Startup with Ukrainian roots grows by 1000%, pauses Kraken: the main thing about IPO by March 22

Ukrainian-rooted startup Swarmer, whose drone software is actively used in combat missions, debuted on Wall Street with the best result since the listing of Newsmax, US President Donald Trump's "favorite American TV channel." Cryptocurrency exchange Kraken and payment service PhonePe have postponed their IPOs amid the Iran crisis. The new Texas Stock Exchange is assembling a stellar team for its upcoming launch. The main events in the IPO market for the week - in our selection.

- India's telecom market leader Jio Platforms, owned by Asia' s richest man Mukesh Ambani, may raise at least 350 billion rupees ($3.75 billion) in an IPO with a capitalization of $150 billion, Indian TV channel ET Now reported citing sources. With that size of offering, Jio Platforms' listing would be the largest in the history of the country's stock market. According to Bloomberg sources, the company intends to file a preliminary prospectus for the IPO in late March, while the size and timing of the upcoming offering is still being clarified.

- Nuclear reactor developer X-Energy has filed for an IPO in the US. It plans to list its Class A shares on the Nasdaq exchange with the ticker XE. The number of shares the company plans to offer investors and their value have not yet been determined. The lead organizers of the offering will be JPMorgan, Morgan Stanley, Jefferies and Moelis & Company. In 2024, Amazon was one of the investors in the X-Energy round of $500 million (then its size increased to $700 million).

- Shares of drone AI software developer Swarmer, founded by Sergey Kuprienko and Alexander Fink in 2023, soared 1000% in two days after its IPO. This is the best debut on the U.S. stock market in almost a year since the listing of media company Newsmax, states Bloomberg. The growth of quotations, reminiscent of the sharp fluctuations of "meme" stocks, brought the capitalization of the startup to almost $680 million. Swarmer, whose offices are located in Kiev, Warsaw and Austin, does not produce UAVs itself, its software allows you to control swarms of drones. The platform has been used in Ukraine in more than 100,000 combat missions since April 2024. However, Swarmer's revenue fell 6% last year to just $310k.

- Quotes of the German defense company Vincorion rose on the first day of trading in Frankfurt. The papers opened at € 19.3, which is 14% above the offering price. During the IPO financial sponsor of the company, private equity fund Star Capital, raised € 300 million. Capitalization of the manufacturer of components for tanks Leopard 2 and anti-aircraft systems Patriot, used to intercept Iranian missiles, amounted to € 850 million. According to Bloomberg, demand for shares Vincorion during the IPO exceeded the supply of more than 10 times, and 35% of applications remained unsatisfied. At the same time, 70% of the total offered volume was bought by the 20 largest investors.

- US real estate investment trust Janus Living has raised $840m in an expanded IPO on the New York Stock Exchange. The nursing home operator placed its shares at the upper end of the announced range. The listing of Janus took place despite market volatility and geopolitics: investor interest in the fund provided a steady demand for such institutions in the aging U.S. population, notes Reuters. Janus manages real estate in 10 states. 69% of the company's assets are concentrated in Florida and Texas.

- Cryptocurrency exchange Kraken has put its IPO plans on pause. According to CoinDesk's sources, the platform is not abandoning the listing, but is waiting for market conditions to improve. A spokesperson for the company declined to comment. Kraken confidentially filed for a U.S. listing in November 2025. The exchange was expected to go public in the first quarter of 2026. Initially focused on crypto assets, the company is actively expanding its business. In particular, in April 2025, the exchange launched trading of shares without charging a commission.

- Indian fintech service PhonePe has postponed its IPO, citing geopolitical tensions and volatile global markets. The Walmart-backed developer of India's most popular payment application promised to resume preparations for listing after the situation stabilizes. The escalation in the Middle East has hit Indian assets, with the rupee falling to a record low and India's stock index plummeting 7% since the start of the Iran war. According to Reuters, PhonePe's listing is set to become the second largest in Indian fintech after Paytm's offering in 2021: the service's valuation at listing could be $9-10.5 billion.

- The new Texas Stock Exchange (TXSE) is building a team for its launch, poaching top executives from Nasdaq and the New York Stock Exchange (NYSE). Nasdaq's former head of North American trading, Greg Ferrari, will become chief operating officer. Liz Hawker, who previously held a similar position at the NYSE, will be responsible for issuer engagement. The family office of Dell Technologies CEO Michael Dell and investment giant BlackRock have invested in the new Dallas-based exchange. Secondary securities trading is set to begin on the TXSE this coming summer. New exchange-traded products are expected by the end of the year, with the first IPOs expected in 2027.

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