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Iambic Therapeutics (Ticker: IAM US) is an American clinical-stage biotechnology company headquartered in San Diego, California, and incorporated in Delaware. Founded in 2019, it combines proprietary AI models with automated chemistry and biology to develop small molecule cancer drugs.
Iambic Therapeutics is expected to list on NASDAQ on October 15, 2026, offering approximately 9.38 million shares at an indicative price range of $15.00–$17.00 per share. At the $16.00 midpoint, the IPO would raise approximately $150 million and imply an estimated market capitalization of approximately $758 million.
According to the prospectus, its lead candidate, IAM1363, is an oral, brain-penetrant HER2 inhibitor undergoing a Phase 1/1b trial for advanced HER2-altered solid tumors. A registrational trial could begin as early as 2027, subject to regulatory feedback. The company also expects to submit investigational new drug applications for IAM217 and IAM-C1 in the fourth quarter of 2026.
J.P. Morgan, Jefferies, BofA Securities and Citigroup are the joint managers.
Transsion (Ticker: 2636 HK) is a Chinese smart-device and mobile Internet services company focused primarily on mobile phones. Its smartphone portfolio includes TECNO, Infinix and itel, complemented by feature phones, mobile Internet services, IoT products, energy-storage products and lightweight electric-mobility products. According to Frost & Sullivan, Transsion ranked eighth in the global mobile phone market by 2025 revenue, with a 1.7% market share.
Transsion plans to list H shares on the Hong Kong Stock Exchange on October 15, 2026. The offering is expected to raise approximately $409 million and implies an estimated market capitalization of around $5.8 billion. The company manufactures products through both in-house facilities and ODM/OEM partners, with production bases in China, Bangladesh and Ethiopia, and Africa represents a major business market. BOCI Asia, CICC, CLSA, J.P. Morgan, Deutsche Bank, Daiwa Capital Markets and other banks are serving as underwriters for the offering.
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Global IPO activity mixed major planned listings with withdrawals and delays this week. DayOne pursued a potential $5 billion U.S. offering, while biotechnology companies advanced Nasdaq plans and Lambda sought pre-IPO funding. Refresco explored a listing valued above $10 billion, and Abenójar prepared its London debut. Across Asia-Pacific, Transsion, Gaw Capital, Mi Material and Elice advanced deals, while Firmus cancelled its Australian float and PLDT postponed its REIT. Egypt’s MNT-Halan and Kenya’s Quickmart also progressed, underscoring varied investor appetite worldwide.
Global IPO activity is accelerating across major markets, led by ambitious U.S. listings from Anthropic, Solidigm, Oura, EG Group and Blockchain.com. Europe sees Airtel Money moving ahead in London, while Asia-Pacific features large offerings from Firmus, Dongshan Precision, Asset World, Mynt, ESWIN Computing and Toggle. In MENA, MNT-Halan is preparing an Egyptian listing. Together, the deals highlight strong investor appetite, selective market conditions, shifting valuations and a growing pipeline of technology, fintech, infrastructure and consumer IPOs across global capital markets.
Global IPO activity accelerated across major markets, led by large technology, infrastructure, fintech and healthcare offerings. Nscale, Oura, Accelevation, ADARx and Bamboo Insurance drove U.S. activity, while Anthropic continued IPO preparations. In Europe, Airtel Money advanced its London listing and Trafigura prepared Volare Shipping for Oslo. Asia-Pacific remained especially active, with Firmus, Mynt, EcoCeres, Kinwong Electronic, Direct Drive Tech and Camsense pursuing sizable listings across Australia, the Philippines and Hong Kong. Investor demand remains focused on AI-linked and growth companies.
IPOX® in the News
Nvidia-backed Iambic Therapeutics is seeking to raise up to $159.4 million in its U.S. IPO, targeting a valuation of up to $805.8 million. IPOX® Vice President Kat Liu told Reuters that Iambic’s value depends primarily on its drug pipeline and prospects for approval and commercialization. The company uses AI to develop cancer treatments and plans to list on Nasdaq as “IAM,” as biotech attracts investor interest despite rising Treasury yields, market volatility, and geopolitical tensions affecting the broader IPO market.
IPOX® VP Kat Liu was interviewed for Fortune on Oura’s decision to postpone its IPO, offering perspective on valuation concerns, deal structure, and investor expectations. Liu discussed how Oura’s positioning as either a digital-health platform or consumer hardware company could shape valuation views, while also noting the market signal created by a high proportion of secondary shares.
Reuters reports that Airtel Money is targeting a valuation of approximately $7 billion in its London IPO, which could become the city’s largest offering since September 2025. IPOX® Associate Lukas Muehlbauer said the deal demonstrates London’s ability to attract sizable international listings while also reflecting a buyer’s market. He noted that companies must remain realistic about valuation as Airtel Money prepares to raise about $703 million through the sale of 270 million shares ahead of its October debut.
Reuters reports that Oura postponed its planned U.S. IPO as market volatility and higher interest rates increased investor caution toward new listings. IPOX® Associate Lukas Muehlbauer commented that higher rates are making investors more selective, particularly on growth valuations, while noting that the IPO window remains open. He also highlighted reported demand for Oura’s offering, which was said to be around four times oversubscribed, and pointed to Anthropic’s planned IPO as an important upcoming market test.
Reuters reports that Accelevation is targeting a valuation of up to $5.37 billion in its U.S. IPO, seeking to raise up to $720 million. IPOX® Vice President Kat Liu said investors are becoming more selective as AI infrastructure offerings expand, focusing on companies’ value-chain positioning, backlog quality, and ability to convert demand into revenue, margins, and cash flow. Accelevation provides power distribution, cooling, and modular infrastructure for data centers supporting growing AI computing demand.