Nanshan Aluminum International (Ticker: 2610 HK), a leading high-quality alumina manufacturer in Southeast Asia, plans to list on the Hong Kong Stock Exchange on March 25, 2025. The IPO offering is for a price range between HKD 26.6-31.5 per share, with a lot size of 100 shares. The company is among the top three major alumina production enterprises in Southeast Asia. The deal aims to raise approximately HKD 2.58 Billion (USD 329.90 million). Key underwriters include Huatai Financial Holdings (Hong Kong) Limited. The indicated market capitalization is approximately USD 2 billion.

Umm Al Qura for Development and Construction Co. (UQDC) (Ticker: 4325 SA), the owner and developer of the MASAR Destination in Mecca, Saudi Arabia, will begin trading on the Saudi Exchange's Main Market (TASI) on March 24, 2025. The company offered 130.79 million shares, representing 9.09% of its post-IPO capital, at a final offer price of SAR 15 (USD 4) per share. This implies a market capitalization of approximately SAR 21.58 billion (approximately USD 5.75 billion). 10% were for retail investors and 90% to institutions. The retail offering was 20 times oversubscribed, and the institutional offering was 241 times oversubscribed. The company, backed by the Public Investment Fund (PIF) and General Organization for Social Insurance (GOSI), raised $523 million (SAR1.96 billion) from the share sale. The Masar project, where company is a developer is a large redevelopment project, including residential units, hotel keys and a large retail area.

Yupi Indo Jelly Gum Tbk PT (Ticker: YUPI IJ), an Indonesian confectionery manufacturer and the ASEAN gummy candy market leader, plans to list on the Indonesia Stock Exchange on March 25, 2025. The IPO involves offering 854.45 million shares (30% primary, 70% secondary), representing 10% of the company's capital. The shares were priced at IDR 2,390 (USD 0.1463) per share, within the indicative range of IDR 2,100 - 2,500 (USD 0.13-0.15), raising IDR 2.04 trillion (USD 124.98 million). The company will receive IDR 612.69 billion from primary share offering, the rest is going to selling shareholder, PT Sweets Indonesia. Company will use the funds for capital expenditures (72% - new factory) and working capital (28% - business expansion). CIMB Niaga Securities and Mandiri Sekuritas PT are the underwriters. The market capitalization is IDR 20.42 trillion (USD 1.25 billion).

Visen Pharma (Ticker: 2561 HK), a late-stage biopharmaceutical company focused on endocrinology treatments in China (including Hong Kong, Macau, and Taiwan), and plans to list on the Hong Kong Stock Exchange on March 21, 2025. The IPO offering is for 9.9 million shares at an offer price range of HKD 68.44 - 75.28, with aims to raise approximately between HKD 677.56 - 745.27 million (around USD 92 million). The company has one core product, lonapegsomatropin (a once-weekly growth hormone for pediatric growth hormone deficiency, or PGHD) and two other pipeline drugs, TransCon CNP (for achondroplasia) and palopegteriparatide (for hypoparathyroidism). The IPO Proceeds will be used to develop their pipeline of drugs. Key underwriters include Jefferies Hong Kong Limited and Morgan Stanley Asia Limited. The indicated market cap range is approximately USD 1 billion.

TXR Robotics (Ticker: 484810 KS), a South Korean company specializing in conveyor equipment manufacturing and logistics automation solutions, plans to list on the KOSDAQ on March 20, 2025. The IPO offering consists of 3,075,400 new shares at a confirmed price of KRW 13,500 (within the indicative range of KRW 11,500-13,500), aiming to raise KRW 41.52 billion (USD 28.58 million based on offer size of 28.58M in table). The company provides logistics automation equipment like wheel sorters, flap sorters, and tilt-tray sorters, as well as robot automation solutions including AMRs, AGVs, and mobile manipulators for logistics and factory automation. The underwriters are NH Investment & Securities, Shinhan Investment & Securities, and Eugene Investment & Securities. Institutional investors showed strong demand with an oversubscription rate of 862.62:1.

