Cryptocurrency platform Grayscale has filed publicly for an IPO in New York. The head of the manufacturer of popular fitness trackers Whoop said that the company is ready for the placement. U.S. congressmen demanded clarification from Morgan Stanley about its participation in one of the largest IPOs of 2025. The main events on the IPO market during the week are in our selection.
What has come to light about future placements
- Cryptocurrency platform Grayscale Investments has filed a public application for an IPO on the New York Stock Exchange. The size and timing of the offering are not disclosed in the filing. Grayscale is part of billionaire Barry Silbert's conglomerate and manages about $35 billion in assets. Its Grayscale Bitcoin Trust fund in early 2024 became one of the first spot bitcoin-ETFs approved by the U.S. Securities and Exchange Commission (SEC). Its size is now $17 billion.
- Chinese travel booking platform Klook (short for "Keep Looking"), a competitor of Booking.com, has filed for an IPO on the New York Stock Exchange. In 2024, the service has about 11 million active users, mostly young and middle-aged people. The company has not yet disclosed the parameters of the offering. According to Reuters, it planned to raise about $500 million, in which case Klook's IPO would surpass the $411 million IPO of tea chain Chagee in April 2025, the largest listing of a Chinese company in the U.S. this year.
- US fitness tracker maker Whoop may go public within the next two years, the company's CEO Will Ahmed told Bloomberg. According to him, Whoop is "well-positioned" to float, as it now offers not just gadgets, but an entire ecosystem including its own technology, software, analytics, accessories and apparel. Whoop's platform was initially popular with professional athletes such as soccer player Cristiano Ronaldo and swimmer Michael Phelps. However, during the pandemic, the company experienced an explosive growth in subscribers amidst widespread interest in health. According to Whoop, the audience has grown 20-fold since 2020, with a 75% increase in the last two years.
- Japanese bank SBI Shinsei has announced its intention to raise 368 billion yen ($2.4 billion) in an IPO. The listing in Tokyo is scheduled for December 17 and could be one of the largest for Japan in 2025. SBI Shinsei Bank's history dates back to Long-Term Credit Bank of Japan, which failed in 1998 and was nationalized. After being acquired by foreign investment funds, the bank was renamed Shinsei and re-listed in 2004. In 2021, the credit institution joined SBI Holdings and delisted in 2023 to optimize operations and repay debts to the government.
- India's largest asset management company SBI Funds Management is considering an IPO on the stock exchange in Mumbai in the first half of 2026, according to Bloomberg sources. According to their data, the volume of placement may reach $1.2 billion with the valuation of the entire company at $12 billion. SBI Funds shareholders - State Bank of India and French Amundi - earlier announced their intention to sell a total of 10% of shares in the IPO. India remains one of the world's most active markets for initial public offerings: this year their volume amounted to about $18 billion, and last year - a record $21 billion.
Results of recent IPOs
- Shares of Indian fintech company Pine Labs grew by 14% on the first day of trading after the IPO. At the start of sales quotations jumped by almost 29%, but then corrected. Pine Labs raised $440 million on the exchange at a valuation of $2.9 billion - below the level of the last round of fundraising ($5 billion in 2022) and below the capitalization of competitor Paytm ($9.5 billion).
Other important news from the world of IPOs
- British cross-border payments service Ebury, which in spring postponed its £2 billion IPO in London due to market volatility, intends to sell some of its shares on the over-the-counter market, Bloomberg reported, citing sources. An IPO is still possible at a later stage, they said. Ebury was founded in 2009. In 2020, its majority stake was acquired for 350 million pounds sterling by Spain's largest bank Santander and integrated the service into its PagoNxt payment platform.
- The U.S. House of Representatives Committee on Chinese Communist Party Affairs accused Morgan Stanley that its participation in organizing the IPO of Chinese gold mining company Zijin Gold for $3.2 billion in Hong Kong exposed the bank itself and its U.S. investors to regulatory, financial and reputational risks, Reuters reported. On Nov. 13, committee chairman Republican John Moolenaar requested more information from Morgan Stanley executives about the offering, which was Hong Kong's second largest in 2025. "Morgan Stanley's underwriting of the Zijin Gold IPO demonstrates the very type of commercial activity that the U.S. government seeks to prevent," Moolenaar said in a letter to Morgan Stanley CEO Ted Pick. This is a new step in a campaign to investigate U.S. financial institutions' involvement in IPOs of Chinese enterprises, Reuters notes. In July, congressmen requested documents from JPMorgan Chase and Bank of America in connection with their role in organizing the listing of China's CATL, the world's largest maker of batteries for electric cars. U.S. authorities suspect Zijin Gold of forcibly using Uighur labor and CATL of collaborating with the Chinese military.
This article was AI-translated and verified by a human editor
