Shein pressures London, rival Strategy to go public on Nasdaq: the main thing about the IPO by July 13

Shein is blackmailing British authorities with a Hong Kong listing to speed up its IPO in London. New cryptocurrency firm ReserveOne, whose assets will be synchronized with the concept of a strategic U.S. crypto reserve, will begin trading on Nasdaq in late 2025. Indian rival Starlink has postponed potentially the largest listing in the country's history. The main events on the IPO market for the week - in our selection. 

- Asian fast-fashion retailer Shein applied for an IPO in Hong Kong last week to press British regulators for a faster approval to list in London, confirms the Financial Times, citing two sources. The company applied for a British listing about a year and a half ago, but approval has been delayed. The British regulator approved one version of Shein's prospectus in early 2025, but the Chinese regulator rejected it. According to the FT's sources, the key discrepancy is the wording in the risk disclosure section. It relates primarily to Shein's activities in Xinjiang, a region where China has been accused of violating the rights of the Uighur minority.

- US Figma, the developer of a popular service for user interface design, has a chance at an IPO to regain the $20 billion valuation for which Adobe wanted to buy it three years ago,  writes Bloomberg. Figma dropped to $12.5 billion in 2024, but the company's unique combination of growth and profitability could keep the company well-capitalized. "It's a profile that pays a premium even though the application software market in general has become more selective," confirms Third Bridge analyst Charlie Miner. According to data Bloomberg's source, Figma plans to go public as early as July. The shares will trade on the New York Stock Exchange under the ticker FIG.

- Investment fund ICICICI Prudential Asset Management, a joint venture between India's second-largest private bank ICICI Bank and British insurer Prudential, has filed for a $1.2 billion IPO and is seeking a valuation of $12 billion, according to data compiled by Bloomberg, the listing could be the second-biggest for India in 2025 after HDB Financial Services. HDB floated $1.5 billion in early July on strong investor demand. The financial company's securities jumped by 14% in debut trading.

- Shares of Spanish casino chain operator Cirsa ended the debut trading day after the IPO in Madrid unchanged against the offering price. Cirsa's securities jumped 6.7% to €16 at the opening of trading, but quickly squandered all of that gain. Cirsa's €400 million listing is one of the first major offerings in Europe after the weakest first half of the year in a decade. In another European capital, Paris, shares in local semiconductor equipment maker SEMCO Technologies jumped 47% this week in its Euronext exchange debut following a €45 million IPO.

- Shares of Chinese insurance group FWD, whose listing had been delayed for four years, managed to recover from the fall and closed in a slight plus after a $442 million IPO in Hong Kong. Analyst Chris Wang, who publishes on the Smartkarma platform, noted that while FWD shares may appear undervalued, concerns about depreciation risks justify their trading at lower multiples than local peers. FWD is controlled by billionaire Richard Li, son of Hong Kong's richest man, Li Kashin. Attempts to float it on the exchange have been repeatedly thwarted - in 2021 due to regulatory problems in the US, in 2022 due to a downturn in Hong Kong's listing market.

- Indian telecom giant Reliance Jio, owned by billionaire Mukesh Ambani, has decided to postpone its planned 2025 IPO. The listing, which could have been the biggest in India's history, will not take place this year, two sources told Reuters. Now Reliance Jio is valued at more than $100 billion. The company wants "the business to become more mature": to increase revenue and subscriber base, and at the same time to expand the line of digital services, one of the sources explained to the agency. Reliance Jio has serious partners: Google and Meta are among the investors, while Nvidia is helping the company build infrastructure for AI. Reliance Jio will soon have to compete with Ilon Musk, who plans to launch Starlink internet service in India in the coming months.

- A new cryptocurrency firm ReserveOne, linked to industry "veterans" and former U.S. Secretary of Commerce Wilbur Ross, will go public on the Nasdaq through a merger with a shell company (SPAC) and is looking to raise more than $1 billion. The deal is expected to close in the fourth quarter of 2025. ReserveOne will manage a portfolio of cryptocurrencies including bitcoin, Ethereum and Solana, with its assets synchronized with the U.S. Strategic Crypto Reserve. ReserveOne aims to make digital investments more accessible and attractive to institutional investors -an idea echoed by companies like Strategy, which popularized the strategy of holding bitcoin as a corporate asset. 

ReserveOne also plans to make money from lending and institutional stacking, a cryptoanalog of deposits. Investors have already entered the deal: Blockchain.com and Kraken will invest up to $750 million in the form of direct participation in ReserveOne's authorized capital and loans with an option to convert into shares.

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