JX Advanced Metals Corporation (Ticker: 5016 JP), a Japanese company specializing in high-purity metals and compound semiconductor wafers for the microelectronics industry, plans to list on the Tokyo Stock Exchange on March 19. JX Advanced Metals, a subsidiary of Eneos Holdings, is offering 465,160,100 existing shares at an indicative price of ¥862 per share, aiming to raise approximately ¥400.9 billion (USD 3 billion).

The IPO proceeds will go to the parent company, Eneos Holdings, which reportedly plans to use the funds for shareholder returns and decarbonization investments. Joint global coordinators on the deal are Daiwa Securities Group, JPMorgan Chase & Co., Morgan Stanley and Mizuho Financial Group. This IPO is the largest in Japan since SoftBank Corp's 2018 listing.

Entaj Industrial Services Co. (Ticker: ENTAJ AB) is a Saudi Arabian poultry company operating under the brand name "Entaj". It is the 5th largest operator in the Kingdom's poultry market, holding a 7.6% market share. Entaj is offering 30% of its share capital (9 million shares) in an IPO on the Saudi Stock Exchange (Tadawul) Main Market (TASI). The firm is selling 9.00M shares at the price of SAR 50 (USD $13.33). The total offer size is SAR 450.00M (USD $119.97 million). The offering is managed by SNB Capital. The institutional book-building process is complete, with the final offer price set at SAR 50 per share, and the order book was 208.4x oversubscribed. The retail offering period will run from February 26 to February 27, 2025. 10% of the offered shares (900,000 shares) are allocated to retail investors. The expected listing date is March 17, 2025.

Seoul Guarantee Insurance Co. (Ticker: 031210 KS) is a South Korean state-owned company operating in the insurance industry.

Seoul Guarantee Insurance Co. is expected to start trading on the KOSPI on March 14, 2025. The firm is selling 6,982,160 shares at KRW 26,000, set at the bottom end of the initially guided range. This offering represents a 10% stake in SGI being sold by the KDIC, which controls 93.85% of the insurance company. The total offer size is KRW 181.5 billion ($125.4 million USD), with an expected market capitalization of KRW 1.82 trillion ($1.26 billion USD). The offering is managed by Samsung Securities Co. and Mirae Asset Securities Co.

The IPO has been re-attempted after a previous attempt in 2023 was dropped due to tepid investor response. The current IPO's target valuation has been slashed by about 40% compared to the 2023 attempt. To attract investors, the company has committed to paying KRW 200 billion (~$138.2 million USD) in dividends for 2024, equivalent to approximately 11% dividend yield for IPO subscribers, and plans to maintain this payout level through 2027.

Asyad Shipping (Ticker: ASCO OM), an Omani shipping company and subsidiary of state-controlled logistics firm Asyad Group, is expected to list on the Muscat Stock Exchange on or around March 12, 2025. The IPO raised approximately $333 million, pricing at the top end of the indicative range. The company's market capitalization upon listing will be about $1.7 billion. Asyad Group sold at least 20% of Asyad Shipping's total issued share capital, over 1 billion shares. 75% of shares in IPO were for institutional investors. Anchor investors include a unit of the Qatar Investment Authority and a local investment firm, Mars Development and Investment, owned by the Omani Government. Established in 2003, Asyad Shipping operates a fleet of around 90 ships.

Alpha Data PJSC (Ticker: Pending), a United Arab Emirates-based digital transformation provider and system integrator, expected to list on the Abu Dhabi Securities Exchange (ADX) on March 11, 2025. The IPO involved offering 400 million shares, representing 40% of the company's share capital, at a price range of AED 1.45 to AED 1.50 per share. The final offer price was set at AED 1.50, raising AED 600 million (USD 163.38 million). The offering consisted entirely of secondary shares. The subscription period ran from February 20 to February 25, 2025, with the final price announced on February 26, after a book-building process.

