S&P goes after SpaceX, Uzbekistan fund to offer discount: the main thing about the IPO by Ma. 3

The operator of the S&P 500 plans to halve the terms of inclusion in the index for SpaceX and other issuers worth over $112 billion. SoftBank is preparing an IPO in the U.S. of a new AI-company with the expectation of a valuation of $100 billion. Uzbekistan will place in London securities of the National Investment Fund with a discount of 20% to the value of its assets. The main events on the IPO market for the week - in our selection.

- Japan's SoftBank, a key participant in the project to create a $500 billion network of data centers for the needs of OpenAI, has decided to create and float a $100 billion venture in the United States, the Financial Times reports. The startup, called Roze, will focus on artificial intelligence, robotics and building data centers. FT sources say SoftBank founder Masaesi Son is rushing to launch an IPO this year to cover the multi-billion dollar investment spend. According to the British newspaper's interlocutors, Roze's listing will be publicly announced in July. The size of the stake to be sold has not been confirmed, but SoftBank usually retains a controlling stake, as it did with Arm, the FT points out.

- Uzbekistan will sell about 30% of the National Investment Fund (UzNIF) through a dual listing in London and Tashkent. This is the first London IPO in the country's history, opening access to Central Asia's second economy. The fund will be valued at $1.95 billion, a 20% discount to its net asset value of $2.4 billion. Investors will be offered global receipts at $25 each, equivalent to 64,700 shares. The fund itself, managed by a Franklin Templeton entity, holds stakes ranging from 25% to 40% in 13 companies. Investors led by BlackRock will buy receipts for $300 million, and trading will start on Ma 13.

- US defense giant L3Harris has confidentially filed for the IPO of its missile systems division, Reuters reports. This structure produces engines for Patriot, THAAD, Tomahawk and Standard Missile systems. The parent company will retain a controlling stake in the spun-off organization, while the volume of the offering and prices have not yet been determined. The head of L3Harris Chris Kubasik expects annual growth of the missile business by 15-19%, as contracts with the Pentagon guarantee a steady flow of orders.

- One of the largest mobile operators in Africa Airtel intends to float in London shares of mobile payment service Airtel Money for $1.5-2 billion, Bloomberg sources claim. If the IPO takes place, it will become one of the largest in Europe in recent years. Previously, the UAE was considered a priority site, but now the choice has fallen on the British capital. Control over the operator belongs to the holding Bharti Enterprises of Indian billionaire Sunil Mittal. Airtel management wanted to list the company by the middle of the year, but it will be difficult to meet the deadline, the agency notes.

- Bill Ackman's Pershing Square USA fund plummeted 18% in debut trading after its $5 billion IPO in New York. The billionaire investor blamed the collapse on unprofessional players, saying, "Retail investors don't know how to invest in IPOs." On the second day, shares of the fund and its management company Pershing Square Inc. recovered as Ackman personally purchased their securities on the exchange. As a result, the parent company's stock price soared nearly 16% and the fund's stock price rose 4.4%. According to Reuters, Ackman's U.S. fund will nearly replicate the portfolio of London-traded Pershing Square Holdings, including large positions in Alphabet and Meta Platforms.

- Shares of lung inhalation developer Avalyn Pharma, in which Novo Nordisk holds a stake, jumped 64% on the first day of trading after its IPO in New York. The startup raised $300 million by selling more securities than it had originally planned. At the end of the debut trading, its market value reached $1.2 billion. Another biotech whose shareholder is Novo, the developer of drugs for blood clotting disorders Hemab Therapeutics, raised $301.5 million. It also increased the offer of shares and placed them at the upper limit of the announced range.

- British road tow truck service RAC has postponed its IPO in London. Initially going public with a target valuation of around £5 billion was planned for the first half of this year. However, according to the Financial Times, the private equity-owned company has now postponed the flotation until after the summer, most likely into the final months of the year. The postponement adds to a prolonged lull in the London IPO market, where RAC is considered a prime candidate for listing. At the end of 2025, it had a client base of over 15.5 million members.

- The operator of the main U.S. stock index S&P 500 intends to accelerate twice the inclusion of large issuers in the benchmark. Now companies need to be traded on the exchange for at least a year, but S&P wants to reduce this period to six months. For corporations worth more than $112 billion, the elimination of profitability and liquidity requirements is also being considered. The accelerated addition of giants like Elon Musk's SpaceX to the index would oblige index funds to automatically buy billions of dollars worth of shares in such corporations. Discussions on the initiative will continue through Ma. 28, and the new rules should take effect by June 8 - about a month before SpaceX's IPO.

- The UK's Financial Conduct Authority (FCA) has proposed a week shortened IPO timeline to encourage listings in London. The week-long pause between the announcement of a share offering and the start of the roadshow was introduced in 2018 to allow time for independent analysts to evaluate. The stretched timetable has left would-be issuers more susceptible to swings in investor sentiment. The regulator is also revising the rules on third-party experts' access to information. Discussions on the amendments will be finalized by June.

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