Ackman fund listing and excitement around the "killer" Nvidia: the main thing about the IPO by November 30th

Billionaire Bill Ackman plans to float a closed-end fund again after a year, tempering his fundraising appetite from $25 billion to $5 billion. Retail investor demand for the IPO of Chinese rival Nvidia outstripped the offer by more than 4,000 times. Investment bankers bet on the recovery of the market for initial public offerings in Europe in 2026. The main events on the IPO market for the week - in our selection.

- Billionaire Bill Ackman, one of the most famous hedge fund managers, is planning to float his new closed-end investment fund and raise $5 billion, Bloomberg reports citing sources. According to them, $2 billion is ready to invest anchor institutional investors. The placement will be held simultaneously with the IPO of Ekman's investment company Pershing Square Capital Management, and the listing may take place as early as the first quarter of 2026, the agency reports. Bloomberg's interlocutors assume that more detailed information will appear in early December at Pershing Square's meeting with banking analysts. In 2024, Ackman tried to bring a similar fund to the New York Stock Exchange under the name Pershing Square USA, but was forced to cancel the listing a few days before the debut, as he collected applications for only $2 billion with a goal of $25 billion. The distinctive feature of Ackman's investment company is a concentrated portfolio with large positions in just a few stocks, including Uber and Alphabet.

- Swiss agrochemicals producer Syngenta, part of Chinese state-owned ChemChina since 2017, is considering an IPO on the Hong Kong exchange in 2026 - after refusing to list in Shanghai in March 2024 for $9 billion, Bloomberg reported. Syngenta is now in preliminary talks with financial advisers and may get rid of a number of non-core and unprofitable assets in preparation for the listing, its sources said. Withdrawing the last application, the company cited market volatility, but said it intends to return to IPO plans when the situation improves.

- Chinese marketplace JD.com plans to hold an IPO of its subsidiary Jingdong Industrials for $500 million in Hong Kong in the coming weeks, according to Bloomberg. The supply chain technology and services provider applied for a listing back in March 2023, but did not receive approval from the Chinese regulator until September 2025. Jingdong Industrials will have to overcome investor skepticism caused by the recent failure of several IPOs, the agency said. JD.com's own shares in Hong Kong have fallen about 12% since the start of 2025, while the local Hang Seng stock index has added more than 30%.

- Beijing-based AI chip developer Moore Threads Technology, founded in 2020 by a former top Nvidia executive in China, has raised 8 billion yuan ($1.1 billion) in an IPO in Shanghai, with a frenzy of demand from retail investors, the South China Morning Post reported. According to the publication, the demand for Moore Threads shares in the retail segment exceeded the offered volume by more than 4,000 times. A date for Moore Threads' stock exchange debut has not yet been set. While the startup is often compared to Nvidia, its chips are several technology generations behind the AI market leader's products. However, China's mobilization of resources to support its domestic semiconductor supply chain gives investors hope that such developers can quickly close the gap, Nikkei Asia writes.

- Quotes of the Chinese aluminum producer Chuangxin Industries rose by 33% on the first day of trading after the IPO in Hong Kong for $ 707 million. The placement was attended by Swiss Glencore and other investors. The company intends to use half of the raised funds to expand production capacity abroad, another 40% - for projects in the field of green energy. Chinese aluminum smelters, which account for about half of the world's production of this metal, operate with high margins, notes Reuters. Profitability is supported by Beijing's capacity cap and strong domestic demand from the renewable energy sector.

- Leading investment banks, including Goldman Sachs, Barclays and JPMorgan Chase, forecast a recovery of activity in the European IPO market in 2026, noting the most favorable conditions since the beginning of the conflict in Ukraine, writes Bloomberg. Bankers point to the high predictability of upcoming offerings and expect an even flow of offerings in both halves of the year. In 2025, European platforms lagged behind the growing markets of the U.S. and Asia, and the volume of funds raised on EMEA exchanges fell year-on-year by 34%.

- The U.K. authorities' decision to abolish the so-called 0.5% stamp duty on share purchases for the first three years after an IPO will make the London Stock Exchange more competitive against Nasdaq for fintech companies, said Martin Gilbert, chairman of U.K. neobank Revolut. "Nasdaq has higher liquidity and no stamp duty - at least one of those items has been removed," Gilbert said in an interview with Bloomberg. However, he pointed to the ongoing problem of low retail investor activity, noting that the number of cryptocurrency holders in the country now outnumbers stock holders. The valuation of Revolut, Europe's most expensive fintech startup, has risen to $75 billion at investoround fall 2025 from $45 billion last year. In September this year, Britain's The Times, citing sources, reported that Revolut was considering a dual listing - in London and New York - but was not "rushing into an IPO."

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