Röko AB (Ticker: ROKOB SS), a Swedish investment company, planning to list on the Stockholm Stock Exchange on March 11, 2025. The IPO involves the sale of 2.58 million existing Class B shares at a price of SEK 2,048 (USD 194.53), aiming to raise SEK 5.28 billion (USD 501.92 million). The offering consists entirely of secondary shares from existing shareholders, including Mellby Gard Intressenter AB and Santhe Dahl Invest AB. The IPO could give the company an implied market capitalization of almost SEK 30 billion (approx. USD 2.85 billion). 60 cornerstone investors have committed to 95% of the offering. The remaining shares will be offered to retail and institutional investors. Skandinaviska Enskilda Banken AB is the lead manager, with Carnegie Investment Bank AB and Danske Bank A/S also involved.

Chifeng Jilong Gold Mining Co Ltd (Ticker: 6693 HK), a Chinese gold mining company, plans to list on the Hong Kong Stock Exchange on March 10, 2025. The IPO offering is for 205.65 million shares at a price range of HKD 13.72 - 15.83, aiming to raise HKD 3.26 billion (USD 418.72 million). The company operates seven gold and polymetallic mines in China, Laos, and Ghana. A greenshoe option of 15% (30.85M shares) exists. The company highlights its rapid growth, ranking fifth among Chinese gold producers in terms of both resources and 2023 production, and low all-in sustaining costs (AISC). Key underwriters include ABCI, BOCI, CCB International, CICC, and CLSA. The market cap is estimated to be around USD 3.5 billion.

Kestra Medical Technologies, Ltd. (Ticker: KMTS US), a Bermuda-incorporated company specializing in wearable cardioverter defibrillators (WCDs), plans to list on NASDAQ on March 6, 2025. Kestra’s IPO was upsized from 10.0 million shares to 11.88 million, and priced at $17, above a price range of $14.00-$16.00, aiming to raise $202 million. The company's ASSURE WCD product, launched in 2022, is used in over 550 U.S. hospitals.

The offering is managed by BofA Securities, Goldman Sachs, Piper Sandler, Wells Fargo Securities and Stifel. Kestra reported revenue of $45.8 million and a net loss of $84.8 million for the 12 months ended Oct. 31, 2024, market cap is $714.75 million.

Mixue Group (Ticker: 2097 HK) is a Chinese fruit and tea drinks, coffee, and ice cream chain, considered the world's largest fast-food chain by store count, with 45,000 stores in mainland China and 11 other countries, primarily through a franchise network.

Mixue Group is seeking to raise HK$3.45 billion (USD $443 million) in a Hong Kong IPO, with trading expected to start on March 3, 2025. The firm initially targeting to raise up to $1 billion, but scaled back the IPO size. Five cornerstone investors have committed to purchasing $200 million worth of stock. The firm is selling 17.06 million shares at the price of HK$202.5 each (USD $26.02). The expected Market Capitalization at offer is $9.8 billion. The offering is managed by CMB International Capital Ltd, China International Capital Corp HK Securities, GF Securities Hong Kong Brokerage Ltd, Goldman Sachs (Asia), Huatai Financial Holdings Hong Kong Ltd, and ICBC International.

Pantech Global Bhd (Ticker: PGLOBAL MK) is a Malaysian company operating in the steel industry, specifically as a manufacturer of pipe fittings and welded pipes.

Pantech Global is expected to list on the Main Market of Bursa Malaysia on March 3, 2025. The total offer size is MYR 178.32 million (USD $39.89 million). The offering is managed by Alliance Islamic Bank Bhd. The IPO was heavily oversubscribed, receiving RM663.63 million in retail interest. The public portion of 21.25 million shares was oversubscribed by 44.93 times. The proceeds will be used for expansion, capital expenditure (74%), working capital (13%), loan repayment (8%) and listing expenses.

TENTIAL Inc. (Ticker: 325A) is a Japanese company that operates the "TENTIAL" brand, focusing on casual clothing, sandals, socks, insoles, bedding and sleep accessories in the premium segment. The company says that it emphasizes a science-backed approach, incorporating athlete feedback and aiming for products with demonstrable functional benefits.

TENTIAL Inc. will list on February 28, 2025, on the Tokyo Stock Exchange's Growth Market. The firm selling shares at the price yet to be determined. The expected Market Capitalization at offer is $85.52 million. The total offer size is $35.78 million. The offering is managed by Nomura.

