IPO roundup: Anthropic publishes prospectus, Blue Lagoon revives listing plans

Last week, Anthropic published its prospectus, moving one step closer to an IPO. Meanwhile, Iceland’s popular Blue Lagoon geothermal spa revived its listing plans after shelving them several years ago because of a series of volcanic eruptions, while one of the most prominent emerging-market fintech listings was halted at the last minute. Elsewhere, Swiss-Chinese agrochemicals giant Syngenta plans to list in Hong Kong in early 2027 at a valuation of $66-88 billion, aiming to raise up to $10 billion. Here is Oninvest’s roundup of the week’s biggest stories in the IPO space.

Anthropic: Sales through Google, Amazon, and Microsoft’s cloud platforms accounted for almost half of the company’s revenue in the first half of 2026, versus 11% in 2023, according to its prospectus, published on Monday. Meanwhile, the Claude developer has committed to spending more than $269 billion on computing capacity from the three companies, plus another $125-150 billion on additional capacity. In its prospectus, Anthropic warned that its dependence on the cloud giants, which are simultaneously its investors, partners, and competitors, creates risks for its business.

Blue Lagoon: Iceland’s Bláa Lónið, which operates the renowned geothermal spa, is planning an IPO on the country’s stock exchange, Bloomberg reports. Shareholders approved the offering, which will be open to both institutional and retail investors. Bláa Lónið also approved a stock-option plan for all 700 employees. The company had been preparing to go public in 2022 but shelved the plans because of volcanic eruptions that periodically disrupted the spa’s operations. Blue Lagoon welcomes around 1 million visitors a year.

Syngenta: The Swiss-Chinese agrochemicals company is aiming for an IPO in Hong Kong in early 2027 at a valuation of $66-88 billion, Reuters reports, citing sources. The company, controlled by China’s state-owned Sinochem, wants to raise $5-10 billion by selling a 10-20% stake. IPO advisers, including UBS and CICC, see a high valuation on the strength of the company's biotech capabilities and new seed varieties. Syngenta plans to use the proceeds to reduce debt and develop its business.

Redotpay: The Hong Kong-based crypto company is considering filing confidentially for a U.S. IPO by the end of the year after legal and regulatory issues delayed its listing, Bloomberg reports, citing sources. The company is targeting a valuation of at least $5 billion and is in talks to raise funding ahead of the IPO at a valuation of $4-5 billion. Redotpay, which issues cards for cryptocurrency payments, serves more than 9 million customers. Its annualized revenue run rate has exceeded $180 million, while its operating margin has topped 50%.

DIP Holding: The Dubai-based firm plans to price its IPO at AED1.12 ($0.30) per share, around the midpoint of its marketed range, despite the offering being several times oversubscribed, Bloomberg reports. At that price, parent company Dubai Investments would raise around $529 million from selling a 20% stake, versus the maximum possible $543 million. Pricing below the top of the range is unusual in the local market, Bloomberg notes. The company lowered its valuation amid geopolitical tensions and investor calls for a higher dividend yield, which would reach around 7.5%. DIP shares are scheduled to begin trading on Dubai’s stock exchange on November 11. This is the UAE’s first IPO of 2026.

OPay: The African fintech start-up, which had been scheduled to debut on the New York Stock Exchange on Friday, unexpectedly halted its IPO at the last minute. It cited a regulatory inquiry relating to “a jurisdiction that is immaterial to the company’s core business operations” but provided no further details, Bloomberg reports. Before halting the offering, the SoftBank-backed start-up had announced pricing of $19 per depositary share, the bottom of its marketed range. That valued the company at around $4 billion, making it one of Africa’s largest fintechs. OPay is a leading player in Nigeria’s digital payments market, with more than 50 million active users.

Bambusa Therapeutics: The U.S. biotech raised $168.9 million in its Nasdaq IPO, selling 10.6 million shares at $16 apiece, Bloomberg reports. The offering valued the company at $815 million. Founded in 2024, Bambusa develops treatments for skin and autoimmune diseases, including eczema, using technology acquired from BioNTech. The company generates no revenue, while the net loss widened to $22.4 million in the first half of 2026 from $13 million a year earlier.

Aspen Neuroscience: The U.S. biotech start-up raised $140.6 million in its IPO, selling around 9.4 million shares at $15 apiece, the bottom of its marketed range, BioPharma Dive reports. The company is developing a cell therapy for Parkinson’s disease designed to replenish dopamine-producing neurons using a patient’s own cells. Its lead drug candidate is currently in clinical trials.

India: The country led the global IPO market by proceeds in October, with companies raising a record INR455 billion ($4.8 billion), ahead of the U.S. at $2.1 billion and Hong Kong at $1.5 billion, Bloomberg reports. The main driver was billionaire Mukesh Ambani’s telecom company Jio Platforms, which raised INR302 billion in India’s largest-ever IPO. Around 40 companies went public in India in October, more than in any other country. Year to date, IPO proceeds in India have reached $18.26 billion, approaching the 2025 record of $22.36 billion.

Firmus Grid: Australian regulator ASIC has requested information from investment banks about the data center operator’s failed IPO, Bloomberg reports. The inquiries concern BofA, JPMorgan, Morgan Stanley, and Morgans Financial, which were arranging the offering. Firmus had aimed to raise around $5 billion at a valuation of $30 billion, which would have made the deal one of the largest IPOs in Australian history. However, the offering was canceled amid investor concerns over the company’s lofty valuation.