The global IPO landscape in 2025 is witnessing a resurgence, with companies across various sectors preparing to go public. Despite lingering market volatility, several firms are moving forward with their IPO plans, signaling renewed investor confidence. Here’s an overview of some notable IPO announcements and trends to watch:
Global IPO Highlights
1. Yuanbao (China)
- Sector: Online Insurance
- Valuation Target: Up to $676 million
- IPO Size: Approximately $30 million
- Listing: Nasdaq under the ticker “YB”
- Overview: Chinese online insurance broker Yuanbao is proceeding with its U.S. IPO amid heightened trade tensions. The company reported a revenue increase from 2.05 billion yuan in 2023 to 3.28 billion yuan ($450 million) in 2024.
2. Klarna (Sweden)
- Sector: Fintech
- Valuation Target: Up to $15 billion
- Listing: New York Stock Exchange under the ticker “KLAR”
- Overview: Swedish fintech company Klarna has filed for a U.S. IPO, aiming to capitalize on its return to profitability in 2024, with a net income of $21 million and revenues reaching $2.81 billion.
3. Venture Global (USA)
- Sector: Energy (LNG)
- Valuation Target: Over $110 billion
- IPO Size: Up to $2.3 billion
- Overview: Venture Global, a developer and operator of LNG export facilities, is set to launch one of the largest IPOs of the year, reflecting the growing demand for sustainable energy solutions.
🇮🇳 Indian IPO Landscape
1. Ather Energy
- Sector: Electric Vehicles
- Valuation Target: Up to $1.4 billion
- IPO Size: $350 million
- Overview: Indian electric scooter manufacturer Ather Energy has set its IPO price band between ₹304 and ₹321 per share. The company has reduced its valuation target by 44% amid global market uncertainties.
2. Zepto
- Sector: Quick Commerce
- Valuation Target: $5 billion
- IPO Size: $450–500 million
- Overview: Zepto, a leading quick-commerce startup in India, plans to go public in March-April 2025. The company commands a 28% market share and aims to double its dark store count by early 2025.
3. HDB Financial Services
- Sector: Financial Services
- IPO Size: ₹12,500 crore (~$1.49 billion)
- Overview: A subsidiary of HDFC Bank, HDB Financial Services is preparing for a significant IPO, with HDFC Bank planning to sell shares worth ₹10,000 crore while retaining a 94.6% stake.
4. PhysicsWallah
- Sector: Edtech
- Valuation Target: $5 billion
- IPO Size: $500 million
- Overview: PhysicsWallah, a prominent edtech company in India, is set to launch its IPO in the next few months, marking a significant milestone as the first pure-play edtech company to be listed in the country.
🔍 Emerging Trends and Considerations
Regulatory Initiatives: Euronext has introduced the European Common Prospectus (ECP) to streamline IPO processes within the EU, aiming to revitalize the IPO market and enhance capital market integration.
Market Volatility: Despite some companies proceeding with IPOs, overall market volatility remains a concern, with the VIX index indicating heightened uncertainty.
