SpaceX, OpenAI and the London listing of Uzbekistan's national fund: highlights of the IPO by April 12

SpaceX and OpenAI plan to reserve part of their shares on the stock exchange for individuals, and SpaceX may have a record high. The National Fund of Uzbekistan, which owns stakes in Uzbekistan Airways and Uzbekhydroenergo, will hold a dual listing in London and Tashkent. Supermarket chain 7-Eleven postponed its US offering due to weak financials. The main events on the IPO market for the week - in our selection.

- OpenAI plans to reserve a portion of its shares for retail investors in its upcoming IPO, the startup's CFO Sarah Fryar told CNBC. She said the ChatGPT creator raised more than $3 billion from individuals through JPMorgan, Morgan Stanley and Goldman Sachs in its latest funding round, tripling its original goal. The entire investment round brought OpenAI $122 billion with a business valuation of $852 billion. Usually, when listing, retailers get only 5-10% of the securities, while the bulk goes to institutional players.

- Aerospace company SpaceX intends to allocate to retail investors a record share of shares at the future IPO - up to 30% of the offering volume, Reuters reported. According to its sources, so the founder of the company Elon Musk wants to thank people for many years of support for his business. The schedule of preparations for going public assumes the start of the road show in the second week of June. Before that, top managers will hold a meeting with analysts, and on June 11 will organize an event for 1.5 thousand private investors. Residents of the US, UK, EU, Australia, Canada, Japan and South Korea will be able to participate in the offering. According to Reuters, the exact size of the retail quota and the structure of the deal will be approved closer to the launch of the IPO.

- The National Investment Fund of Uzbekistan (UzNIF) announced that it intends to list its shares on the stock exchanges in London and Tashkent. According to Financial Times sources, the listings are scheduled for mid Ma. The IPO of the Uzbek national fund "will be the first opportunity for international portfolio investors to invest in the country's reforming and rapidly modernizing economy," according to Franklin Templeton Investment Group, which is responsible for preparing for the listing. The fund's portfolio includes 13 companies, including a 25% stake in Uzbekistan Airways and 40% in Uzbekhydroenergo, each worth $400m. The success of the offering will also determine the prospects for the listing of Navoi Mining and Metallurgical Combine, the FT said. If listed, the world's fourth-largest gold producer could be valued at $20bn or more.

- Respiratory drug developer Avalyn Pharma, in which the creator of popular obesity drugs Novo Nordisk has invested, has filed for an IPO in the US. According to documents for the US Securities and Exchange Commission (SEC), Novo's investment fund now owns a 13% stake in the startup. Avalyn Pharma's main development is aimed at treating pulmonary fibrosis. The median survival rate for this diagnosis is between three and five years. After going public, the company's shares will be traded on the Nasdaq Global Market under the ticker AVLN.

- Aerospace parts manufacturer Arxis intends to raise up to $1.06 bln in a US IPO, offering investors 37.7 mln shares at a price of $25-28. With these offering parameters, the company's total market valuation could reach $11.2 billion.The issuer's shares will trade on Nasdaq under the ticker ARXS, and a number of funds are ready to buy $400 million worth of securities.Since 2019, Arxis has made more than 30 acquisitions, including the purchase of rival Kaman for $1.8 billion.Ongoing conflicts in the Middle East and Ukraine make the timing of the listing a good one, pointed out capital markets expert at Mergermarket Troy Hooper. Along with Arxis, drone manufacturer AEVEX and precision components supplier Elmet recently filed for an IPO.

- Central European fast food chain Rex Concepts has announced plans to launch an IPO on the Warsaw Stock Exchange. The master franchisee of Burger King and Popeyes brands in Poland, Czech Republic and Romania expects to raise up to PLN 560 million ($154 million). The proceeds will be used to fund the business plan, accelerate growth, possible market consolidation in the region and launch new brands. Established in 2022 by former AmRest managers, the company operates 159 establishments. The issuer is controlled by McWin Capital Partners, an investment fund with €1 billion of assets under management in the foodtech and restaurant sectors.

- Japanese convenience store chain 7-Eleven has postponed the listing of its North American business worth about $31 billion until at least fiscal 2027. According to Nikkei Asia, the reason for the postponement was the unit's weak financial performance: its monthly sales had declined for 23 consecutive months through February. The stock market has long been skeptical of the idea of this listing, but 7-Eleven has not abandoned plans for an IPO even after withdrawing a takeover bid from Couche-Tard in the summer of 2025. Seven & i, the holding company of 7-Eleven, is now about a quarter of the price at which Couche-Tard wanted to buy it, the Nikkei notes.

- SpaceX has recorded a loss of almost $5 billion by the end of 2025, including the losses of AI startup xAI, which was absorbed in February, The Information reported. The statement about the unprofitability of the world's most active space launch operator runs counter to Reuters data, according to which SpaceX made about $8 billion in profit last year. In March, Elon Musk's aerospace company confidentially applied for a listing in the U.S., which could become the largest in history, and expects a valuation of more than $1.75 trillion. Funds from the IPO need Musk to build orbital data centers that will give him leadership in the AI race.

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