As of Monday, 24 November 2025, global IPO news is dominated by a blockbuster aluminium debut in Hong Kong, a long‑awaited spin‑off from JD.com, a flurry of Indian primary issues, and fresh listing ambitions from major Asian crypto exchanges. At the same time, Wall Street’s IPO boom has cooled sharply under the weight of a recent U.S. government shutdown and more cautious investors. [1]
Below is a round‑up of the most important IPO developments worldwide today (24 November 2025).
Global backdrop: hot year, cooler mood
The U.S. has still been the engine of IPO activity in 2025, with more than 300 companies going public, almost 60% more than by this point in 2024, according to IPO tracking data. [2] But the tone has shifted in November:
- An extended U.S. government shutdown temporarily halted many SEC reviews and delayed deals, creating a backlog at the regulator. [3]
- An Associated Press analysis this weekend concluded that Wall Street’s “red‑hot” IPO year has fizzled out as both the shutdown and more selective investors cooled demand. [4]
The upshot: high‑quality names can still list, but investors are less forgiving on pricing and growth stories. Against that backdrop, Asia and the Middle East are driving many of today’s IPO headlines.
Hong Kong: Chuangxin Industries soars on debut; JD.com’s JDi readies $500m listing
Chuangxin Industries’ aluminium IPO explodes out of the gate
The biggest pure IPO action today is in Hong Kong, where Chuangxin Industries Holdings Limited – a major Chinese producer of alumina and electrolytic aluminium – debuted on the main board of the Hong Kong Stock Exchange. [5]
Key details:
- Offer size: about 500 million shares at HK$10.99 each
- Gross proceeds: roughly HK$5.5 billion (around US$700+ million)
- Demand: the Hong Kong public tranche was oversubscribed by 447.2 times
- First‑day performance: shares closed at HK$14.59, a 32.76% jump over the IPO price
Seventeen cornerstone investors – including Hillhouse, China Hongqiao, Taikang Life, Glencore AG and Mercuria – took nearly half of the global offering, underlining strong institutional appetite for large‑scale “green” metals plays. [6]
Chuangxin plans to use proceeds to expand capacity, fund overseas projects (including in Saudi Arabia), and accelerate its transition to green power for aluminium production, targeting over 50% green energy usage by end‑2026. [7]
JD.com’s JingDong Industrials targets up to $500m IPO next week
Also in Hong Kong, JingDong Industrials (JDi) – the industrial supply‑chain and technology arm of JD.com – is finally heading to market.
According to deal terms reported today:
- JDi is pre‑marketing an IPO of up to US$500 million, with investor education meetings kicking off this week. [8]
- The company is aiming to price the offering on 8 December and list on 11 December, though both timing and size can still be tweaked based on demand. [9]
- JD.com retains about 79% ownership following a 2023 spin‑off; JDi focuses on industrial supply‑chain services and technology. [10]
The deal comes after JDi received approval from China’s securities regulator in September and filed a near‑final prospectus (post‑hearing information pack) with the Hong Kong exchange on Sunday. [11]
However, sentiment is not straightforward: Hong Kong has been the top IPO venue globally by deal volume in 2025, but recent tech listings – including autonomous‑driving plays – have suffered weak post‑listing performance, making investors more selective on new deals. [12]
Crypto exchanges push towards public markets: Upbit and Bitkub
Upbit eyes Nasdaq listing after Naver merger
In digital‑asset markets, South Korea’s Upbit is moving towards a U.S. listing. A Bloomberg‑cited report today says:
- Upbit is planning a Nasdaq IPO once its merger with Naver Financial, the fintech arm of Korean internet giant Naver, is completed. [13]
- The merger would consolidate Upbit’s parent, Dunamu, into Naver’s financial business, creating a hybrid traditional‑finance/crypto entity ahead of listing. [14]
Upbit would join a cohort of high‑profile crypto companies that have gone public in the U.S. this year, such as Circle and Bullish, reinforcing the theme that mature digital‑asset firms increasingly seek the disclosure and capital access that public markets provide. [15]
Thailand’s Bitkub pivots from Bangkok to Hong Kong
Separately, Bitkub, Thailand’s largest crypto exchange, is now considering a Hong Kong IPO of around US$200 million in 2026, after previously planning a domestic flotation in Bangkok. [16]
According to reporting today:
- Bitkub’s original strategy envisaged a listing on the Stock Exchange of Thailand, but the Thai equity market’s slump – the SET Index is down nearly 30% this year – has hurt local IPO performance. [17]
- Hong Kong, by contrast, is pitching itself as a regional digital‑asset hub, with regulators and banks reporting a sharp rise in digital‑asset and tokenization‑related flows. [18]
The shift underscores a wider pattern: crypto platforms are gravitating towards jurisdictions that both welcome digital assets and support sizable capital‑raising through public listings.
