Klarna and Gemini debuts, StubHub and Chinese gold: What's important about IPOs by Sept. 14

Shares of Klarna, one of Europe's most expensive fintech startups, rose 15% in New York trading. Chinese gold producer Zijin Gold may float for over $3 billion as early as September. Swiss operator of online classifieds sites SMG disclosed the parameters of the largest IPO this year in Europe. The main events on the IPO market during the week are in our selection.

- China's Zijin Gold, owned by one of China's largest copper and gold producers Zijin Mining, will next week begin gauging market interest in an upcoming offering of its shares in Hong Kong that could raise more than $3 billion, Bloomberg sources said. The IPO could take place as early as September. Zijin Gold's listing could be the world's second-largest this year after battery giant CATL's offering. According to Bloomberg, investor interest in Zijin Gold shares amid record gold prices is exceptionally high.

- US WaterBridge, which collects and utilizes produced water at oil fields, is seeking to raise up to $540m in a US IPO. The company plans to float 27 million shares on the New York Stock Exchange at prices ranging from $17 to $20 apiece. The company's capitalization could reach up to $2.3 billion. WaterBridge's clients include BPX Energy, Chevron, Devon Energy, EOG Resources and Permian Resources. The Horizon Kinetics fund has expressed interest in buying up to $120 million worth of shares at the IPO price.

- Ticketing platform StubHub expects to raise up to $851 million by listing 34 million shares on the New York Stock Exchange at prices ranging from $22 to $25. A listing at the upper end of the range would provide the company with a capitalization of $9.2 billion. One StubHub shareholder told Reuters on condition of anonymity that investors value the company at $14-15 billion. "I think StubHub will probably end up pricing above that figure ($9.2 billion - Oninvest)," he said.

- US online consumer goods retailer Pattern, one of the largest sellers on Amazon, has decided to launch an IPO on Nasdaq and plans to raise up to $321m. The company and its shareholders intend to float 21.4m shares at a price range of $13 to $15 per paper. If the offering hits the upper end of that range, Pattern's capitalization will be $2.6 billion - 30% more than the valuation at the 2021 Investraound ($2 billion).

- Texas-registered data center operator Fermi, co-founded by former U.S. Energy Secretary Rick Perry, has filed for an IPO on Nasdaq. Terms of the offering have not yet been named. In June, Fermi announced plans to build the world's largest energy and data center complex powered by nuclear fuel, natural gas and solar energy to meet the growing energy needs of artificial intelligence developers. The company also plans to apply for a listing on the London Stock Exchange.

- Swiss Marketplace Group (SMG), an online classifieds company, is preparing an IPO that could be Europe's largest in 2025. The company's two shareholders, Mobiliar and Ringier, intend to float 19.6 million shares on the Zurich-based exchange at prices ranging from 43 to 46 francs apiece - and raise up to 903 million Swiss francs ($1.1 billion). The offering could value the online classifieds platform operator at 4.5 billion francs ($5.6 billion). Trading in SMG shares will begin on September 19. According to Bloomberg, the volume of demand from investors was sufficient to cover the entire amount of the transaction. Including BlackRock and Pictet Asset Management expressed their desire to buy shares for up to 150 million francs. SMG operates real estate websites including Homegate and ImmoScout24, as well as automotive marketplace AutoScout24.

- British travel service Loveholidays, owned by investment company Livingbridge, has begun preparations for an IPO in London. The company plans to take advantage of the growing demand in the UK for package tours. Barclays and JPMorgan Chase have been chosen as the listing organizers. The company's valuation could exceed £1 billion (about $1.3 billion). Unlike competitors such as Jet2 or easyJet, Loveholidays does not own airlines or hotels, but aggregates offers from multiple suppliers. Customers pay the full cost of a package tour rather than individual components. This incentivizes suppliers to give Loveholidays discounts to fill their hotels and planes. Loveholidays' successful debut could help revitalize the London IPO market, which is struggling to recover from a long lull. Gold miner Navoi Mining & Metallurgical, lender Shawbrook, LED Musk maker The Beauty Tech and IT company Visma are also considering listing in London.

- Shares of Klarna, one of Europe's most expensive fintech startups, rose 15% on the day of its stock exchange debut after its $1.37 billion IPO in the U.S. Initial trading closed at $45.82 per share, compared to the IPO price of $40. As a result, Klarna's capitalization exceeded $17 billion. Interest in Klarna's IPO was so high that about half of the potential investors who applied did not get shares in the offering. At its peak in 2021, Klarna was worth $46 billion, but a year later its valuation fell to $6.7 billion. The startup tried to go public in the spring of 2025, but was forced to suspend its IPO preparations due to market turbulence caused by Donald Trump's duties.

