Xiaocaiyuan International Holding Ltd (Ticker: 999 HK) is a retail company operating in the restaurant industry, specializing in Hui cuisine and Chinese catering. The company, whose name means “Little Vegetable Garden”, has over 661 directly operated stores across major regions in China and provides cold-chain logistics services to its locations.

Xiaocaiyuan is listing on the Hong Kong Stock Exchange on December 20, 2024. The IPO included 101.18 million shares priced at HKD 8.50 each, raising HKD 860.04 million (USD 110.63 million). The market capitalization at the offer is HKD 10 billion (USD 1.29 billion). The offering was managed by ABCI Securities Co. Ltd., CMB International Capital Corp. Ltd., Guoyuan Securities Brokerage Hong Kong Ltd., Huatai Financial Holdings Hong Kong Ltd., and ICBC International Securities Ltd.

dely inc. (Ticker: 299A JP) is a Japanese company that operates multiple smartphone applications and web media platforms, including "Kurashiru," a leading recipe video service with over 44 million downloads, and "Kurashiru Reward," a shopping support app. The company also manages "TRILL," a lifestyle media platform, and "LIVEwith," a live-streaming talent management service.

dely inc. is scheduled to list on December 19, 2024, on the Growth Market of the Tokyo Stock Exchange. The firm plans to raise approximately USD 100 million through its initial public offering, with an expected market capitalization of about USD 330 million. The offering is managed by Daiwa Securities, Mitsubishi UFJ Morgan Stanley Securities Co., Ltd., and other underwriters.

Synspective Inc. (Ticker: 290A) is a space technology company specializing in the development and operation of small synthetic aperture radar (SAR) satellites. The company also provides SAR data and related solutions for advanced earth imaging.

Synspective will list on December 19 on the Tokyo Stock Exchange Growth Market. The firm is offering shares with a total offer size of approximately USD 66.97 million. The expected market capitalization at the offering is approximately USD 273.32 million. The offering is managed by Nomura.

Kioxia Holdings Corporation (Ticker: 285A JP) is a technology company specializing in NAND flash memory and solid-state storage solutions for consumer electronics, data centers, and industrial applications. Kioxia will list on December 18 on the Tokyo Stock Exchange Prime Market.

The firm is offering shares with a total offer size of approximately USD 700 million. The expected market capitalization at the offering is approximately USD 5.04 billion. The offering is managed by Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. and Nomura.

Kuroda Group Co., Ltd. (Ticker: 287A JP) is a manufacturing and trading company specializing in electric materials, electronic components, LCD printing plates, and automation equipment for the electronics and automotive industries. Founded in 1945, the company operates across four main business areas: manufacturing (direct materials and production goods) and trading (domestic and overseas). Kuroda Group will list on December 17, 2024, on the Standard Market. The company is offering shares to raise $54.44 million, with an expected market capitalization of $208.69 million. The offering is managed by SMBC Nikko and Nomura.

M&C Solution (Ticker: 484870 KS) is a hydraulic equipment manufacturing company that focuses on advanced hydraulic systems and defense technology. Originally part of South Korean industrial conglomerate Doosan, the company was spun off in December 2020 as part of a business realignment strategy. M&C Solution will list on the KOSPI market on December 16, 2024. The firm is offering shares with a total offer size of USD 171.98 million. The offering is managed by KB Securities, Samsung Securities, and Kiwoom Securities.

ServiceTitan (Ticker: TTAN) is a software company specializing in end-to-end, cloud-based solutions for trades businesses. Its platform supports workflows like advertising, scheduling, dispatching, invoicing, and payment processing. ServiceTitan will list on December 12, 2024, on NASDAQ.

The company is offering 8.8 million shares at a revised price range of $65.00 to $67.00, aiming to raise approximately $589.6 million at the midpoint. The expected market capitalization at the offer is $5.95 billion. The offering is managed by Goldman Sachs, Morgan Stanley, Wells Fargo Securities, and Citigroup, with additional co-managers.

Intea Fastigheter AB (Ticker: INTEAB SS) is a real estate company specializing in the operating and development of properties. The company will list its Class B shares on December 12, 2024, on the Stockholm Stock Exchange in Sweden.

