Key Points:

• U.S. IPO activity shifts toward larger operating-company offerings as ADARx raises $446.3 million and new filings expand the fall pipeline.
• Asian markets attract substantial primary-market capital as Ligent Technologies and India’s National Stock Exchange reinforce regional issuance momentum.
• Higher Treasury yields and selective U.S. postponements signal tighter pricing conditions even as the VIX remains below 15.

Global IPO Markets Enter a More Selective Fall Issuance Phase

The global IPO market showed broader activity during September 21–25, 2026, with capital formation accelerating across selected U.S. and Asian transactions. The United States recorded three priced IPO and SPAC offerings, while several additional companies advanced through the filing and pricing pipeline. Asia produced some of the largest transactions of the week, led by Ligent Technologies in Hong Kong and the National Stock Exchange of India. At the same time, higher Treasury yields and several U.S. postponements demonstrated that market access remained selective rather than uniformly open.

United States — Larger Offerings Reopen the Pipeline but Pricing Remains Selective

U.S. issuance strengthened during the week, led by ADARx Pharmaceuticals, which priced its Nasdaq IPO at $17.00, the high end of its range, and raised $446.3 million. The company opened at $22.10, while Renaissance Capital reported that the shares finished the week 14% above the IPO price. Live Oak Acquisition VI priced a $200 million SPAC offering at $10.00 per unit, while Bluerock Acquisition II priced a $150 million offering at the same level. The broader pipeline also expanded through filings from TFP Group, City Therapeutics, Iambic Therapeutics, RegenLab USA and Interspace Biosciences. However, Bamboo Insurance Services and Amaero postponed offerings, while Holtec Nuclear withdrew its $825 million IPO, underscoring continued sensitivity to market conditions.

Europe — Selective Euronext Listings Keep Regional Issuance Narrow

European IPO activity remained concentrated on selected Euronext markets during the week. Nabla listed on Euronext Growth Milan on September 21, raising €5.5 million and reaching an IPO market capitalization of €19.8 million. Outlet Group Holding ASA listed on Euronext Oslo Børs on September 24, while D.A.T.E. listed on Euronext Growth Paris on September 25. Deutsche Börse activity remained focused primarily on ETF and ETP listings rather than major conventional operating-company IPOs. The regional pattern indicates that European exchanges continued to accommodate smaller and specialized transactions while larger companies remained cautious about market timing. No significant European IPO withdrawals were identified during the covered period.

Asia — Hong Kong and India Capture Larger Capital Formation

Asian equity markets generated some of the most significant primary-market activity during the week. Transwarp Technology began trading on the Hong Kong Stock Exchange on September 21, followed by Ligent Technologies on September 22. Ligent raised approximately $723 million and closed its first trading session at HK$34.48 against an IPO price of HK$32.96. India also produced a major transaction as the National Stock Exchange listed on September 24 following its IPO, with an offering size of approximately $2.3 billion. The NSE opened at ₹1,800 against an IPO price of ₹1,785 and closed at ₹1,818. Hong Kong also continued to strengthen its role in regional equity capital markets, with 2026 fundraising substantially above the comparable 2025 period.

Israel — No Significant IPO Activity Reported During the Week

No significant Israeli IPO activity was identified during September 21–25, 2026. The available data did not identify a major new Israeli listing, IPO filing, withdrawal, or regulatory development affecting the domestic IPO market during the period. Global conditions nevertheless remained relevant to Israeli issuers through changes in financing costs, equity valuations and investor risk appetite. The contrast between limited Israeli activity and stronger issuance in selected U.S. and Asian markets indicates that access to public capital remained dependent on company-specific positioning and prevailing market conditions. No separate Israeli transaction was sufficiently significant to alter the broader regional IPO picture for the week.

Next Session — Pipeline Growth Faces a Higher-Cost Funding Environment

The next phase of the fall IPO market will depend on whether companies currently in registration convert filings into priced transactions. Oura, Accelevation Holdings and the newly filed healthcare and technology companies will provide further evidence of institutional demand for larger offerings. In Asia, Hong Kong and India remain important sources of primary-market activity, while U.S. issuers must contend with higher Treasury yields and continued rate uncertainty. The VIX closed at 14.87 on September 25, keeping broad volatility relatively contained, but the combination of higher yields and postponed deals remains an important constraint on issuance conditions.