OpenAI's $1 trillion listing and a rebound in the UK market: highlights of IPOs by Nov. 2

OpenAI is preparing one of the most expensive public offerings in history, and one of the world's largest manufacturers of medical devices Medline has applied for a placement with a possible valuation of up to $ 50 billion. In addition, after a long pause is observed a revival of the British IPO market, but so far the dynamics of shares of recently listed companies remains ambiguous. The main events on the IPO market for the week are in our selection.

- ChatGPT owner OpenAI is preparing one of the largest IPOs in history with a possible valuation of up to $1 trillion, Reuters reports, citing sources. According to them, CFO Sarah Fryer told partners that the company plans to list in 2027, but some advisors believe the offering could take place earlier - by the end of 2026. OpenAI moved closer to an IPO after completing a restructuring that reduced its reliance on early investor Microsoft. According to Reuters sources, annual revenue at OpenAI, which is now valued at $500 billion, is expected to reach $20 billion by the end of the year, but losses continue to mount. CEO Sam Altman said going public was the "most likely way" to raise the capital needed to make large-scale investments in artificial intelligence infrastructure.

- Medline, one of the world's largest manufacturers of medical devices, has applied for an IPO in the U.S., during which the company may be valued at up to $50 billion, writes Reuters. According to the agency's sources, Medline plans to raise about $5 billion, the shares will be traded on Nasdaq under the ticker MDLN. The offering will be the largest this year and an important test for the recovery of the U.S. IPO market, analysts said in a Reuters statement. Medline, which makes surgical equipment, gloves and laboratory instruments, disclosed that its revenue in the first half of 2025 rose 9.7% year-on-year to $13.5 billion and profit rose nearly 12% to $655 million. The company has been owned since 2021 by Blackstone, Carlyle and Hellman & Friedman, which bought it for $34 billion.

- tZero Group, an operator of a platform for trading tokenized securities, plans an IPO in 2026, the company's CEO Alan Koniewski said in an interview with Bloomberg. Among tZero's investors is New York Stock Exchange owner Intercontinental Exchange (ICE). The company is already in talks with banks, but has not yet chosen underwriters and is considering raising capital before the offering, Bloomberg noted. Founded in 2014, tZero helps businesses raise investment via blockchain with securities law compliance and manages the trading of tokenized assets, including its own stock. In total, the company has raised about $200 million. tZero has joined a wave of cryptocurrency companies preparing to go public - among them Securitize and Kraken, Bloomberg emphasized.

- British components maker Doncasters Group, which has been a supplier to Boeing for 250 years, is preparing for an IPO in New York in 2026, Bloomberg reported. The company hopes to attract investors interested in the defense and aerospace sector amid rising military spending in Europe. Doncasters makes metal components for aircraft engines and turbines and generated 585 million pounds of revenue in 2024. The decision to float on the U.S. exchange rather than in London will be another blow to the position of the British IPO market, which in 2025 fell out of the top 20 global platforms in terms of the number of offerings, emphasizes Bloomberg.

- US technology Gloo Holdings, focused on religious organizations, plans to launch an IPO in the US at a valuation of up to $873 million, Reuters reports. The company aims to raise up to $109 million by selling 9.1 million shares at prices ranging from $10 to $12 per paper. Gloo's technology arm is led by former Intel CEO Pat Gelsinger, who joined the company earlier this year to help develop AI-based tools - virtual assistants and chatbots for Christian churches and other religious communities.

- Shawbrook 's British bank shares rose 7 percent in debut trading in London on Oct. 30 after the biggest IPO by a British company in two years. The company offered securities at 3.7 pounds per share - in the middle of a reported range of 3.5-3.9 pounds - valuing itself at 1.92 billion pounds ($2.6 billion), Reuters reported. Some of the proceeds from the flotation will go towards new acquisitions: since 2011, Shawbrook has completed 24 deals, including the purchase of lender ThinCats. The IPO was a rare success for London, which accounted for only 2% of European flotations in 2025, Reuters emphasized.

- Shares of another British company - the manufacturer of canned food Princes Group - closed at 475 pence - the offering price - at the end of the debut trading in London on October 31, Bloombergreports. The company raised 400 million pounds ($526 million) and its capitalization was 1.15 billion pounds. Princes also became one of the few companies that risked to test the British IPO market after a long pause, but so far the dynamics of shares of recently listed companies remains ambiguous, adds the publication.

- Quotes of the Israeli developer of business travel management software Navan fell by 20% on the first day of trading after the IPO for $923 million, notes Bloomberg. The papers closed trading at $20, while the initial offering price was $25. Navan IPO took place despite the U.S. government shutdown, due to which the work of the SEC was partially suspended - the regulator issued a special clarification, simplifying the listing procedure. At the end of the offering, the company's valuation was about $5 billion - almost half the 2022 valuation in the private market after the funding round, Bloomberg adds, citing PitchBook data. At the same time, demand for the offering exceeded supply by a factor of ten. Founded in 2015, Navan, which implements AI in its services, is still a loss-making company: for the first half of 2025, its net loss reached $99.9 million on revenue of $329.4 million.

- Shares of MapLight Therapeutics, a schizophrenia drug developer backed by major shareholder Novo Nordisk, opened initial trading at $19 - 12% above the IPO price of $17. On Friday, Oct. 31, the price of MapLight's securities fell more than 5% to $17.3 apiece. The company went public on Nasdaq on Oct. 27 at a valuation of $787 million. MapLight raised $250.8 million in the offering, selling 14.75 million shares. Analysts note that MapLight's listing is a symbol of the revival of biotech IPOs after a long slump: the sector is recovering amid expectations of Fed rate cuts and growth of the SPDR S&P Biotech ETF by more than 20% since the beginning of the year, Reuters emphasizes.

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