Philippines: Maynilad’s green‑label IPO spotlighted as second‑largest ever
In the Philippines, legal and capital‑markets circles today are highlighting the recent IPO of Maynilad Water Services, which has now been formally recognised as the country’s second‑largest listing in history. [19]
Key points from today’s coverage:
- Maynilad raised PHP34 billion (about US$590 million) in its IPO on the Philippine Stock Exchange. [20]
- The deal is the second‑largest Philippine IPO ever, behind Monde Nissin’s 2021 float. [21]
- It is the first company to obtain the Philippine SEC’s new “Philippine Green Equity” label, designed for equity offerings funding environmentally sustainable projects, and may now serve as a template for future regulated‑utility IPOs. [22]
While the listing itself took place earlier in the autumn, today’s detailed legal analysis underlines how regulation‑driven “green” labels are becoming a meaningful differentiator for large infrastructure and utility issuers in emerging markets.
India: Excelsoft allotment, Sudeep Pharma frenzy, Sembcorp’s green IPO talks and more
India remains one of 2025’s IPO hotspots, and today’s news flow is particularly dense.
Excelsoft Technologies: allotment today after 43x subscription
The ₹500 crore (c. US$60m) IPO of Excelsoft Technologies, a Mysuru‑based ed‑tech and assessment‑technology SaaS provider, closed on 21 November and drew around 43 times subscription. [23]
Today, 24 November:
- Multiple outlets report that share allotment is being finalised tonight, with investors already refreshing registrar and exchange portals to check allocations. [24]
- The price band was ₹114–₹120 per share, and the stock is scheduled to list on both NSE and BSE on 26 November. [25]
- Grey market data show a modest premium of roughly 5–12% over the upper price band, suggesting expectations for a positive but not euphoric listing pop. [26]
Excelsoft is being watched as a bellwether for profitable mid‑size SaaS and education‑technology businesses in India’s primary market.
Sudeep Pharma: strong day‑two demand and double‑digit GMP
The ₹895 crore IPO of Sudeep Pharma, a speciality ingredients and pharmaceutical‑sector company, is currently in its second day of book‑building and is drawing heavy interest. [27]
As of today’s updates:
- The issue – comprising a ₹95 crore fresh issue and an ₹800 crore offer for sale – is priced in a band of ₹563–₹593 and remains open for bids until 25 November. [28]
- By midday, overall subscription was reported at roughly 2.5–2.6 times, with particular strength in non‑institutional investor (NII) demand, and Business Standard later reported total bids reaching about 5.09 times, with NIIs subscribing around 12x. [29]
- Grey‑market premium (GMP) checks point to an implied listing gain of about 20% over the top of the price band, reflecting optimism around pharma earnings and specialty‑chemicals demand. [30]
Brokerages generally characterise Sudeep as suitable for investors comfortable with sector cyclicality but seeking growth exposure in pharma ingredients.
Upcoming SSMD Agrotech SME IPO tomorrow
Looking ahead to tomorrow, SSMD Agrotech, an agro‑food products manufacturer, will open its ₹34.09 crore IPO for subscription on 25 November. [31]
- The entire issue consists of fresh shares, and the deal is positioned in India’s SME segment, where investor appetite has been strong through 2025. [32]
Sembcorp’s India renewables arm revives listing plan
Adding to the pipeline, Sembcorp Industries has started talks over an IPO for its Indian unit Sembcorp Green Infra, which operates wind, solar and energy‑storage assets. [33]
According to today’s Reuters‑sourced note:
- The company has reportedly appointed Citi, HSBC and Axis as advisers for a potential Mumbai listing. [34]
- Discussions are at an early stage, with no final decision on deal size.
- India has already become the world’s third‑largest IPO market in 2025, with companies raising over US$16 billion so far – a backdrop that encourages large infrastructure and green‑energy issuers to return to equity markets. [35]
2025’s big Indian IPO winners back in the spotlight
Finally, Business Standard today highlighted several 2025 Indian listings that have already doubled investors’ money, including the parent of investing platform Groww (Billionbrains Garage Ventures) and other mid‑cap names that delivered triple‑digit returns post‑listing. [36]
This mix of strong performers, oversubscribed new issues and a busy upcoming calendar is keeping India firmly on global IPO investors’ radar.
