The IPOX® Update 4/25/2025

U.S.

Vedanta Weighs Potential $1 Billion U.S. IPO for Zambian Copper Assets

Mining conglomerate Vedanta Resources is reportedly considering a U.S. public listing for its Zambian unit, Konkola Copper Mines (KCM), as an option to raise approximately $1 billion for mine development. The company, owned by Indian billionaire Anil Agarwal, is said to have hired Barclays and Citigroup to advise on the potential IPO, with New York being considered as a listing venue. Discussions are preliminary, but the move aims to fund expansion plans for KCM's high-grade copper and cobalt reserves. (Source)

Chinese Insurance Broker Yuanbao Launches $30M Nasdaq IPO

Beijing-based online insurance broker Yuanbao has launched its US$30 million IPO on the Nasdaq, offering nearly 2 million American Depositary Shares (ADSs) priced between $13 and $15 each. The deal, led by Goldman Sachs, Citigroup, and CICC, implies a valuation up to $676.3 million. Existing shareholders plan to buy over 60% (US$17m) of the offered ADSs, and Qiming Venture Partners is investing US$1m via a concurrent private placement. Despite challenging market conditions and trade tensions, the listing proceeds, with pricing expected after market close on April 29th. (Source)

Europe

German Insulator Maker Pfisterer Plans Frankfurt IPO Raising €100M+

German high-voltage cable insulator manufacturer Pfisterer Holding SE announced plans for an IPO on the Frankfurt Stock Exchange. The company aims to raise €100 million (approx. US$114 million) through new shares, with existing shareholders also expected to sell shares to achieve a free float of at least 25%. The listing, potentially valuing the group up to €500 million, signals reviving IPO activity in Europe. Pfisterer generated €383 million in revenue in 2024. Berenberg and Commerzbank are leading the deal. (Source)

Greek Fintech Qualco Group Launches ~€100M Athens IPO

Greek financial technology provider Qualco Group SA is launching an IPO on the Athens Stock Exchange, aiming to raise approximately €100 million. The offering includes a €70 million primary tranche intended for acquisitions, with secondary shares sold by owners Pimco and Wokalon to achieve a free float likely exceeding 25%. Qualco, specializing in credit industry software and technology, reported €184 million in revenue and €39 million EBITDA for 2024. UBS, Piraeus Bank, and Euroxx Securities are joint global coordinators. (Source)

Asia-Pacific

South Korean Entertainment Firm Galaxy Corporation Targets $1B Valuation in 2026 IPO

Galaxy Corporation, a South Korean entertainment-technology group representing K-pop star G-Dragon, is planning an IPO on the mainboard Kospi exchange in the first half of 2026. CEO Choi Yong-ho stated the company aims for a valuation of around US$1 billion and intends to submit a preliminary IPO application in Q4 2025. (Source)

Xiao Noodles Files for $100M-$200M Hong Kong IPO

Guangzhou Xiao Noodles Catering Management, operating a chain of Chongqing-style noodle restaurants, filed for a Hong Kong IPO on April 15th. The listing could potentially raise between US$100 million and US$200 million. Established in 2014, the company operated 360 stores as of December 2024 and reported a net profit of Rmb60.7m (US$8.3m) on revenue of Rmb1.15bn for the year. CMB International is the sponsor for the IPO. (Source)

Toppan's Chip-Material Unit Tekscend Said to Plan Tokyo IPO This Year

Japanese chip-material maker Tekscend Photomask Corp., a unit of Toppan Holdings Inc., is reportedly planning an IPO in Tokyo potentially in the second half of 2025. The listing could raise several hundred million dollars. Bank of America, Nomura, and SMBC Nikko Securities are said to be working on the potential deal for the semiconductor photomask producer, which was carved out by Toppan in 2022 with private equity firm Integral Corp. taking a 49.9% stake. (Source)

Robex Resources Launches A$120M (US$76.8M) IPO for ASX Listing

West African gold producer Robex Resources Inc., currently listed on Canada's TSX-V, has lodged a prospectus for an IPO in Australia to raise A$120 million (approx. US$76.8 million). The company is offering 38.6 million CHESS Depository Interests (CDIs) at A$3.11 each, fully underwritten by Euroz Hartleys and Canaccord Genuity. Funds raised will support the development of its Kiniero Gold Project in Guinea, with listing on the Australian Securities Exchange (ASX) expected in early June 2025. (Source)

Auntea Jenny Wins Approval for $30M-$40M Hong Kong IPO

Chinese tea chain Auntea Jenny (Shanghai) Industrial has received approval for a Hong Kong IPO, which could raise between US$30 million and US$40 million. Established in 2013, the company operated over 9,100 stores by the end of 2024 and reported a profit of Rmb329m (US$45m) for the year, though this was down 15% from 2023. Citic Securities, Haitong International, and DFZQ International are sponsoring the listing. (Source)

EV Dump Truck Maker Breton Technology Launches US$30M Hong Kong IPO

Breton Technology, a manufacturer of electric dump trucks backed by investors including XPeng's Rockets Capital, has launched a HK$234 million (US$30 million) IPO in Hong Kong. The company is selling 13 million primary shares at HK$18 each, with cornerstone investors Sunwoda Electronic and Changfeng Asset Management committing US$8.1 million. Books close April 30th, with listing scheduled for May 7th. CICC and CMB International are sponsors. The company reported a wider adjusted net loss of Rmb218m (US$30m) for 2024. (Source)

Green Tea Group Secures CSRC Approval for Hong Kong IPO

Chinese casual dining chain Green Tea Group Ltd. has received approval from the China Securities Regulatory Commission (CSRC) for its planned Hong Kong IPO, a required step for mainland companies listing offshore. The company intends to issue up to 213 million ordinary shares. Having previously passed a listing hearing in 2022 before its application lapsed, Green Tea Group refiled in December 2024. It operated 461 restaurants as of September 2024 and reported adjusted net profit growth despite lower per-customer spending. (Source)

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