A Google supplier and a startup missed by Adobe are going public: what's important about the IPO by July 6

The owner of Figma, an online editor for creating websites and mobile applications that Adobe tried to buy for $20 billion, may launch an IPO as early as July. Surgical imaging software developer Brainlab has postponed its first major IPO of 2025 in Germany. AstraZeneca, the UK's most expensive public company, is thinking of moving its listing from London to the US. The main IPO market events of the week are in our selection.

- American Figma, the developer of a popular service for user interface design, has filed for an IPO, which could become one of the largest in the US in 2025. The company has not yet disclosed the size and exact timing of the offering. According to data a Bloomberg source, it plans to go public as early as July. The shares will trade on the New York Stock Exchange under the ticker FIG. Adobe tried to buy Figma for $20 billion in 2022, but the deal fell through due to opposition from antitrust regulators.

- Gadget chip developer Ambiq Micro has filed for a U.S. IPO to capitalize on demand for chips due to the artificial intelligence boom. The startup will list its shares on the New York Stock Exchange under the ticker AMBQ. Founded in 2010, the company specializes in developing ultra-low power processors to run AI applications. The energy efficiency of Ambiq Micro chips gives the startup a competitive advantage in the fast-growing wearable device market. The startup recorded a net loss of $39.7 million in 2024 on net sales growth of 16% to $76 million. Ambiq already has big customers like Google and Huawei, but that also creates risks - dependence on a few large customers, warned IPOX analyst Lukas Muehlbauer.

- Joining the wave of U.S. insurance company IPOs is Accelerant Holdings, created in 2018 to connect insurance underwriters and insurance buyers. Accelerant plans to list on the New York Stock Exchange under the ticker ARX. The startup was valued at $2.4 billion in a funding round in 2023, with several insurance companies - Aspen Insurance, American Integrity Insurance, Ategrity Specialty and Slide Insurance - having IPOs in the U.S. in May-June 2025. 

- Spain's largest casino operator Cirsa on July 7  will complete the collection of applications for IPO, and trading on the Madrid Stock Exchange will begin on July 9, reports Reuters. Cirsa is targeting a valuation of €2.52 billion in its IPO. The casino operator intends to float shares at €15 per paper, with an offering volume of €453 million. If demand is high, the offering volume could rise to €521 million. Cirsa is controlled by U.S. investment fund Blackstone. Its casinos also operate in Italy, Portugal, Morocco and Latin America. IPO Cirsa will be the first in Spain since February, when the B2B-marketplace for tour operators HBX raised € 725 million.

- Two Chinese rivals of Nvidia want to raise a total of $1.65 billion in their Shanghai IPOs. Beijing-based Moore Threads and Shanghai-based MetaX develop processors for artificial intelligence. Both startups are still deeply unprofitable, which they themselves attribute to high research and development costs. Moore Threads and MetaX cited U.S. sanctions as the main risk to their development, but emphasized that the acceleration of import substitution processes in China offers them significant market opportunities.

- Shares of Indian lender HDB Financial Services rose more than 13% in debut trading after the country's biggest IPO since the start of 2025. HDB's $1.5 billion initial public offering was the largest ever by a non-bank lending institution in the country's history. HDB is a subsidiary of India's largest private bank HDFC. It provides a wide range of credit products, including consumer, mortgage and auto loans, as well as loans secured against gold. Demand for the IPO was driven by the active participation of institutional investors, including foreign players and mutual funds: applications from this category of investors exceeded the volume of the offering by 55 times.

- Shares of luxury nursing home operator GemLife Communities finished their debut trading session on the Australian Stock Exchange with a 4.1 percent gain following a $493 million IPO. GemLife's listing was Australia's largest in 2025, beating the $439 million flotation of Virgin Australia Airlines.GemLife operates 14 senior living complexes on Australia's east coast. Since the start of 2025, IPO volume in the Australian market has reached $795 million - nearly one and a half times more than a year earlier. Reuters attributes the increase in activity to the recent simplification of listing rules designed to increase interest in companies going public.

- Brainlab, a German company developing surgical imaging and navigation software, has postponed its IPO, which could have been the first major listing in Germany in 2025. Officially, the reasons for the postponement have not been disclosed. But according to data from Reuters, in a memo to employees, Brainlab CEO Rainer Birkenbach attributed the decision to the "significant impact of geopolitical uncertainty on international capital markets." Brainlab was going to sell its securities at €80 per share - the lower end of its previously announced price range - and raise about €416 million.Trading was to start on the Frankfurt Stock Exchange on July 3. 

- British pharmaceutical giant AstraZeneca is considering moving its main listing from the London Stock Exchange to the U.S., The Times reported. According to the publication's sources, the reason was the company's management's frustration with the British regulatory system - especially in terms of new drug approvals and drug pricing. The postponement of the listing of the UK's largest publicly traded company will lead to a re-rating of the UK's FTSE 100 index, where AstraZeneca holds a key position. The company's current market capitalization is $221 billion.

- The Nasdaq exchange has steadily surpassed the New York Stock Exchange in terms of new listings in the first half of 2025. This was helped by the large IPOs of CoreWeave and Chime, as well as increased activity in the SPAC market, wrote Reuters. According to Dealogic data, IPOs on Nasdaq - including offerings through shell companies - brought in $21.3 billion, while those on the NYSE brought in only $8.7 billion. Nasdaq has a "significant advantage": if you trade on the platform and meet capitalization requirements, you can get into the Nasdaq-100 index, which is "prestigious in itself," said Reuters vice president of investor relations at chemical company Linde Juan Pelez. Linde will move from the NYSE to the Nasdaq in 2023.

- Going public with the help of shell companies (SPACs) is gaining popularity again in the U.S. as an alternative to IPOs for smaller companies, write Bloomberg. The agency estimates that of the 100 traditional listings in 2025, only nine raised more than $500 million, and two-thirds raised less than $50 million. The IPO market has split into giants and high-risk startups, with a near void in between. The mid-sized companies in between these poles aren't getting prioritized by banks - and are increasingly looking toward SPACs, explained Christy Marvin, head of SPAC Insider. That market in the U.S. is now the most active since 2021, with recent deals including the $3.6 billion merger of Cantor Equity Partners with Tether and the merger of Ares Acquisition Corp. II with Kodiak Robotics for $2.5 billion.

This article was AI-translated and verified by a human editor