- US engineering company Legence, specializing in climate systems for data centers and other technically complex buildings, has raised $728m in an IPO on Nasdaq. The company sold 26 million shares at $28 apiece, above the middle of its stated price range ($25-29). Legence's capitalization at the end of the offering was $2.85 billion. Private equity giant Blackstone acquired Legence (then called Therma) in 2020. Since then, its business has grown through acquisitions of smaller competitors P2S, OCI Associates and AO Reed & Co.

- The American platform of organization of passenger transportation Via Transportation, focused on government and corporate clients, has raised $492.9 million in the course of IPO on the New York Stock Exchange, having placed about 10.7 million shares at $46 per paper - above the upper limit of the previously announced range. This brought the company's market value to $3.65 billion. In preparation for the IPO, Via Transportation planned to offer shares at a price range of $40 to $44 per paper. Wellington Management expressed interest in buying up to $100 million worth of shares at the IPO price. Today, the startup works with nearly 700 customers in more than 30 countries, operating custom buses, shuttles, and specialized transportation.

- Gemini Space Station, a cryptocurrency exchange founded by the billionaire Winklevoss brothers, raised $425 million in an IPO on Nasdaq, setting the offering price above its stated range and reducing the number of shares offered. Gemini sold 15.2 million shares at $28 per paper. Gemini's IPO valued Gemini at $3.3 billion.Gemini originally planned to sell shares at a price range of $17 to $19. A few days before the listing, the crypto exchange sharply increased the price range of the offering - to $24-26. According to Bloomberg, the demand for Gemini securities during the bookbuilding exceeded the initially offered volume (16.7 million shares) more than 20 times.

- US coffee chain operator Black Rock Coffee Bar has raised $294.1m in a share offering on Nasdaq at a price above its originally announced range. The company planned to sell 14.7 million shares at $16-18 per paper. But strong demand allowed the price to rise to $20. Black Rock Coffee Bar had a market value of $956 million. The company operates 158 coffee shops in seven U.S. states, where you can buy drinks and breakfast without getting out of your car. There have been no major IPOs in the U.S. restaurant business since fast-food restaurant chain CAVA floated $365 million in 2023.

- Shares of New York-based startup LB Pharmaceuticals, which is developing a pill for schizophrenia, closed 15% above the IPO price at the debut trading. The company listed 19 million shares on Nasdaq at $15 per paper - in the middle of its stated price range ($14-16). At the same time, demand for the shares during the bookbuild significantly exceeded the volume offered for placement, Bloomberg sources say. The listing brought LB Pharma $285 mln. After the first day of trading, the startup's market value was estimated at almost $400 mln.

- American Figure Technology Solutions, the operator of a blockchain-based consumer lending platform, jumped 24% on the first day of trading. At the end of the debut trading, the market value of the company amounted to $6.6 billion. The company placed 31.5 million shares on Nasdaq at $25 per paper, which was much higher than the previously announced - and already increased compared to the initial - price range of $20-22. Figure specializes in lending against real estate and has built its own special digital system that automates the loan origination process. One of its founders is SoFi Technologies neobank co-founder Mike Cagney.

- The Reserve Bank of India (RBI) has granted Tata Capital 's request for a slight postponement of its mandatory IPO. According to Bloomberg sources, the Tata Group's financial services company wants to complete its investor roadshow this week and go public in the first half of October. The RBI had earlier directed Tata Capital and other major non-banking financial institutions to list by the end of September to increase transparency in the sector and reduce risks. Tata Capital plans to raise up to 170 billion rupees ($1.9 billion) at a valuation of $18 billion. The IPO could be India's largest after last year's record $3.3 billion IPO of Hyundai Motor India.

- James Moloney, an experienced corporate securities lawyer and former SEC official, has been named head of the SEC's Division of Corporate Finance. This division oversees IPOs and corporate disclosure. Moloney previously worked at the SEC from 1994 to 2000, first as a legal counselor and then as special counsel in the Division of Corporate Finance's Mergers and Acquisitions Division. According to SEC Chairman Paul Atkins, who announced sweeping changes in favor of the digital asset industry upon taking office in April, Moloney's priority will be to reduce the disclosure burden on companies.

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