The IPOX® Update 2/22/2025

U.S.

Redcloud Holdings Revives Downsized US IPO for $25 Million

RedCloud Holdings Plc is proceeding with its plans for a US IPO on the Nasdaq, aiming to raise approximately $25 million. The company will offer 4.4 million ordinary shares, priced between $4 and $6 per share. This is a reduced offering compared to a previous plan for 11 million shares. Roth Capital, ClearStreet, and Rosenblatt are underwriting the IPO. (Source)

Europe

Shein Faces Valuation Pressure Ahead of Potential London IPO

Shein is facing pressure to reduce its valuation ahead of a potential IPO, planned for London. Concerns about increased tariffs and the end of duty-free treatment on low-value e-commerce packages in the U.S. are contributing to investor caution. The IPO valuation might be cut to around $30 billion, significantly lower than the initial target of $66 billion. An executive chairman is attempting to reassure investors, highlighting strong growth despite these headwinds. (Source 1) (Source 2)

Swedish Landlord SBB Considers IPO of Community Property Arm

Swedish landlord SBB is exploring an IPO for its community property division to raise equity and manage maturing bond debt. This move comes as SBB's shares have shown some recovery this year after a decline last year. The potential IPO is for its portfolio of community properties. (Source)

German Lender OLB CEO Sees Favorable IPO Market for Potential IPO

The CEO of Oldenburgische Landesbank (OLB) has indicated that the current market conditions are favorable for IPOs. While the decision to proceed with an IPO rests with the shareholders, the CEO suggested that a decision is needed soon to capitalize on the current IPO window. (Source)

Asia-Pacific

Kayou Plans $500 Million Hong Kong IPO

Chinese trading card company Kayou is planning to raise $500 million through an IPO in Hong Kong. The company is offering 225.8 million shares at HK$17.28-HK$20.25 each. Five cornerstone investors have committed to purchasing $200 million worth of stock. Books will close on February 26, and listing is expected on March 3 on the Hong Kong Stock Exchange. (Source)

Mixue Aims to Raise $443 Million in Hong Kong IPO

Chinese bubble tea chain Mixue Group is seeking to raise $443 million in its Hong Kong IPO. The company is offering 360.6 million shares at HK$17.20-HK$19.70 each. Five cornerstone investors have committed to purchasing $200 million of shares. Trading is scheduled to commence on the Hong Kong Stock Exchange on March 3. The IPO will value Mixue at $9.8 billion. This IPO size is scaled back from an initially planned $1 billion target. (Source)

Eco-Shop Plans Up to $212 Million IPO in Malaysia

Malaysian discount store chain Eco-Shop is planning an IPO to raise up to RM1 billion (approximately $212 million). The IPO is expected to launch in April. Eco-Shop reported a revenue of RM2.4 billion and a net profit increase of 69% to RM177.3 million in the last financial year. (Source)

Ivanhoe Atlantic Seeks Up to $190 Million Australia IPO

Ivanhoe Atlantic, an iron ore mining company led by billionaire Friedland, is planning an IPO on the Australian market. The company aims to raise up to $190 million through the offering. (Source)

Manycore Tech Files for Hong Kong IPO

Chinese spatial design firm Manycore Tech has filed for an IPO in Hong Kong, aiming to raise up to $200 million. In 2024, the company's revenue reached RMB765 million, a 13.8% year-over-year increase. JP Morgan and CCB International are the sponsors for the IPO. Manycore Tech had previously attempted a US IPO in 2021 but abandoned those plans in 2023. (Source)

SGX Plans Framework to Attract A-Share Listed Chinese Companies

The Singapore Exchange (SGX) is developing a framework to encourage A-share listed Chinese companies to pursue secondary listings in Singapore. SGX is in preliminary discussions with the Shanghai and Shenzhen Stock Exchanges to establish a formal channel to facilitate these listings. The framework could be launched as early as the second half of this year. (Source)

MENA

Etihad Airways' Profit Triples Ahead of Potential IPO

Etihad Airways reported a significant increase in net profit, more than tripling to $476 million last year, as it progresses with plans for a potential IPO. The airline's strong financial performance, driven by passenger and cargo revenue growth and improved operational efficiency, comes as it sounds out investors for a possible offering this quarter. Etihad is considering selling a stake of around 20%. (Source 1) (Source 2)

Asyad Shipping IPO Targets Up to $333 Million in Oman

Asyad Shipping Company in Oman is launching its IPO, offering just over 1 billion shares, representing a 20% free float. The IPO price range is set between OR0.117 and OR0.123, aiming to raise OR121m–OR128.2m (US$316.7m–$332.9m). The IPO values the company between OR605m and OR641m. Subscription will be open from Thursday until February 27. The offering is divided into institutional, retail, and anchor investor tranches. (Source)

Alpha Data IPO in Abu Dhabi Aims for $163 Million

IT company Alpha Data is launching an IPO on the Abu Dhabi Exchange, reopening the UAE IPO pipeline. The company is offering shares priced at Dh1.45–Dh1.50, targeting a deal size of Dh580m–Dh600m (US$157.9m–$163.4m). The IPO values Alpha Data at Dh1.45bn–Dh1.5bn and offers an expected dividend yield of 8.7%–9%. The offering of 40% of the company's shares is sharia-compliant. (Source 1) (Source 2)

SMC Hospitals Plans Saudi IPO

Saudi healthcare group SMC Hospitals is planning an IPO on the Saudi stock exchange and has hired banks, including EFG Hermes and SNB Capital, to manage the offering. The company, which operates two hospitals in Riyadh and has another under construction, aims to announce its IPO plans before the summer. This IPO is part of a broader trend in Saudi Arabia, where the stock exchange anticipates a record year for listings. (Source)

Saudi Bourse Expects Record Year of Listings in 2025

The Saudi stock exchange is anticipating a record year for listings in 2025, with 15 IPO applications already approved and over 50 currently under review. Around 100 more applications are being prepared by advisors. Brokerage Derayah Financial, developer Umm Al Qura, and poultry producer Entaj are among the companies planning IPOs. Healthcare, technology, and education sectors are expected to be prominent in the upcoming listings. (Source)

Eureeca Expands Access to UAE IPO Market

Eureeca, a UAE-based digital investment platform, is broadening international investor access to IPOs in the UAE. The platform offers a streamlined investment process for upcoming 2025 IPOs, including the anticipated Etihad Airways IPO. Eureeca has partnered with the Abu Dhabi Securities Exchange (ADX) and has previously facilitated international investment in other UAE IPOs. Companies like Dubizzle, Five Holdings, and Alpha Data are also mentioned as potential IPO candidates in 2025. (Source)

Disclaimer: News summaries may contain mistakes. The information does not constitute financial advice, endorsement or recommendation and should not be considered as such.