U.S. faces hottest week of listings this year: what's important about IPOs by Sept. 7

Next week could be the busiest week for the U.S. IPO market in 2025, with several companies, led by fintech startup Klarna, planning to go public. If all listings pass the upper limit, the companies and their investors will raise a total of more than $3 billion, Bloomberg estimates. China's Zijin Mining hopes to raise at least as much from the IPO of its gold mining business in Hong Kong. And at Nasdaq investors are losing billions of dollars on "meme" shares of companies from China. The main events and news on the IPO market for the week - in our selection.

- Swedish payment service format "buy now, pay later" one of the most expensive fintech startups in Europe Klarna plans to hold an IPO in New York on Wednesday, September 10, reported the German edition Handelsblatt, citing sources. The listing will be one of the largest in 2025 in the US. The company plans to list 34.3 million shares on the New York Stock Exchange at prices ranging from $35 to $37 per paper. Placement at the upper end of this range will bring Klarna and its shareholders $1.27 billion, and the market value of the service will be about $14 billion. The papers will be traded under the ticker KLAR. At the peak in 2021, Klarna was worth $46 billion.

- US engineering company Legence, which specializes in climate systems for data centers and other technically complex buildings, expects to raise up to $754m on a listing in New York. Legence plans to list 26 million shares on Nasdaq under the ticker LGN at a price range of $25 to $29 a share: the upper limit implies a valuation of $2.9 billion. The company intends to determine the offering price on September 11, Bloomberg reports, citing Legence's presentation. Private equity giant Blackstone acquired Legence in 2020 - at the time it was called Therma. Since then, its business has grown through acquisitions of smaller rivals P2S, OCI Associates and AO Reed & Co.

- Blockchain-based lending company Figure Technology Solutions is looking to raise $526 million on a US exchange. The company and its shareholders aim to float 26.4 million shares on the stock market at prices ranging from $18 to $20 apiece. If placed at the upper end of the range, Figure's capitalization will be $4.13 billion. According to the marketing presentation, Figure will set the IPO price on September 10, Bloomberg reports.

- Ticketing platform StubHub expects to raise at least $1 billion in its U.S. IPO, while developer of cloud-based cybersecurity solutions Netskope expects to raise about $1 billion, Bloomberg sources say. Both companies plan to launch the official stage of their roadshows on Sept. 8, they said. In April, StubHub had to suspend its preparations to list on the New York Stock Exchange due to stock market turbulence over Donald Trump's duties. Netskope filed for an IPO on Nasdaq in August.

- New York-based cryptocurrency exchange Gemini Space Station, led by the billionaire Winklevoss brothers, has announced plans to raise up to $316.7 million in an IPO. The crypto exchange intends to list 16.7 million shares on Nasdaq under the ticker GEMI at prices ranging from $17 to $19 apiece. If listed at the upper end of this range, Gemini's market value will be $2.2 billion. Thanks to the loyalty to the crypto market shown by the Trump administration, investors are showing high interest in public offerings of cryptocurrency companies. For example, shares of stablecoin issuer Circle Internet Group soared 168% on the first day of trading after its $1.2 billion IPO in June. Cryptocurrency exchange Bullish held an IPO for $1.1 billion in August, and its securities rose 84% on the day of its debut.

- US coffee chain operator Black Rock Coffee Bar is seeking to raise up to $265m in an IPO on Nasdaq. The company plans to float 14.7 million shares under the ticker BRCB at a price of $16 to $18 per paper. The chain operates 158 outlets where you can buy drinks and breakfast without getting out of your car. Last quarter, the company's revenue was up 11% on an April-June 2024 basis.

- Florida-based flood damage insurer Neptune Insurance has filed for an IPO in the US. The company plans to place its shares on the New York Stock Exchange under the ticker NP. Morgan Stanley, JPMorgan Chase and Bank of America are the lead organizers of the listing. Neptune Insurance's website claims that through the use of artificial intelligence, it is able to assess risks and generate proposals for clients in seconds.

- China's Zijin Mining Group is preparing to launch an IPO of its gold mining business Zijin Gold in Hong Kong as early as September, Bloomberg reported. According to the agency's sources, Zijin Gold's listing could exceed $3 billion, making it the world's second-largest offering this year after the debut of battery maker CATL. Amid record gold prices, investor interest in the offering is exceptionally high, a Bloomberg source said.

- Austrian producer of gas-fired power plants Innio is preparing for an IPO in the United States, Bloomberg reported citing sources. The company is in a favorable position thanks to the boom in the data center market and can claim a valuation of at least $12 billion. Until 2018, Innio was part of General Electric as a distributed generation unit, and then was sold to the current owner - investment company Advent - for $3.25 billion.

- Swiss Marketplace Group (SMG), an online classifieds company, has announced plans to launch a major IPO in Zurich in the coming weeks, Reuters reports. Three of the agency's sources said SMG shareholders could float shares worth about 1 billion Swiss francs ($1.25 billion), based on the company's valuation of 4.5 billion francs ($5.6 billion). The IPO is being coordinated by JPMorgan, Goldman Sachs and UBS, as well as Barclays, BNP Paribas, Morgan Stanley, Zuercher Kantonalbank and Evercore. In Switzerland, the company operates real estate websites including homegate.ch and Immoscout24, as well as the Autoscout24 marketplace for car sales.

- India's Avaada Group is considering an IPO of its Mumbai-based Avaada Electro solar cell manufacturing unit for up to $1 billion, Bloomberg reported, citing sources. The agency did not name the timing of going public. Avaada raised more than $1 billion from Brookfield Renewable Partners and other investors in 2023.

- Saudi Arabia's largest chemical company Saudi Basic Industries Corp. (Sabic), controlled by oil giant Saudi Aramco, has halted preparations for an IPO of its industrial gases business. According to Bloomberg's sources, Sabic canceled meetings with potential investors, and it is now unknown when the process will resume or if it will resume at all. Sabic posted its third consecutive quarterly loss in the second quarter amid a general industry slowdown. Its shares have fallen in value by 11% since the beginning of 2025.

- Nasdaq will tighten listing rules and trading standards for small-company stocks as part of a crackdown on an influx of fraudulent "pump-and-dump" schemes involving Chinese firms. The exchange announced it will introduce an "accelerated procedure" to suspend and delist shares of small companies that do not meet its standards. It will also change the minimum free float requirements "specifically for companies operating predominantly in China." Nasdaq has struggled for years with the problem of "pump and dump" stock prices, but in recent months fraud involving Chinese firms has increased, the Financial Times notes. According to the newspaper, investors have lost billions of dollars betting on several Chinese small-cap stocks listed on Nasdaq that were heavily promoted on social media.

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