Middle East: ALEC Holdings underscores Dubai’s mega‑project story
In the Gulf, ALEC Holdings remains in focus as trade press circles today revisited its recent Dubai Financial Market (DFM) debut, describing it as the largest construction‑sector IPO in UAE history. [37]
Key context from exchange and media commentary:
- ALEC is a major engineering and construction group tied to some of the region’s flagship real‑estate and infrastructure projects. [38]
- Its IPO – completed earlier this year – was fully subscribed and raised several hundred million dollars, helping push UAE equity issuance above US$1 billion across three offerings in 2025, according to regional capital‑markets analysis. [39]
While not a new listing today, today’s coverage underscores how infrastructure‑heavy names in the Gulf continue to attract international capital, especially when tied to long‑term national development plans.
U.S. & Europe: SPACs, lawsuits and a pause in mega‑floats
On Wall Street and across Europe, no blockbuster new IPOs are pricing today, but there are several notable IPO‑related developments:
- Soulpower Acquisition Corporation (NYSE: SOUL), a blank‑cheque company that went public in April 2025, announced the signing of a business‑combination agreement with SWB LLC valued at about US$8.1 billion, highlighting that SPAC structures remain active even as traditional IPOs slow. [40]
- A law‑firm press release reminds investors in recently listed aerospace company Firefly Aerospace (FLY) of a potential securities‑fraud class action, reflecting how litigation risk often follows aggressive growth stories onto the public markets. [41]
- In London, new commentary today from City A.M. stresses that, despite some high‑profile offerings like Princes Group, structural issues in the FTSE 100 and UK listing regime are still hampering a full revival of the local IPO market.
With a still‑uncertain macro backdrop and a backlog of deals stuck at the SEC from the recent shutdown, many U.S. and European issuers appear to be waiting for clearer signals on rates and risk appetite before launching large offerings.
Cross‑border caution: Fuxing China pulls Nasdaq uplisting
One of today’s more sobering IPO headlines is the cancellation of a long‑gestating Nasdaq uplisting:
- Fuxing China Group Ltd, a Singapore‑listed zipper manufacturer, has announced that it will no longer pursue its proposed Nasdaq listing and the related ADS offering.
- The company cited delays in securing approval from China’s securities regulator, stricter Nasdaq requirements for PRC‑based companies, and the financial and administrative burden of complying with U.S. securities regulations.
The withdrawal comes after more than a year of filings and revisions – including a plan to offer 1.5 million ADSs at US$4–6 each – and illustrates how regulatory and geopolitical frictions can derail smaller cross‑border IPOs even late in the process.
What today’s IPO news means for investors
Putting today’s global IPO stories together, a few themes stand out:
- Asia is carrying the listings torch.
With Chuangxin’s oversized Hong Kong debut, India’s crowded pipeline, and major Philippines and Middle East deals in the rear‑view mirror, much of the fresh equity issuance is happening east of Europe, even as U.S. activity pauses. [42] - Quality, sector and structure matter more than ever.
Oversubscription in Chuangxin, Excelsoft and Sudeep Pharma shows investors are still eager for assets tied to secular themes such as green metals, ed‑tech and speciality pharma – but post‑listing volatility in some high‑growth names has made investors choosier on valuation. [43] - Crypto and digital‑asset firms are moving into mainstream equity markets.
Upbit’s planned Nasdaq IPO and Bitkub’s Hong Kong ambitions confirm that regulated exchanges, not just tokens, are now core IPO candidates, especially in markets positioning themselves as digital‑asset hubs. [44] - Regulation is a double‑edged sword.
Green labels and sustainability frameworks – as seen in Maynilad’s IPO and Chuangxin’s positioning – can attract ESG‑focused capital, while more stringent cross‑border rules, like those facing Fuxing China, can shut deals down entirely. [45] - Backlogs today could mean busy windows tomorrow.
The shutdown‑induced backlog at the SEC, combined with strong private‑market pipelines and big potential deals (from JD.com’s units to major tech unicorns), suggests that once political and macro uncertainties ease, a new wave of listings could follow – though timing is inherently uncertain. [46]
For now, investors tracking IPO news today (24 November 2025) are seeing a market that is far from closed, but very much selective and regionally skewed – rewarding established cash‑generating businesses, green and infrastructure plays, and regulated crypto platforms, while punishing or postponing offerings that can’t clear higher regulatory and valuation bars.
References
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