Chery debut, typhoon disrupts listing: highlights of IPO by Sept. 28

U.S. medical device maker Medline may launch the largest IPO of 2025 in the U.S. in November. A typhoon that hit Hong Kong forced gold miner Zijin Gold to postpone its $3.2 billion listing. Shares of digital Noba Bank soared almost 30% at its debut trading in Stockholm. The main IPO market events of the week are in our selection.

- American medical products manufacturer Medline is preparing the largest IPO in the U.S. in 2025, sources told Bloomberg. According to them, the offering could bring the company about $5 billion at a business valuation of $50 billion. Medline is exploring the option of filing for a listing at the end of October, which would pave the way for going public in November. So far, the largest offering so far this year in the U.S. was Venture Global's January IPO, which raised $1.75 billion. Medline makes a wide range of medical products, from gloves and gowns to exam tables. In 2021, private equity firms acquired control of Medline through debt for $34 billion, one of the largest such deals in history.

- Fermi Inc. - a real estate investment trust (REIT) co-founded by former U.S. Energy Secretary Rick Perry, intends to raise up to $550 million in an IPO on Nasdaq. The company plans to offer 25 million shares at prices ranging from $18 to $22 per paper. If the price is set at the upper end of the range, its capitalization will reach $13.2 billion. According to Bloomberg, the final offering price will be determined on September 30, and trading will start on October 1. Fermi was founded in January 2025. The fund has leased a site from Texas Tech University and intends to attract data center operators and hyperscalers there. The company plans to commission 1 GW of generating capacity at the site by the end of 2026.

- LG Electronics will hold an IPO of its Indian subsidiary for 115 billion rupees ($1.3 billion) in the second week of October, Bloomberg reported, citing sources. LG India filed with the regulator back in December 2024, expecting to raise up to $1.7 billion, but in March 2025 postponed plans due to market volatility. LG India is India's market leader in consumer electronics and home appliances. In 2025, the company announced plans to build a third plant in India within four years at a cost of $600 million.

- PhonePe, India's largest digital payments operator, is preparing a $1.5 billion IPO, Bloomberg writes. The company, whose investors include Walmart and Microsoft, has applied for a confidential listing. This allows it to keep details under wraps until the deal is launched. According to Reuters, PhonePe is scheduled to go public by mid-2026.

- Shares in digital bank Noba Bank soared nearly 30% in early trading after its IPO in Stockholm. Noba Bank raised about 7.6 billion kronor ($804 million) in the IPO. The shares are traded on the Nasdaq Stockholm exchange under the ticker NOBA. According to the listing organizers, demand for Noba Bank shares exceeded supply many times over. The bank operates in Scandinavia under the brands Nordax Bank, Bank Norwegian and Svensk Hypotekspension, and also offers deposit products in Germany, Spain, the Netherlands and Ireland.

- Quotes Chery Automobile, China's largest car exporter, rose in the debut trading after the IPO in Hong Kong by 4% - to 31.92 Hong Kong dollars per paper ($4.1) at an offering price of $ 30.75. Chery floated $1.2 billion worth of shares last week at the upper end of its stated range. The company's capitalization was nearly $23 billion. Investor demand for the shares during the bookbuild exceeded the offer 11.6 times, the retail portion of the order book was oversubscribed 308 times.

- Chinese gold miner Zijin Gold has postponed its $3.2 billion IPO in Hong Kong after super typhoon Ragasa hit the city. Zijin Gold postponed the listing by just one day to Sept. 30, citing bad weather. Zijin Gold's IPO promises to be the world's largest since Ma 2025 and the largest offering on the Hong Kong exchange in four years. The company aims to capitalize on the nearly 40 percent rise in gold prices since the start of 2025. Zijin Gold is a wholly-owned subsidiary of Zijin Mining, which operates all of the holding company's gold mines outside China. Anchor investors announced their readiness to invest $1.6 billion in the company's securities.

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