year. IPOX® Research Associate Lukas Muehlbauer cautioned that the strong first-day performance, supported by a very low float and potential scarcity premium, should not be viewed as proof of a broader reopening for larger Chinese IPOs. He also highlighted potential future supply risks and customer concentration concerns for longer-term investors.
IPOX® Associate Muehlbauer was quoted in Reuters on Londian Wason’s planned U.S. IPO, which targets a valuation of up to $1.7 billion and could become the largest New York listing by a Chinese company in more than a year. He said the relatively small offering would be encouraging rather than signal a definitive market reopening, while highlighting stronger growth, profitability, battery demand, and investor concerns over the company’s reliance on a limited number of major customers for future growth prospects.
IPOX® Associate Lukas Muehlbauer was quoted by Reuters on Westinghouse Electric’s confidential U.S. IPO filing. He said the company’s investor appeal comes from offering exposure to nuclear growth through an established operating business and a well-known American industrial name. Muehlbauer added that energy-security concerns and rising electricity demand from data centers have improved market sentiment toward nuclear power.
IPOX® CEO Josef Schuster was featured in Bloomberg's ECM Watch, discussing muted U.S. IPO debuts and rising equity risk. Following mixed first-day performances from Jersey Mike’s and Reformation, Schuster said elevated risk is pressuring the IPO market and making investors more selective. He added that prospective issuers may need greater flexibility on pricing expectations and fundraising targets. Bloomberg also cited the IPOX® 100 U.S. as a benchmark for recent large U.S. IPOs and spinoffs amid volatile market conditions.
IPOX® Associate Lukas Muehlbauer was quoted by Reuters on Jersey Mike’s NYSE debut, noting that raising roughly $1 billion showed investors remain willing to back large, established consumer brands. The sandwich chain’s shares opened 8.7% below their $23 IPO price, valuing the company at about $6.7 billion. Muehlbauer also cautioned against overinterpreting the first-day decline, citing broader market volatility as U.S. IPO activity continues to recover across technology, defense, industrial, consumer, and retail sectors this year after a prolonged slowdown.
The IPOX® Update
Global IPO activity is building across data centers, AI, semiconductors, robotics and consumer businesses. In the U.S., Vantage Data Centers is exploring a potential $10 billion IPO, while DayOne has confidentially filed for a $5 billion offering and Anthropic is meeting investors. Across Asia-Pacific, Moore Threads targets a major Hong Kong listing, alongside Vitalink, Mech-Mind and Kiwimoore. Malaysia’s ZUS Coffee and Japan’s Oliver are also advancing IPO plans, highlighting broader momentum across regional equity markets in 2026.
Global IPO activity is building across major markets, led by large planned offerings from Dangote Refinery, Moonshot AI, Nscale and Airtel Money. U.S. listings include Robinhood Ventures Fund II and Londian Wason, while Europe may see major transactions from KNDS and Kazakhstan’s KTZ. Hong Kong remains active with Moonshot AI and Sichuan Biokin, while Qatar’s Dandy advances its offering. Overall, the pipeline highlights strong investor interest in AI, infrastructure, financial services, industrials, biotechnology and energy-related issuers worldwide.
Global IPO activity spans major U.S., European and Asia-Pacific deals, led by potential multibillion-dollar listings from CyrusOne, Westinghouse and Nscale. Recent U.S. debuts from Jersey Mike’s and Reformation showed cautious investor sentiment, increasing pressure on pricing and fundraising expectations. Smaller transactions include Braveheart Bio, Space-Eyes, Karman Line, Vogenx and NASN Intelligent Tech. Across sectors, investors remain interested in established brands, nuclear energy, data centers, biotechnology, defense technology and artificial-intelligence infrastructure, despite heightened volatility and greater scrutiny of financial performance metrics.