The IPOX® Update 3/15/2025

U.S.

CoreWeave Strikes $12 Billion Contract with OpenAI Ahead of IPO

CoreWeave, an AI startup backed by Nvidia, has signed a $11.9 billion, five-year contract with OpenAI ahead of its highly anticipated IPO. As part of the deal, OpenAI will receive a $350 million stake in CoreWeave through a private placement during the IPO, though CoreWeave will not receive any IPO proceeds from this share issue. The company is expected to list its shares in New York in the coming weeks, subject to market conditions. CoreWeave reported $1.92 billion in revenue for 2024, a significant increase from $228.9 million in 2023, though its net loss also widened. Morgan Stanley, JPMorgan Chase, and Goldman Sachs are leading the underwriting team. (Source)

Hinge Health Files for US IPO, Targeting Up to $500 Million

Hinge Health, a company developing digital treatments for chronic musculoskeletal conditions, has filed for an IPO on the NYSE under the ticker symbol 'HNGE'. The company aims to raise up to $500 million through its public debut. Hinge generated $390.4 million in revenue in 2024, a 33.4% increase from 2023, while net losses decreased significantly to $11.9 million from $108.1 million the previous year. The company leverages software, including AI, to largely automate care for joint and muscle health. Morgan Stanley, Barclays, and BofA Securities are serving as lead underwriters. Entities affiliated with Bessemer Venture Partners and Tiger Global beneficially owned 9.4% of Class A common shares prior to the offering. The company was last valued at $6.2 billion in October 2021. (Source 1) (Source 2)

StubHub Targets Raising More than $1B in IPO This Year

Ticket marketplace StubHub aims to raise over $1 billion in an IPO targeted for this year, after previous IPO plans in 2024 were delayed. The company reports strong momentum, with gross ticket sales growing nearly 50% in the last quarter of 2024. Discussions with bankers are currently in the early stages. StubHub was acquired by Viagogo in 2019 for $4.05 billion and currently operates in over 200 countries and territories. The potential listing would represent one of the larger consumer technology offerings expected this year. (Source)

Bluejay Therapeutics Said to Weigh IPO as Soon as Next Month, Targeting $150 Million

Bluejay Therapeutics, a drug developer focused on serious viral and liver diseases, is considering a US initial public offering that could list as soon as next month. The company is targeting at least $150 million in proceeds and is working with JPMorgan Chase, Jefferies Financial Group, and Cantor Fitzgerald on the potential offering. In May last year, Bluejay raised $182 million in a Series C round co-led by Frazier Life Sciences, with proceeds earmarked to develop BJT-778 for chronic hepatitis D. The company's pipeline also includes treatments for hepatitis B among other disorders. The potential listing comes during a challenging period for biotech IPOs, with drug developer IPOs on US exchanges having raised $3.7 billion over the past 12 months but experiencing poor trading performance. (Source)

Kilcoy Plans US$300m US IPO

Kilcoy Global Foods is planning a US IPO that could raise approximately US$300 million as early as the first half of this year. Morgan Stanley and Citigroup are working with the company on the offering. Notably, Kilcoy previously filed for a Hong Kong IPO in January 2020, but those plans were derailed after China suspended beef imports from Australia. The resurgence of the IPO plans follows China's decision in December to lift all bans on Australian meat processors, allowing them to resume beef exports. (Source)

Europe

Air Baltic Said to Target UK Listing as Soon as Next Quarter, Raising Up to €300 Million

Latvia's Air Baltic Corp AS is considering London as a venue for an initial public offering as soon as the second quarter, with a potential dual-listing in Riga. The proposed IPO of the state-backed airline could raise as much as €300 million ($328 million). CEO Martin Gauss confirmed the timing in a Wednesday investor call, stating "We want to do this IPO. We do see an IPO if the markets are right." Earlier this year, Deutsche Lufthansa AG agreed to acquire a convertible share representing a 10% holding in Air Baltic for €14 million, with the deal expected to close in the second quarter. An IPO of Air Baltic in London would be a significant boost to the city's capital markets, which have seen less than $76 million in IPO deal volume so far in 2025, compared to nearly $2.8 billion at other European exchanges. (Source)

Asia-Pacific

South Korea's DN Solutions Said to Seek About $1 Billion in Seoul IPO

South Korean machinery maker DN Solutions Co. is seeking $800 million to $1 billion in an initial public offering in Seoul, in what could be the country's largest such deal this year. A prospectus may be filed as soon as this week, paving the way for the company and bankers to kick off investor meetings. The high end of the offering would surpass technology-services firm LG CNS Co.'s IPO, which raised 1.2 trillion won ($826 million) earlier this year and was the biggest Korean listing since 2022. Private equity fund MBK Partners Ltd. sold DN Solutions, which was previously called Doosan Machine Tools Co., to DN Automotive Corp. in 2022. The company, which has been operating since 1976, makes various machine tools for customers ranging from Boeing Co. to Caterpillar Inc. and Samsung Electronics Co. (Source)

China's Tech IPOs Gather Pace

China's onshore technology IPOs are accelerating after a period of slowdown, with support from authorities. Recent activity includes Wintech Nano and Sidea Semiconductor Equipment launching IPOs on the Star and ChiNext boards, respectively, while the Shanghai Stock Exchange accepted Atekon Technology's IPO application, marking its first of the year. Guangdong Huahui Intelligent Equipment's IPO application was also accepted by the Beijing Stock Exchange. Several other tech companies, including GMC Semitech and Moore Threads Technology, are expected to file for A-share IPOs this year. Government officials have expressed support for tech companies to utilize capital markets for growth, with the CSRC indicating support for high-quality tech listings and unprofitable companies through a 'green channel.' However, bankers remain skeptical about faster IPO approvals despite policy changes, with a large number of companies still lining up for listings. (Source)

MENA

Umm Al Qura Attracts More than US$1bn from Retail

Umm Al Qura's IPO has seen strong demand from both institutional and retail investors. Retail investors submitted orders totaling SR3.93 billion (US$1.05 billion), covering the SR1.96 billion deal more than two times. The retail tranche was 20 times covered, representing 10% of the offering, while institutional investors covered the deal 241 times at the top of the SR14–SR15 range. The IPO will fund the Masar Destination project in Mecca. Refunds for excess subscriptions will be processed by Sunday, with the trading date yet to be announced. In related news, Entaj's shares will debut on Tadawul on Monday after pricing at SR50 in its SR450 million IPO. (Source)

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