Qualisys Holding AB (Ticker: QSYS SS) is a Swedish technology company specializing in 3D motion capture systems. They offer complete solutions including high-speed cameras, software, and accessories. Their primary markets are Life Sciences, Sports, Engineering, and Entertainment.

The company is going public with an IPO on Nasdaq First North Premier Growth Market. Qualisys Holding AB announced the IPO on February 13, 2025, and it is expected to start trading on February 21, 2025. The firm is selling 4.51 million shares at the price of SEK 76.00. The total offer size is SEK 342.82 million (USD $31.78 million). All offered shares are existing shares sold by Selling Shareholders (Vätterledens Invest, Cilix AB, Fredrik Müller Invest AB, and MLOne AB). Qualisys will not receive proceeds from the offering.

Orum Therapeutics Inc. (Ticker: 475830 KS) is a South Korean biotechnology company that develops novel therapeutics, focusing on ADC (Antibody-Drug Conjugate) and TPD (Targeted Protein Degradation) technologies. The lead product candidate, ORM-6151 was licensed to Bristol-Myers Squibb in 2023. In July 2024, Orum Therapeutics entered into a technology transfer agreement with Vertex Pharmaceuticals, potentially worth up to $310 million per target for up to three targets.

Orum Therapeutics Inc. is expected to start trading on the KOSDAQ on February 14, 2025. The firm is selling 2.5 million shares, all primary, at a finalized price of KRW 20,000, which was below the initially proposed range of KRW 24,000-30,000. The expected Market Capitalization at offer is KRW 418.58 billion (USD $288.28 million). The total offer size is KRW 50 billion (USD $34.44 million), reduced from an initial filing amount of KRW 75 billion. The offering is managed by Korea Investment & Securities Co.

Northpointe Bancshares Inc. (Ticker: NPB) is a bank holding company incorporated in Michigan, backed by private equity firm Castle Creek. It operates primarily through its wholly-owned banking subsidiary, Northpointe Bank, offering a nationwide mortgage purchase program, residential mortgage loans, digital deposit banking to retail customers, and custodial deposit services to loan servicing clients.

Northpointe Bancshares Inc. will list on February 14, 2025, on NYSE. The firm is selling 8.8 million shares at the price range of $16.00-$18.00, with the company offering 7.35 million shares and selling stockholders offering 1.47 million shares. The expected Market Capitalization at offer is $561.72 million. The total offer size is $149.9 million. The offering is managed by Keefe, Bruyette & Woods (A Stifel Company).

Ferrari Group PLC (Ticker: FERGR NA) is a UK-based company operating in the transportation/services industry, specializing in luxury logistics, particularly the transportation and handling of jewelry and other luxury items. The company, established in Italy in 1959, is not related to the automaker Ferrari NV.

Ferrari Group PLC is expected to start trading on Euronext Amsterdam on February 13, 2025. The firm is selling 22.8 million shares, representing a 25% stake from the controlling Deiana family, at a price range of EUR 8.00-9.00 (USD $8.39-$9.44). The expected Market Capitalization at offer is up to EUR 822 million (approximately $888 million). The total offer size is EUR 205.20 million (USD $215.23 million). The offering is managed by ABN Amro Bank NV, Goldman Sachs Bank Europe SE, and Jefferies GmbH.

Aardvark Therapeutics (Ticker: AARD) is a clinical-stage biopharmaceutical company focusing on developing small-molecule therapeutics to activate innate homeostatic pathways for the treatment of metabolic diseases, including obesity. Their lead product candidate, ARD-101, is an oral gut-restricted small-molecule agonist of certain TAS2Rs for which they have initiated a Phase 3 clinical trial for hyperphagia associated with the genetic disorder Prader-Willi Syndrome (PWS). They also intend to evaluate ARD-101 in a Phase 2 clinical trial for hyperphagia associated with hypothalamic obesity, a rare condition that can be congenital or acquired through brain injury.