The firm is offering 63.63 million shares, with 52.63 million primary shares and 11 million secondary shares, at an expected price range of SEK 38.00 to SEK 40.00. The total offer size is expected to be SEK 2.55 billion (USD 232.99 million). The offering is managed by ABG Sundal Collier AB, Carnegie Investment Bank AB, and Svenska Handelsbanken.

Eucalia Inc. (Ticker: 286A.TK) is a healthcare services company based in Tokyo, Japan. Founded in 2005, the company focuses on transforming healthcare through a range of businesses, including management support for medical institutions and the operation and introduction of senior care facilities. Eucalia’s mission is to improve the quality of life for patients, caregivers, and healthcare professionals while stabilizing medical and nursing facility operations and advancing digital transformation in healthcare.

The company will list on December 12, 2024, on the Growth Market in Tokyo. The offering consists of 3,942,900 new shares and 6,368,000 existing shares, with an over-allotment option of 1,546,600 shares. The expected price range for the offering is ¥1,020–¥1,060 per share.

The anticipated market capitalization at the offer price is ¥34.02 billion (USD ~229.66 million), with a total offer size of ¥10.32 billion (USD ~69.57 million). SBI Securities Co., Ltd. is the lead underwriter for the IPO.

Talabat is a food and grocery delivery platform operating in the Middle East, with a presence in Kuwait, UAE, Oman, Qatar, Bahrain, Jordan, Iraq, and Egypt. The company, founded in 2004, serves over six million active customers.

Talabat will list approximately 4.65 billion shares, representing a 20% stake, on the Dubai Financial Market, following an increase in the offer size from 15% due to significant international and regional investor demand. The IPO subscription period is set for November 19-28, with trading expected to begin on or around December 10. Shares are priced between 1.5 and 1.6 dirhams ($0.41–$0.44) each, with the offering projected to raise up to $2 billion if priced at the top of the range. Proceeds from the IPO will be directed to Talabat’s parent company, Delivery Hero, for general corporate purposes.

The IPO is managed by Emirates NBD, JP Morgan, and Morgan Stanley, who serve as joint global coordinators and book-runners.

Mao Geping Cosmetics Co. Ltd. (Ticker: 1318.HK) is a Chinese cosmetics company specializing in premium beauty products. The company plans to list on December 10, 2024, on the Hong Kong Stock Exchange. Mao Geping Cosmetics is offering 70.59 million shares at an expected price range of HKD 26.30–29.80, aiming to raise HKD 2.10 billion (USD 270.3 million).

The total offer includes a 15% greenshoe option. The offering is managed by ABCI Capital Ltd, CCB International Capital Ltd, CMBC Securities Co Ltd, China Galaxy International Securities (Hong Kong), Guotai Junan Securities (Hong Kong), and Huatai Financial. Proceeds will be used for expanding the company's sales network and enhancing its online presence.

Apotea Sverige AB (Ticker: APOTEA SS) is one of Sweden's largest online pharmacies, providing over-the-counter products, prescription drugs for humans and animals, and medical advice via email, online chat, and telephone. The company plans to raise approximately SEK 1.64 billion (USD 148 million) through its initial public offering by offering shares at an IPO price of SEK 58 per share. Apotea Sverige AB is scheduled to list on December 6, 2024, on the Nasdaq Stockholm exchange.

The offering is supported by cornerstone investors, including Capital Group, Nordea Asset Management, and Ramsbury Invest. Carnegie Investment Bank AB and Skandinaviska Enskilda Banken AB are managing the share sale.

PT Adaro Andalan Indonesia (Ticker: AADI IJ) is a mining company specializing in coal production as a fuel for domestic use, serving customers worldwide. The company plans to raise IDR 4.32 trillion (USD 273.75 million) through its initial public offering by offering 778.69 million common shares at IDR 5,550 per share.

PT Adaro Andalan Indonesia is scheduled to list on December 5, 2024, on the Indonesia Stock Exchange. The offering is managed by Trimegah Securities, with an expected market capitalization at offer of IDR 43.22 trillion (USD 2.74 billion).

