The IPOX® Update 7/5/2025

U.S.

Figma Moves Closer to a Blockbuster IPO That Could Raise $1.5B

Design software company Figma has publicly filed its S-1 registration, moving closer to a significant initial public offering on the New York Stock Exchange. According to IPO experts, the company could raise up to $1.5 billion, potentially making it the largest tech IPO of 2025. The filing revealed strong financial health, with revenue reaching $749 million in 2024, a 48% increase from the previous year, and a 91% gross margin. While key details like share price are yet to be announced, the company's major backers include Index Ventures, Greylock, Kleiner Perkins, and Sequoia. (Source)

General Atlantic Explores U.S. IPO for Joe & The Juice, Eyeing $2.4B Valuation

Private equity firm General Atlantic is reportedly exploring a U.S. initial public offering for the Danish coffee and juice chain Joe & The Juice, potentially as soon as next year. The firm has initiated talks with prospective advisers for a listing that could value the company at approximately €2 billion ($2.4 billion). Founded in Copenhagen in 2002, Joe & The Juice operated 363 stores globally at the end of 2023. General Atlantic, which first invested in 2016, acquired a majority stake in 2023 and may select banks for the offering later this year. (Source)

Advent-backed NIQ Global Files for U.S. IPO as Listings Pick Up

Chicago-based consumer insights company NIQ Global, backed by Advent International and KKR, has filed for an initial public offering in the United States. The company, which provides data on consumer shopping behavior to clients like Coca-Cola, Nestlé, and Sony, plans to list on the NYSE under the symbol "NIQ". For the three months ended March 31, NIQ reported revenue of $965.9 million and a narrowed net loss of $73.7 million. The filing indicates a renewed interest from private equity owners in tapping public markets, with J.P. Morgan, BofA Securities, and UBS Investment Bank serving as underwriters. (Source 1) (Source 2)

Platinum Equity-backed McGraw Hill Files for US IPO

McGraw Hill, a leading textbook publisher and educational services provider backed by Platinum Equity, has filed for a U.S. initial public offering. The Columbus, Ohio-based company plans to list on the NYSE under the ticker "MH". For the fiscal year ending March 31, McGraw Hill reported a 7% increase in revenue to $2.1 billion and narrowed its net loss to $85.8 million. The move comes amid a gradually reopening IPO market, though the company acknowledges potential risks from generative AI's impact on the education industry. Goldman Sachs is the lead underwriter for the offering. (Source)

Ambiq Micro Files for U.S. IPO as Generative AI Fuels Chip Demand

Chip designer Ambiq Micro has filed for a U.S. IPO, aiming to capitalize on surging demand for semiconductor technology driven by the generative AI boom. The company, which specializes in ultra-low-power chips for the "AI at the edge" market, plans to list on the NYSE under the symbol "AMBQ". In a Reuters article covering the filing, IPOX® Research Associate Lukas Muehlbauer commented on the company's strong sales growth as well as its high customer concentration risk. Ambiq reported a 16.1% increase in net sales to $76.1 million in 2024, with BofA Securities and UBS leading the offering. (Source 1) (Source 2)

Todd Boehly-backed Accelerant Files for NYSE Listing as IPO Market Gathers Steam

Insurance technology company Accelerant Holdings, which is backed by Todd Boehly, has filed for an IPO on the New York Stock Exchange under the ticker symbol "ARX". The move reflects a recovering IPO market and a recent surge in U.S. insurance-related listings. Accelerant reported strong growth, with revenue for the first quarter of 2025 increasing by 39% year-over-year to $178 million, and net income rising to $7.8 million from $2.1 million in the same period last year. Morgan Stanley, Goldman Sachs, BMO Capital Markets, and RBC Capital Markets are the active bookrunners for the deal. (Source)

EUROPE

Dutch Government to Decide on Partial IPO of TenneT's German Operations in September

The Dutch government has postponed its decision on the future of TenneT's German operations and will now decide in September whether to proceed with a partial IPO or a private sale of a minority stake. A partial listing on the stock exchange, if chosen, is anticipated to occur in the fourth quarter of 2025. Several investors, including Apollo Global Management, Caisse de dépôt et placement du Quebec, and Macquarie, have reportedly submitted non-binding offers for a minority stake in the high-voltage grid operator, whose German regulated asset base was valued at €27.8 billion in 2024. (Source)

Germany's Brainlab Puts IPO on Hold

German medical technology company Brainlab SE has postponed its planned initial public offering on the Frankfurt Stock Exchange, citing ongoing geopolitical uncertainties and their impact on international capital markets. The Munich-based maker of imaging and guidance software for surgeons had intended to raise €416 million, which would have valued the company at nearly €1.7 billion. The decision makes Brainlab the latest European company to delay listing plans due to volatile market conditions, following a similar move by German car parts seller Autodoc. (Source)

ASIA-PACIFIC

Two Chinese Chip Firms Plan $1.7 Billion IPOs, Bet US Export Curbs to Spur Growth

Two Chinese GPU developers, Moore Threads and MetaX, are planning to launch IPOs on Shanghai's STAR Market with a combined fundraising target of nearly $1.7 billion. Beijing-based Moore Threads aims to raise 8 billion yuan, while Shanghai-based MetaX plans to raise 3.9 billion yuan. Both companies are betting that ongoing U.S. export restrictions will fuel domestic demand for their processors as China pushes for technological self-sufficiency. Despite their strategic importance, both firms reported significant losses in 2024. (Source)

Apple Supplier Luxshare Is Said to Pick Banks for HK Listing to Raise Over $1B

Luxshare Precision Industry Co., a major supplier for Apple, is reportedly working with China International Capital Corp., Citic Securities, and Goldman Sachs on a planned Hong Kong listing that could raise over $1 billion. The Shenzhen-listed company, which helps assemble AirPods, aims to issue H shares in a sale that could happen as soon as this year. This move is intended to enhance its overseas financing capabilities and follows a trend of mainland China-traded firms pursuing secondary listings in Hong Kong, contributing to the city's market rebound. (Source)

Daehan Shipbuilding to Open Books for W500bn IPO

South Korea's Daehan Shipbuilding is planning to open the books in July for an IPO on the Korea Exchange aiming to raise up to W500bn (US$370m). The offering will consist of 10 million shares, with 8 million being primary and 2 million secondary from selling shareholder KHI, a private equity firm. The indicative price range has been set at W42,000–W50,000 per share. Bookbuilding for institutional investors is scheduled for July 11–17, with pricing expected on July 21. KB Securities, NH Investment & Securities, and Shinyoung Securities are leading the transaction. (Source)

MENA

Saudi Delivery Firm Ninja Reaches Unicorn Status with $1.5B Valuation, Targets IPO by 2027

Saudi Arabia-based quick delivery firm Ninja has achieved tech unicorn status after a funding round led by Riyad Capital raised approximately $250 million, valuing the company at about $1.5 billion. The successful fundraise highlights the kingdom's growing venture capital scene as it works to diversify its economy. Founded in 2022, Ninja is now targeting an initial public offering on the Riyadh stock exchange by 2027, joining other regional tech firms like Tabby and Tamara in pursuing public listings. (Source)

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