Cryptocurrency company Circle goes public, Shein goes to Hong Kong: the main thing about the IPO by June 1

US-based Circle, which issues the second most popular steiblcoin USDC, will launch an IPO in New York next week. Shein has started preparing for listing in Hong Kong due to the lack of progress on the offering in London. And South Korea will host the initial public offering of shares of the studio that created the video record holder in terms of views on YouTube. What happened in the IPO market during the week - in our selection.

- American Circle, which issues the second most popular steiblcoin after Tether, USDC, has filed for an IPO. According to information Bloomberg, the offering price will be announced on June 4. The company and its shareholders plan to sell 24 million shares on the exchange at prices ranging from $24 to $26 apiece and raise up to $624 million. A listing at the top end of the range would put Circle's valuation at $5.65 billion. That's below estimates that the lower estimates that Circle's valuation would be $5.65 billion.

- Asian online apparel and footwear retailer Shein has begun preparations for a Hong Kong listing as its IPO in London has yet to receive approval from Chinese authorities, sources told Reuters. A listing in Hong Kong could take place within a year, the two agency sources said. Shein initially sought to list in New York, faced opposition from U.S. authorities and then switched to London. The company was trying to position itself as global and attract the attention of Western investors. A Hong Kong listing runs counter to that strategy, accounts Reuters.

- US virtual medicine startup Omada Health is preparing for an IPO and is looking at a valuation of about $1.1 billion. The company intends to offer 7.9 million shares at a price between $18 and $20, which would raise up to $158 million. The papers will trade on the Nasdaq under the ticker OMDA. The San Francisco-based startup specializes in digital support for patients with chronic diseases.

- American Netskope, which develops solutions in the field of cyber security, began preparing for an IPO in the United States, confirm sources Reuters. According to the agency, Morgan Stanley will act as the organizer of the placement, the volume of the placement may exceed $500 million, and the valuation of the company - $5 billion. IPO may take place as early as the third quarter of 2025, but the exact timing and parameters of the deal will depend on market conditions, said the interlocutors of Reuters. Netskope was valued at 7.5 billion in 2021, but the value of tech startups has fallen significantly since then.

- Mortgage giants Fannie Mae and Freddie Mac will retain government guarantees if they return to the stock market, U.S. President Donald Trump has promised. The companies play a key role in the mortgage-backed securities market and have been run by the US government since the 2008 financial crisis. Shares of Fannie and Freddie on the over-the-counter market rose sharply last week after Trump's announcement about the possibility of their IPOs.

- Pinkfong, the company that created the Baby Shark (»Shark») video with the most views on YouTube, has filed for an IPO in South Korea, reported Bloomberg. According to information Korea Economic Daily, the company could get a valuation of 700 billion won ($507 million). Baby Shark's video had been viewed nearly 16 billion times by the time this text was published, more than 7 billion more than the second-place video for Luis Fonsi's Despacito.

- Swedish tactical equipment maker Snigel plans to IPO in two years amid a boom in Europe's defense industry, wrote Bloomberg. The company specializes in backpacks and body armor for elite military units. In March 2025, the company was valued at $51.9 million in a round of investment that resulted in investment firm eEquity becoming its largest shareholder.

- Thailand's largest wind power producer, Wind Energy, expects to raise $2 billion through an IPO on the local stock exchange to fund its $2 billion investment program. Preparation for the listing will begin after the company settles legal issues it has faced in several countries. The global wind power industry has fallen on hard times: rising steel and cement prices have hit the industry,

- The first IPO in the Middle East since the US imposed import duties failed in debut trading, with shares in Saudi cardboard maker United Carton Industries (UCIC) falling 1.5% on the first trading day after listing in Riyadh. UCIC listed shares at the top end of its price range. The shares fell in price despite rising 9% during the day, and in preparation for the IPO, the company raised $20 billion in investor bids - with the offering amounting to only $160 million, noted Bloomberg.

- Shares of Dubai Residential, a real estate investment trust (REIT) controlled by Dubai's ruler, soared nearly 14% on the first day of trading after its IPO. The listing was positioned as a rare opportunity to gain exposure to the emirate's fast-growing residential real estate market, noted Bloomberg. Dubai Residential initially planned to offer $487 million in securities, but after the order book appeared fully subscribed in minutes, the fund increased the offering to $584 million.

- Italian luxury sneaker brand Golden Goose does not plan to go public in 2025 but does not rule out acquisition and merger (M&A) deals, chief executive Silvio Campara told interview Reuters. An IPO is still seen as a «very good opportunity» but market conditions are not favorable, he said. Golden Goose, which was bought by the Permira fund in 2020, had already tried to go public in Milan in 2023 but eventually abandoned the offering due to volatility.

- Saudi Arabia wants to step up efforts to take companies to the stock exchange: authorities hope it will help diversify the economy, reduce dependence on oil and attract capital from abroad, reported Bloomberg. «We are doing almost 30 percent more [placements] compared to last year,» Mohammed al-Rumaih, head of the Saudi bourse, told the agency. About 15 companies, mostly from the food and beverage sector, have floated on the Riyadh-based bourse in 2024. Since the beginning of this year, the amount of capital raised has already exceeded $1 billion.

- The valuation of National Stock Exchange of India (NSE) in private equity markets has jumped to $58 billion from $17-18 billion in May last year thanks to growing hopes of an IPO in 2025, sources confirmed to Bloomberg. That valuation is higher than Nasdaq's and close to the $62 billion market value of Germany's Deutsche Boerse, the agency noted. India's largest stock exchange first applied for an IPO back in 2016. But the listing was hindered by allegations that some traders were getting preferential access to the exchange's servers. As a result, the NSE not only postponed the offering but also received a six-month ban from the capital market.

- The IPO slump in the biotech sector could last until 2026 due to disappointing returns, warned Bloomberg. He estimated that almost all biotech companies that went public in 2024-2025 and raised more than $50 million are now trading below their IPO price. The industry  Nasdaq Biotechnology index has sagged 4% in 2025. Only five biotech companies with listings over $50 million have gone public since the beginning of the year, although there were about 150 of them in the 2020-2021 pandemic wave. Analyst Jason Fenton of Cantor Fitzgerald expects the IPO market in the biotech sector to revive in 2026. According to him, a record amount of money is being invested in biotech, and the level of scientific developments is higher than ever. 

- Telecommunications company VEON, whose shares are traded on Nasdaq, is considering a secondary listing in the UAE within 3-5 years, its CEO Kaan Terzioglu said. Investors in the Gulf have a better understanding of the company's specific markets, he said. It moved its headquarters from Amsterdam to Dubai in 2024. VEON runs the largest telecom operators in Ukraine (Kyivstar) and Pakistan (Jazz), and also operates in Uzbekistan, Kazakhstan, Kyrgyzstan and Bangladesh. Kievstar is already preparing for a U.S. listing in 2025 with a preliminary valuation of $2.2 billion.