United International Holding Company (Ticker: UIHC AB) is a Saudi Arabian financial services firm specializing in Shariah-compliant consumer finance through its units, Tas’heel Finance and Procco Financial Services. The company plans to raise SAR 990 million (USD 264 million) in its initial public offering by selling a 30% stake at an offer price of SAR 132 per share, which is at the top end of the marketed price range. United International is scheduled to list on December 3, 2024, on the Saudi Stock Exchange (Tadawul).

The IPO, managed by HSBC Saudi Arabia as financial adviser, lead manager, and bookrunner, with EFG Hermes KSA as joint bookrunner, attracted strong demand, being oversubscribed 132 times with orders exceeding SAR 131 billion (USD 34.9 billion). The expected market capitalization at the offer price is approximately SAR 4.3 billion (USD 1.15 billion).

Globe-ing Inc. (Ticker: 277A JP) is a consulting and software-as-a-service (SaaS) provider offering strategy consulting and cloud product solutions.

The company will list on November 29, 2024, on the Growth Market of the Tokyo Stock Exchange. The IPO consists of a total offer size of 26.91 million USD (JPY equivalent), with an expected market capitalization of 148.65 million USD (JPY equivalent). The offering is managed by Mitsubishi UFJ Morgan Stanley Securities Co., Ltd.

Mokingran (Ticker: 2585.HK) is a watch and jewelry company specializing in high-purity gold jewelry products. The company operates as an Original Brand Manufacturer (OBM) with a diversified sales network in third and lower-tier cities in the People's Republic of China. Its operations encompass the entire gold jewelry value chain, from raw material sourcing and product design to manufacturing and retailing.

Mokingran will list on November 29, 2024, on the Hong Kong Stock Exchange. The company aims to raise $74.55 million, with an expected market capitalization of $463.05 million. The offering is managed by CITIC Securities (Hong Kong) Limited.

Jiuyuan Gene (Ticker: 2566.HK) is a biopharmaceutical company based in Zhejiang Province, China, with over 30 years of experience in the research, development, manufacturing, and commercialization of biopharmaceutical products and medical devices. The company focuses on four major therapeutic areas: orthopedics, metabolic diseases, oncology, and hematology, which collectively accounted for over half of China’s pharmaceutical sales in 2023. Its product portfolio includes eight marketed products, such as Guyoudao, China’s first recombinant human bone morphogenetic protein-2 (rhBMP-2) bone repair material, and over ten product candidates, including the country’s first semaglutide biosimilar, JY29-2.

Jiuyuan Gene will list on November 28, 2024, on the Hong Kong Stock Exchange. The IPO aims to raise $70.12 million, with an expected market capitalization of $378.99 million. The offering is managed by Huatai Financial Holdings (Hong Kong) Limited.

Tamkeen Human Resources Company is a recruitment services provider focusing on employment solutions for Saudis and temporary staffing for households. The company is set to list on the Saudi Exchange’s Main Market on November 27, 2024.

The IPO consists of 7,950,000 shares, representing 30% of the total 26,500,000 issued shares. The shares are priced at SAR 50 each, with an offer size of SAR 397.5 million (USD 106 million). The company’s expected market capitalization at the offer is SAR 1.33 billion (USD 353.33 million). The issue is managed and underwritten by BSF Capital.

Pony AI Inc. (Ticker: PONY) is a developer of autonomous vehicle technology for applications such as robotaxis and robotrucks. The company operates a fleet of autonomous vehicles in China and partners with leading automakers and logistics providers. Pony AI is incorporated in the Cayman Islands.

The company will list on November 27, 2024, on NASDAQ. Pony AI is offering 15 million American Depositary Shares (ADS) at an expected price range of $11.00 to $13.00, aiming to raise $240 million. The expected market capitalization at offer is $1.16 billion. The offering is managed by Goldman Sachs (Asia), BofA Securities, Deutsche Bank Securities, Huatai Securities, and Tiger Brokers.

S.F. Holding (Ticker: 6936.HK) is a leading global integrated logistics service provider headquartered in China, offering a full range of domestic and international logistics services. The company operates across multiple segments, including express delivery, freight, cold chain logistics, and supply chain solutions, with a strong presence in Asia and global markets. As of 2023, S.F. Holding was the largest logistics player in Asia and the fourth-largest globally by revenue.

