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City Therapeutics (Ticker: CTY US) is a United States clinical biotech company developing RNA interference (RNAi) therapeutics to silence disease-relevant proteins. Its programs focus on thromboembolic diseases, Type 1 Stargardt disease, and anemia associated with chronic disease.
City Therapeutics expects to list on NASDAQ on October 16, 2026. The proposed offering comprises 9.72 million shares, priced at an indicative range of USD 17.00–19.00 each. At the indicative range midpoint, the base offering would raise approximately USD 174.96 million in gross proceeds. The reported IPO market capitalization is approximately USD 905.98 million; a separate upper valuation of $956.3 million is cited for the IPO. IPO proceeds are intended to fund clinical trials, advance the RNAi platform, and support working capital and general corporate purposes.
For the 12 months ended June 30, 2026, the company reported revenue of $14.34 million and a net loss of $87.67 million. Its lead candidate, CITY-FXI, is a GalNAc-conjugated siRNA therapeutic targeting Factor XI, in development for the prevention of thromboembolic diseases.
Goldman Sachs, Jefferies, Stifel and Oppenheimer & Co. will act as offering managers for the transaction.
Elice Group (Ticker: 0158S0 KS) is a South Korean provider of AI infrastructure, GPU cloud services and enterprise AI solutions. Founded in 2015 as a coding education platform, the company has expanded into modular AI data centres and proprietary cloud software designed to improve GPU utilisation. AI cloud accounted for 76% of revenue in 1H26, up from 7% in 2023.
Elice Group expects to begin trading on Korea Exchange (KOSDAQ) on October 20, 2026. The offering comprises 2,222,000 newly issued shares and was priced at KRW 90,500 per share, at the top of the indicative range of KRW 70,400–90,500. The offering represents KRW 201.09 billion in gross proceeds, or approximately $149.51 million, implying a market capitalisation of around KRW 1.01 trillion. Institutional bookbuilding was 388.8 times subscribed. Mirae Asset Securities is the lead manager, and Samsung Securities is the joint lead manager.
The company reported 1H26 revenue of KRW 34.4 billion and operating profit of KRW 10.3 billion, compared with FY25 revenue of KRW 39.5 billion. IPO proceeds will fund AI data-centre expansion and international growth. Key risks include capital-intensive infrastructure investment and reliance on public-sector contracts.
Wiluna Mining (Ticker: WMC AU) is a gold mining company that owns the Wiluna gold mining operation. The site has an existing process plant with capacity of 2.1 million tonnes per year and a flotation concentrator rated at 750,000 tonnes per year. Wiluna Mining plans a phased restart program that includes underground and surface exploration.
The offering was priced at AUD 0.65 per share and comprises 277 million shares. The base offering represents gross proceeds of AUD 180.05 million, approximately $125.33 million. Wiluna Mining is expected to begin trading on the ASX on October 22, 2026. Its stated IPO market capitalization is AUD 472.00 million, approximately $328.56 million.
Barrenjoey Markets and Argonaut Securities are joint lead managers, with Commonwealth Securities as co-manager.
N4 Group (Ticker: ALN4 FP) is a French family group that develops and distributes sports nutrition products and cardio and strength-training equipment. Its 14 brands cover sports-performance nutrition, fitness and health nutrition, and training equipment. The group sells through e-commerce, FitnessBoutique stores, pharmacies, specialist retailers and mass-market retail. Its N4 Labs platform handles nutrition-product research, formulation, quality and production.
N4 Group is scheduled to begin trading on Euronext Paris on October 26, 2026. The offering was priced at EUR 23.81 per share and comprises 2,099,957 shares: 293,994 newly issued shares and 1,805,963 shares sold by existing shareholders. At the confirmed price, the base offering represents EUR 50.00 million in gross proceeds, approximately $56.18 million. The reported IPO market capitalization is EUR 267.00 million, approximately $300.03 million.
As of March 31, 2026, the group had 161 full-time-equivalent employees and 115 FitnessBoutique sales locations. Its reported figures as of that date included revenue of EUR 91.10 million and an EBIT margin of 17%. The group traces its origins to FitnessBoutique, created in Voiron in 1999. Net proceeds are intended to support N4 Labs’ industrial capacity, including new production lines at Voiron, and international development initially in Belgium, Spain and Italy. TP ICAP is the listing sponsor and agent.
Toggle Holdings (Ticker: 652A JP) is a Tokyo-based technology-enabled real estate group founded in 2020. Its Land Creation business uses proprietary AI, geospatial and building data to identify off-market plots with redevelopment potential, assemble adjoining properties, coordinate ownership rights and demolitions, and sell development-ready sites to property developers. Its smaller Agentic Platform business develops AI software and agents that automate research, workflows and other operational tasks.