Aardvark Therapeutics will list on February 14, 2025, on NASDAQ. The firm is selling 5.9 million shares at the price range of $16.00-$18.00. The expected Market Capitalization at offer is around $363 million. The total offer size is $100 million. The offering is managed by Morgan Stanley/BofA Securities/Cantor/RBC Capital Markets.

Karman Holdings (Ticker: KRMN), also known as TCFIII SpaceCo Holdings LLC, is an aerospace and defense company specializing in the design, testing, manufacturing, and sale of mission-critical systems for missile and defense, and space programs. Their solutions include payload protection and deployment systems, aerodynamic interstage systems, and propulsion systems. Karman Holdings serves a diverse customer base within the Hypersonics & Strategic Missile Defense, Missile & Integrated Defense Systems, and Space & Launch end-markets.

Karman Holdings will list on February 14, 2025, on NYSE. The firm is selling 21.1 million shares at the price range of $18.00-$20.00. The expected Market Capitalization at offer is $2.5 billion. The total offer size is $400 million. The offering is managed by Citigroup/Evercore ISI/RBC Capital Markets/William Blair.

SailPoint Parent, LP (Ticker: SAIL) provides enterprises with customized identity security software offering a range of solutions to meet the varied needs of customers across multiple deployment options. Their solutions include Identity Security Cloud, a SaaS-based cloud solution built on their unified platform, Atlas, and IdentityIQ, a customer-hosted identity security solution.

SailPoint Parent, LP will list on February 13, 2025, on NASDAQ. The firm is selling 50.0 million shares at the price range of $19.00-$21.00, with SailPoint offering 47.5 million shares and the selling stockholders offering 2.5 million shares. The expected Market Capitalization at offer is $10.9 billion. The total offer size is $1 billion. The offering is managed by Morgan Stanley/Goldman Sachs/J.P. Morgan/Evercore ISI/BofA Securities/Barclays/Jeffries/RBC Capital Markets/BMO Capital Markets/BTIG/Mizuho/Piper Sandler/TD Cowen/Truist Securities.

HBX Group International PLC (Ticker: TBA) is a UK-based company operating in the e-commerce/services industry, specifically in internet-based travel technology. The company owns Hotelbeds, a major player in the travel technology sector.

HBX Group International PLC is expected to start trading on the Spanish stock market on February 13, 2025.The firm is selling shares at the price range of EUR 10.50-12.50 (USD $10.81-12.87). The expected Market Capitalization at offer is up to EUR 3.03 billion (USD $3.12 billion). The total offer size is EUR 725.00 million (USD $746.53 million). The offering is managed by BNP Paribas, Barclays, Citi, Deutsche Bank, and UBS. Investor demand has reportedly covered all shares offered, including the greenshoe option. The IPO is set to be the largest in Europe so far this year.

Guming (Ticker: 1364 HK) is a beverage company in China, specializing in bubble tea. The company operates under the brand "Good me", which is China's largest mid-priced freshly-made tea store brand and the second largest across all price ranges in terms of both Gross Merchandise Value and store count as of December 31, 2023. The company primarily operates under a franchise model and focuses on the mid-priced segment of China's freshly-made tea store market, offering fruit tea, milk tea, and coffee beverages.

Guming will list on February 12, 2025, on the HKEX. The firm is selling 158.6 million shares at the price range of HK$8.68-HK$9.94. The expected Market Capitalization at offer is $2.8 billion. The total offer size is $189.63 million. The offering is managed by Goldman Sachs (Asia) L.L.C. and UBS Securities Hong Kong Limited. The IPO has attracted five cornerstone investors that have invested a total of US$71 million, including a wholly-owned subsidiary of Tencent Holdings. Guming plans to use the IPO proceeds to strengthen its information technology team, digitalize its business management and store operations, enhance supply chain capabilities, branding and consumer engagement efforts, and for other general corporate purposes.

Sionna Therapeutics (Ticker: SION) is a clinical-stage biopharmaceutical company developing medicines for cystic fibrosis (CF) patients, that normalize the function of the cystic fibrosis transmembrane conductance regulator (CFTR) protein to deliver clinically meaningful benefits to CF patients. The company is conducting ongoing Phase 1 trials of two candidates, SION-719 and SION-451.

