The IPOX® Update 4/21/2025

U.S.

Figma Confidentially Files for U.S. IPO After Adobe Deal Collapse

Cloud-based design platform Figma has confidentially filed paperwork for an IPO in the United States. This move follows the collapse of Adobe's proposed $20 billion acquisition of Figma in December 2023 due to antitrust concerns raised by regulators in Europe and the UK. Figma, which was valued at $12.5 billion last year and counts major tech companies among its users, is cash-flow positive and has expanded its offerings into AI-powered team collaboration tools. The filing comes amidst ongoing volatility in the U.S. IPO market. (Source 1) (Source 2)

Europe

ABB Plans Robotics Arm Spin-Off IPO for Q2 2026

Swiss-Swedish engineering group ABB has announced plans to spin off its robotics division via an IPO targeted for the second quarter of 2026. The division, which encompasses autonomous mobile robots, software, and AI solutions, generated US$2.3 billion in revenue in 2024 with an Ebita margin of 12.1%. ABB, supported by its largest shareholder Investor AB, believes the spin-off will unlock value, similar to its previous spin-off of Accelleron Industries in 2022. (Source)

Ebury Set to Delay £2bn London IPO Amid Market Volatility

Santander-backed payments firm Ebury is expected to postpone its plans for a potential £2 billion IPO on the London Stock Exchange due to increased market volatility, largely attributed to U.S. tariff concerns. Originally anticipated for the first half of 2025 or summer, the float, being worked on with Goldman Sachs and Barclays, might now be delayed until later in the year or possibly 2026, depending on market conditions. Ebury stated it regularly considers financing options, including an IPO, but no final decisions have been made. (Source)

Shein Closer to London IPO After Securing UK Watchdog Approval

Fast-fashion retailer Shein has reportedly secured preliminary approval from the UK's Financial Conduct Authority (FCA) for a potential London IPO, advancing its plans after abandoning a U.S. listing attempt last year. However, the company still requires approval from Chinese regulators. The path to listing remains complex due to potential political scrutiny in the UK regarding supply chain practices and significant market risks from U.S.-China trade tensions, including possible high tariffs and the loss of the U.S. 'de minimis' import exemption. (Source)

Asia-Pacific

South Korea's DN Solutions Opens Books for $1 Billion+ IPO

South Korean industrial machine tools manufacturer DN Solutions has initiated bookbuilding for an IPO on the Korea Exchange, aiming to raise over US$1 billion. The company plans to offer 17.5 million shares within a price range of 65,000-89,700 won each, targeting what could be South Korea's largest IPO since early 2022. The final price is expected by April 30, with listing anticipated in May. While acknowledging potential short-term tariff impacts, DN Solutions expects sustained structural demand for its tools used in automotive, aerospace, and other sectors. (Source)

China Southern Airlines Explores Hong Kong IPO for Cargo Unit

China Southern Airlines is reportedly considering a Hong Kong IPO for its cargo logistics unit, potentially raising several hundred million US dollars. This exploration comes after the airline cancelled previous plans to list the unit in Shanghai earlier this year, citing market changes. The timing for a Hong Kong deal could be challenging due to the U.S.-China trade war potentially impacting Chinese exports and the cargo business, which saw declining sales and profits in 2023. (Source)

Malaysian Retailer Eco-Shop Plans ~$226m IPO This Month

Malaysian budget retail chain Eco-Shop Marketing is planning an IPO on the Malaysian stock exchange this month, seeking to raise up to M$1 billion (approximately US$226 million). The offering will consist of 862 million shares, including primary shares and secondary shares sold by controlling shareholder Lee Kar Whatt and private equity firm Creador. Maybank, UBS, and RHB are managing the deal. This contrasts with other recent Malaysian IPO candidates like Cuckoo International and OCIM, which have delayed or slowed their listing plans. (Source)

Chinese AI Startup Zhipu AI Begins A-Share IPO Process

Chinese artificial intelligence startup Zhipu AI, known for developing large language models, has initiated pre-listing procedures for an A-share IPO in China. Founded in 2019 as a spin-off from Tsinghua University and backed by investors like HongShan Capital and Qiming Venture Partners, Zhipu AI aims to be among the first major Chinese AI firms to go public. China International Capital Corporation (CICC) is sponsoring the IPO and conducting due diligence. The company has received state-backed funding and claims its GLM4 model rivals OpenAI's GPT-4. (Source)

MENA

Saudi Arabian Firms Proceed with IPO Plans Despite Global Volatility

Several Saudi Arabian companies are moving forward with IPO plans on the Tadawul exchange, indicating resilience in the kingdom's capital markets despite recent global volatility fueled by U.S. tariffs. Packaging firm United Carton Industries Company (UCIC) launched its IPO process, offering a 30% stake, while airline Flynas, fintech firm Ejada Systems, and hospital operator Specialized Medical Co. are reportedly considering launching share sales soon. Additionally, coffee chain Barn’s is hiring banks for a potential IPO to fund expansion. Bankers suggest the region feels relatively insulated from tariff impacts, contributing to a strong listing pipeline that saw nearly $2 billion raised year-to-date. (Source 1) (Source 2) (Source 3) (Source 4)

Middle East Retailer Azadea Delays IPO Plans to Focus on Operations

Beirut-headquartered Azadea Group, which operates over 40 international franchise concepts like Zara and Virgin Megastore across 14 countries in the Middle East and Africa, has reportedly delayed its IPO plans. Unlike other recent delays attributed to market volatility, Azadea is said to be postponing the listing to concentrate on its business operations, including potential expansion into new regional markets and further developing existing activities, before pursuing an IPO. (Source)

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