S.F. Holding will list on November 27, 2024, on the Hong Kong Stock Exchange. The expected market capitalization at listing is between HKD 161.05 billion and HKD 181.00 billion (USD 20.57 billion–USD 23.11 billion), with a total offer size of approximately HKD 5.22 billion–HKD 5.86 billion (USD 748.87 million–USD 841.17 million).

The offering is managed by Huatai Financial Holdings (Hong Kong) Limited, Goldman Sachs (Asia) L.L.C., and J.P. Morgan Securities (Far East) Limited, alongside a consortium of underwriters.

Brazil Potash Corp. (Ticker: GRO) is a mining and mineral exploration company focusing on potash extraction, with operations centered on the Autazes Project in Amazonas, Brazil. The company aims to reduce Brazil’s dependence on imported potash by developing an underground mine to extract and process potash ore, eventually selling the fertilizer domestically. Brazil Potash Corp., incorporated in Ontario, Canada, has technical operations in Brazil and a corporate office in Toronto.

The IPO on the NYSE is scheduled for November 26, 2024, with the company offering 2.4 million shares at an expected price range of $15.00 to $18.00 per share. The projected market capitalization at the offering is approximately $640 million. The offering, expected to raise around $40 million, is being managed by Cantor, Bradesco BBI, Freedom Capital Markets, and Roth Capital Partners, with Clarksons Securities as co-manager.

Cuscal Limited (Ticker: CCL AU) is an independent payment service provider headquartered in Sydney, Australia, specializing in payment processing and financial infrastructure for Australian institutions. The company will list on November 25, 2024, on the Australian Securities Exchange (ASX).

Cuscal is offering shares at A$2.50 each, targeting a total raise of A$337 million (USD 224 million) and an anticipated market capitalization of A$479 million (USD 319 million) at the offer price. The IPO structure includes A$40 million in new capital, with the remaining A$297 million sourced from existing shareholders. Proceeds will support investment in securities, working capital, balance sheet strengthening, and regulatory compliance. Institutional bookbuild is scheduled for November 21, with retail subscriptions open from November 18-20.

Garden Co., Ltd. (Ticker: 274A) is a Japanese company specializing in the operation of various restaurant chains. Its portfolio features popular brands such as "壱角家" (Ikkakuya), known for ramen, and "山下本気うどん" (Yamashita Honki Udon), focused on udon noodles. Other notable establishments include "肉寿司" (Niku Sushi), which offers meat-based sushi, and "鉄板王国 ステーキの王様" (Teppan Kingdom Steak no Osama), a teppanyaki and steak restaurant. The company actively engages in franchise development and has expanded its brand lineup through mergers and acquisitions (M&A).

Garden Co., Ltd. will list on November 22, 2024, on the Standard Market of the Tokyo Stock Exchange. The IPO aims to raise approximately $33.16 million, with an expected market capitalization of $103.63 million. The offering is managed by Tokai Tokyo.

Jiangsu Guofu Hydrogen Energy Equipment Co., Ltd. (Ticker: 2582.HK) is a China-based manufacturer specializing in hydrogen energy storage and transport equipment. The company will list its H-shares on the Hong Kong Stock Exchange on November 15, 2024.

Jiangsu Guofu aims to raise approximately HKD 416 million to HKD 468 million (USD 53.27 million) by offering shares at a price range of HKD 65.00 to HKD 73.00 per share. The expected market capitalization at listing is between HKD 6.81 billion and HKD 7.64 billion (USD 929.68 million). The offering is managed by Haitong International Capital Limited, CITIC Securities (Hong Kong) Limited, and CLSA Limited, among others.

Lulu Retail Holdings Plc, a leading full-line retailer based in the UAE, has increased its IPO offering to 30% due to strong demand, raising the total offer to 3.09 billion ordinary shares, up from 2.58 billion. The company will list on the Abu Dhabi Securities Exchange (ADX) on November 14, 2024, with a price range maintained at AED 1.94 to AED 2.04 per share. The IPO is expected to raise between AED 6.01 billion ($1.64 billion) and AED 6.32 billion ($1.72 billion), positioning it as the UAE's largest IPO of the year.