The company expects to begin trading on the Tokyo Stock Exchange Growth Market on October 30, 2026. The base offering comprises 3,369,500 shares—2,244,600 newly issued and 1,124,900 existing shares—at an indicative range of JPY 4,030–4,040. At the midpoint, the offer is valued at JPY 13.60 billion (approximately $86.02 million), excluding an overallotment option of up to 505,400 shares. Of the base offering, approximately JPY 9.06 billion relates to new shares, rather than sales by existing shareholders. The final offer price is due October 22. SMBC Nikko Securities, UBS Securities Japan and SBI Securities are the principal underwriters.
Revenue totaled JPY 12.35 billion in FY2025, and management forecasts JPY 25.56 billion for FY2026, alongside JPY 2.80 billion in operating profit. Land Creation remains overwhelmingly dominant, exposing results to property-market conditions, financing costs and transaction timing.
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Global IPO markets faced a sharp divide this week as heavyweight issuers advanced listings while others retreated. Anthropic, DayOne and General Atlantic progressed U.S. flotation plans, though valuation concerns persisted. Egypt’s Banque du Caire and MNT-Halan drew attention, while Dangote extended its landmark Nigerian offering. In Asia, Malaysia’s IOI Properties REIT and Japan’s Toggle prepared to debut. Meanwhile, AirTrunk delayed its Singapore REIT listing, Germany’s KNDS paused its IPO, and Australia’s Firmus collapse underscored heightened investor caution toward AI infrastructure.
Global IPO activity mixed major planned listings with withdrawals and delays this week. DayOne pursued a potential $5 billion U.S. offering, while biotechnology companies advanced Nasdaq plans and Lambda sought pre-IPO funding. Refresco explored a listing valued above $10 billion, and Abenójar prepared its London debut. Across Asia-Pacific, Transsion, Gaw Capital, Mi Material and Elice advanced deals, while Firmus cancelled its Australian float and PLDT postponed its REIT. Egypt’s MNT-Halan and Kenya’s Quickmart also progressed, underscoring varied investor appetite worldwide.
Global IPO activity is accelerating across major markets, led by ambitious U.S. listings from Anthropic, Solidigm, Oura, EG Group and Blockchain.com. Europe sees Airtel Money moving ahead in London, while Asia-Pacific features large offerings from Firmus, Dongshan Precision, Asset World, Mynt, ESWIN Computing and Toggle. In MENA, MNT-Halan is preparing an Egyptian listing. Together, the deals highlight strong investor appetite, selective market conditions, shifting valuations and a growing pipeline of technology, fintech, infrastructure and consumer IPOs across global capital markets.
IPOX® in the News
Nvidia-backed Iambic Therapeutics is seeking to raise up to $159.4 million in its U.S. IPO, targeting a valuation of up to $805.8 million. IPOX® Vice President Kat Liu told Reuters that Iambic’s value depends primarily on its drug pipeline and prospects for approval and commercialization. The company uses AI to develop cancer treatments and plans to list on Nasdaq as “IAM,” as biotech attracts investor interest despite rising Treasury yields, market volatility, and geopolitical tensions affecting the broader IPO market.
IPOX® VP Kat Liu was interviewed for Fortune on Oura’s decision to postpone its IPO, offering perspective on valuation concerns, deal structure, and investor expectations. Liu discussed how Oura’s positioning as either a digital-health platform or consumer hardware company could shape valuation views, while also noting the market signal created by a high proportion of secondary shares.
Reuters reports that Airtel Money is targeting a valuation of approximately $7 billion in its London IPO, which could become the city’s largest offering since September 2025. IPOX® Associate Lukas Muehlbauer said the deal demonstrates London’s ability to attract sizable international listings while also reflecting a buyer’s market. He noted that companies must remain realistic about valuation as Airtel Money prepares to raise about $703 million through the sale of 270 million shares ahead of its October debut.
Reuters reports that Oura postponed its planned U.S. IPO as market volatility and higher interest rates increased investor caution toward new listings. IPOX® Associate Lukas Muehlbauer commented that higher rates are making investors more selective, particularly on growth valuations, while noting that the IPO window remains open. He also highlighted reported demand for Oura’s offering, which was said to be around four times oversubscribed, and pointed to Anthropic’s planned IPO as an important upcoming market test.
Reuters reports that Accelevation is targeting a valuation of up to $5.37 billion in its U.S. IPO, seeking to raise up to $720 million. IPOX® Vice President Kat Liu said investors are becoming more selective as AI infrastructure offerings expand, focusing on companies’ value-chain positioning, backlog quality, and ability to convert demand into revenue, margins, and cash flow. Accelevation provides power distribution, cooling, and modular infrastructure for data centers supporting growing AI computing demand.