Sionna Therapeutics will list on February 7, 2025, on NASDAQ. The firm is selling 8.8 million shares at the price range of $16.00-$18.00. The expected Market Capitalization at offer is $692.88 million. The total offer size is $150.0 million. The offering is managed by Goldman Sachs/TD Cowen/Stifel/Guggenheim Securities.

Diagnostyka S.A. (Ticker: DIA PW) is a Poland-based provider of diagnostic services, operating in the medical labs and testing services industry. Established in 1998 and headquartered in Krakow, the company manages over 1,100 blood collection points and 156 laboratories across Poland, serving approximately 20 million patients annually.

Diagnostyka will list on the Warsaw Stock Exchange on February 7, 2025. The IPO involves the sale of 16.15 million secondary shares held by LX Beta S.à r.l., a company controlled by MidEuropa III Management Limited, which currently owns 47.83% of Diagnostyka. No new shares will be issued. The shares are priced at PLN 105.00 each, valuing the total offering at PLN 1.70 billion (USD 415.89 million).

The offering is managed by Citigroup Global Markets Limited, Bank Handlowy w Warszawie S.A. (Bank Handlowy Brokerage Office), Jefferies GmbH, Santander Bank Polska S.A. (Santander Brokerage Office), and Banco Santander, S.A., acting as joint global coordinators and joint bookrunners.

RedCloud Holdings PLC (Ticker: RCT) is a UK-based software company operating a B2B platform for trading fast-moving consumer goods (FMCG) across supply chains. Founded in 2014 and headquartered in London, the company’s platform leverages artificial intelligence to provide data-driven insights that help retailers make informed purchasing and inventory decisions. RedCloud currently operates in high-growth consumer markets, including Argentina, Brazil, Nigeria, and South Africa.

RedCloud Holdings PLC will list on February 7, 2025, on the NASDAQ. The firm is selling 11.0 million shares at the price range of $4.00-$6.00. The expected Market Capitalization at offer is $352 million. The total offer size is $66.0 million. The offering is managed by Roth Capital Partners, Clear Street LLC, and Rosenblatt Securities. For the 12 months ending June 30, 2024, RedCloud reported revenues of $30 million.

BioVersys AG (Ticker: BIOV SW) is a Swiss pharmaceutical company focusing on the research and development of small molecules acting on novel bacterial targets with applications in Anti-Microbial Resistance (AMR) and targeted microbiome modulation.

BioVersys AG will list on February 7, 2025, on the SIX Swiss Exchange. The firm is selling 2.08 million shares at the price of CHF 36.00 (USD 39.6792). The expected Market Capitalization at offer is CHF 212.9 million (USD equivalent not provided). The total offer size is CHF 75.00 million (USD 82.66 million). The offering is managed by Citi, UBS, and Stifel as joint global coordinators, with Octavian and Mirabaud as selling agents. The proceeds will be used for the development of its lead asset, BV100, and its second lead asset, Alpibectir, and the remaining proceeds are expected to be allocated to the Company’s preclinical pipeline.

Titan America (Ticker: TTAM) is a vertically integrated, multi-regional manufacturer and supplier of heavy building materials and services operating primarily on the Eastern Seaboard of the United States. Incorporated in Belgium, the company provides materials that contribute to lower carbon emissions than traditional building materials and/or the beneficial reuse of waste materials. Titan America operates in Florida, the New York and New Jersey Metropolitan area, Virginia, North Carolina, and South Carolina. Their product portfolio includes cement and supplementary cementitious materials, aggregates, ready-mix concrete, concrete blocks, and other ancillary products.

Titan America will list on February 7, 2025, on NYSE. The firm is selling 24.0 million shares at the price range of $15.00-$18.00, with Titan America offering 9.0 million shares and the selling shareholder offering 15.0 million shares. The expected Market Capitalization at offer is $3041.94 million. The total offer size is $396.0 million. The offering is managed by Citigroup/Goldman Sachs/BofA Securities/BNP Paribas/Jefferies/HSBC/Societe Generale/Stifel.