The IPOX® Update 4/12/2025

U.S.

Chagee Launches $411m Nasdaq IPO

Chinese teahouse chain Chagee is launching an IPO on the Nasdaq, aiming to raise up to US$411.2 million by offering 14.7 million American depositary shares priced between US$26 and US$28 each. This could value the company at up to US$5.1 billion. Four independent investors have committed to purchasing US$205 million worth of shares, with Citigroup, Morgan Stanley, Deutsche Bank, and CICC acting as lead underwriters. Proceeds will fund teahouse expansion, brand building, technology investment, and new product development. (Source)

Market Volatility and Tariffs Delay Multiple Planned U.S. IPOs

Recent market turmoil, significantly driven by new U.S. tariffs and fears of a global trade war and recession, has caused numerous companies to postpone or reassess their U.S. IPO plans. Notable delays include Swedish fintech Klarna, German energy startup 1Komma5 Grad (which had targeted a 2025 Nasdaq listing), San Francisco fintech Chime, Israeli trading platform eToro (delaying investor presentations), and others like StubHub, MNTN, and Hinge Health. At least seven companies that publicly filed since March are re-evaluating timing, potentially waiting until after Easter or accepting higher investor discounts. While some sectors like insurance (e.g., Ategrity Specialty Insurance, Aspen Insurance) are considered less sensitive, the overall uncertainty has significantly dampened ECM activity and M&A dealmaking globally. (Source 1) (Source 2) (Source 3) (Source 4) (Source 5)

Europe

Shein Gains UK Approval for London IPO, Awaits China Nod

Fast-fashion giant Shein has reportedly received approval from the UK's Financial Conduct Authority (FCA) for its planned Initial Public Offering (IPO) in London, having confidentially filed papers last June. However, the company still requires approval from the China Securities Regulatory Commission (CSRC) before proceeding. Shein shifted its focus from a U.S. listing to London following challenges with U.S. regulators, though potential market turmoil and U.S. policy changes regarding the 'de minimis' rule could still affect the IPO's timing and valuation. (Source)

Swedish Pulse Power Firm Nodica Postpones IPO Amid Market Volatility

Swedish pulse power company Nodica has postponed its planned SKr478m (US$47.3m) IPO on the Swedish stock exchange due to significant market volatility following the announcement of U.S. tariffs. Despite the offering being several times subscribed with strong institutional interest and cornerstone investors covering over 60% of the deal, the owners decided postponing was a responsible step as they have no urgent capital needs. The company, which manufactures pulse power systems, intends to pursue the listing when market conditions are more favourable. (Source)

Asia-Pacific

CATL Approved for Potential $5 Billion+ Hong Kong Listing

Chinese battery giant Contemporary Amperex Technology Co. Limited (CATL) has reportedly received approval from the Hong Kong Stock Exchange for a secondary listing aiming to raise at least $5 billion. This follows approval from the China Securities Regulatory Commission in late March. While the listing could potentially happen in the second quarter of this year and become Hong Kong's largest IPO in four years, the exact timing remains subject to global market volatility influenced by U.S. tariffs. Funds raised are expected to partly finance the construction of a major battery plant in Hungary. (Source)

Daehan Shipbuilding Files for $1bn-$1.4bn South Korean IPO

South Korean shipbuilder Daehan Shipbuilding has filed for an IPO on the Korea Exchange (KRX), targeting a market capitalization between W1.5 trillion and W2 trillion (approximately US$1 billion to US$1.4 billion). The company, majority-owned by private equity firm KHI, reported strong financial performance in 2024 with net income surging 351% to W172.7bn on revenue of W1.08trn. Founded in 1987, Daehan builds various tankers and provides ship repair services; KB Securities, NH Investment & Securities, and Shinyoung Securities are leading the IPO process. (Source)

Virgin Australia Targets June Sydney IPO Despite Market Turmoil

Virgin Australia, owned by U.S. private equity firm Bain Capital, is proceeding with plans for an IPO on the Sydney stock exchange in June, despite recent global market volatility linked to U.S. trade policies. The airline's new CEO, Dave Emerson, has begun briefings with potential domestic and Asian investors. Although market conditions are challenging, Bain Capital is betting on a successful listing following the airline's return to profitability, recent board appointments, and securing Qatar Airways as a cornerstone investor; Goldman Sachs, UBS, and Barrenjoey are reportedly managing the sale. (Source)

Cuckoo Malaysia Delays $105m IPO Due to Market Volatility

Home appliance company Cuckoo International (MAL) Bhd is postponing its planned IPO on the Malaysian stock exchange by approximately two months due to global market volatility and trade tensions. The listing, which aimed to raise over 470 million ringgit (around US$105 million), was initially scheduled for April 30 but is now expected by June 24. The company will issue a supplementary prospectus and allow investors who applied for shares to withdraw their applications due to the delay. (Source)

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