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IPOX® in the News
IPOX® Associate Muehlbauer commented on Lime’s planned U.S. IPO in Reuters, highlighting the Uber-backed electric bike and scooter operator’s global scale, cash generation, and strong revenue growth as supportive factors for its proposed valuation of up to $1.66 billion. His analysis also noted key market considerations, including seasonality, regulation, asset intensity, and city-level permit exposure, as Lime prepares to list on Nasdaq under the ticker LIME.
IPOX® Associate Muehlbauer was quoted by Reuters on Kardigan’s Nasdaq debut, after the heart drug developer raised $400 million in an upsized IPO. He noted that biotech IPO activity has improved but remains selective, favoring companies with late-stage assets, clear commercialization paths, visible catalysts, or strong backers. In broader commentary shared with Reuters, Muehlbauer said Kardigan’s going-concern warning was not a deal breaker and reflected why the company raised capital, while follow-on offerings remain a possible overhang for investors.
IPOX® VP Kat Liu was quoted by Reuters on SpaceX’s post-IPO share decline, as the stock fell more than 6% after a sharp debut rally. Reuters reported that shares remained over 30% above the $135 offering price, while investors weighed valuation, limited float, retail activity and AI expansion plans. Liu noted that profit-taking was not surprising given the IPO’s scale and strong initial performance, calling it an eventful, shortened trading week for the largest IPO in history.
IPOX® Associate Muehlbauer noted in Reuters coverage that some companies previously considering a traditional IPO may now look to SPAC mergers as mega-IPOs compete for investor attention. He said existing SPAC vehicles still need to complete transactions before liquidation, leaving capital actively seeking deals. Reuters highlighted renewed SPAC activity and rising issuance, while IPOX® data show the IPOX® SPAC Index outperforming the S&P 500 year to date, up 16.43% versus 9.73% amid a more favorable public-market backdrop for new listings.
In a First Trust webinar, IPOX® CEO Dr. Josef Schuster discussed the SpaceX IPO, strong new-listings activity, and IPOX®’s data-driven approach to tracking IPOs, spin-offs, de-SPACs, REITs, and select IPO M&A. Schuster addressed SpaceX’s expected low float, aftermarket risks, and broader opportunities across the IPO market. The webinar also highlighted the IPOX® 100 U.S. Index, its 20-year live track record, and its role as the underlying index for the First Trust US Equity Opportunity Index (Ticker FPX) today.
The IPOX® Update
U.S. IPO news included SpaceX’s post-debut pullback, Doncasters’ planned listing at up to a $4.43 billion valuation, Brookfield-backed Csquare’s NYSE filing amid AI infrastructure demand, and renewed SPAC interest. Asia-Pacific activity featured Mynt’s Philippine IPO targeting $1 billion and an $8 billion valuation, MetaX’s planned Hong Kong listing of at least $1 billion, Xiaohongshu’s Hong Kong IPO ambitions, Alebund’s $200 million–$300 million Hong Kong IPO, and Qiandaohu’s $150 million–$200 million caviar IPO pipeline across U.S. and Asia-Pacific markets this week.
IPO activity remains concentrated in the U.S., led by SpaceX, OpenAI, SK Hynix, Bending Spoons, and Kakao Mobility, while biotech names Parabilis and Kardigan show renewed sector momentum. Asia-Pacific listings focus on Hong Kong robotics, AI, parking technology, and an ASX gold spin-off. In MENA, Saudi offerings face weaker sentiment, with Arabian Dyar shelving plans and Mutlaq Al-Ghowairi withdrawing its $800 million IPO, despite Ninja testing appetite for a possible $1 billion deal. Overall, mega deals dominate investor attention globally now.
Global IPO activity is accelerating, led by SpaceX’s planned $75 billion Nasdaq debut and strong demand from Japanese retail investors. AI remains the dominant theme, with Anthropic confidentially filing, OpenAI advancing bank discussions, and ERock, INNIO and Quantinuum drawing investor attention across data-center power and frontier technology. Outside the U.S., Apotex may revive Toronto issuance, Bohus and Magnora expand Oslo listings, Go advances in Tokyo, Anker targets Hong Kong and CANAL+ strengthens its African market presence in Johannesburg this cycle.