Masarrah Investment Company has joined as a cornerstone investor with a commitment of AED 250 million ($68 million), joining other institutional investors, including the Abu Dhabi Pension Fund and Bahrain Mumtalakat Holding Company, which have pledged a total of AED 753 million. Joint global coordinators for the offering include Abu Dhabi Commercial Bank PJSC, Citigroup Inc., Emirates NBD Capital, and HSBC Holdings Plc, with Moelis & Co. acting as an advisor.

COX Abg Group SA (Ticker: COXG SM) is a vertically integrated utility company based in Spain, specializing in energy generation, transmission, and comprehensive water resource management. With a strong focus on renewable energy and large-scale water solutions, COX operates extensive desalination plants in water-scarce regions and renewable energy projects across Latin America, Spain, and Africa, utilizing technologies such as solar, thermal, and biofuels.

The company initially announced its IPO on November 5, 2024, but later adjusted its target on November 13, reducing the offer to EUR 175 million ($187 million) through the sale of 15.37 to 17.1 million shares, priced at EUR 10.23, at the bottom of the updated range of EUR 10.23 to 11.38 ($11.11–$12.37). The listing is scheduled for November 15, 2024, with ALANTRA, JB Capital Markets, Santander, Bank of America, and Citigroup managing the offering. A greenshoe option of 15% (2.4 million shares) is available. Proceeds will support COX Abg's sustainable energy and water infrastructure projects, covering 41% of its capital needs, with remaining financing sourced from cash, debt issuance, or asset sales.

Swiggy Limited (Ticker: Pending), an Indian on-demand convenience platform, will launch its IPO on November 13, 2024, with shares to be listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE). Founded in 2014 as a food delivery service, Swiggy has expanded into grocery deliveries with its Instamart service and entered the retail distribution market following its 2023 acquisition of LYNK Logistics Limited.

The IPO aims to raise approximately $1.35 billion through a combination of new shares and an offer for sale. Proceeds will support investments in Swiggy’s subsidiary Scootsy, technology infrastructure, brand marketing, and business growth. The company recently transitioned from a private to a public limited entity, aligning with its strategy for transparency and growth in the competitive Indian delivery market.

AuGroup (Shenzhen) Cross-border Business Co. Ltd. (Ticker: 2519.HK) is a cross-border e-commerce platform specializing in household products, including furniture and home furnishings. The company will list its H-Shares on November 8, 2024, on the Stock Exchange of Hong Kong (Main Board). AuGroup aims to raise up to HK$470 million (USD 60 million) through this IPO, offering nearly 30 million shares, with approximately 10% allocated for local investors. The share price range has been set between HK$14.56 and HK$15.60. Shares are sold in lots of 300, with an investor admission fee of HK$4,727.20.

Huatai Financial Holdings (Hong Kong) Limited is managing the offering. AuGroup previously faced challenges when it was banned by Amazon in 2021 for posting fake reviews, which impacted its revenue. However, the company has since adjusted its business strategies, reporting a 22% revenue increase in 2023 and a further 17% growth in the first four months of 2024.

Theborn Korea (Ticker: 951070.KS) is a South Korean restaurant franchise, founded by celebrity chef Paik Jong-won. The company operates around 2,900 outlets across 25 brands, including New Maul Restaurant, Hong Kong Banjum, and Paik’s Coffee, offering diverse and affordable dining options.

Theborn Korea will list on KOSPI on November 6, 2024, with an IPO managed by Korea Investment & Securities and NH Investment & Securities. The offering raised approximately $73.45 million, valuing the company at 492 billion won ($354 million). Shares were priced at 34,000 won, above the initial range of 23,000 to 28,000 won per share. Proceeds will be used for menu development, brand expansion, and mergers and acquisitions. Chef Paik will retain about a 61% stake post-IPO.

Toprun Total Solution (Ticker: 336680.KS) is an electronic components manufacturing company based in South Korea, specializing in OLED devices, plastic injection, and electronic circuit modules.

The company will list on KOSDAQ on November 1, 2024. The IPO, managed by KB Securities, aims to raise approximately $32.40 million. Top Run Total Solutions serves major clients such as LG Electronics, Hyundai, and KIA, and operates multiple domestic and international subsidiaries.