Key Points:

• The United States recorded two conventional IPO pricings during November 9–13, while postponements and withdrawals demonstrated continued sensitivity to valuation and market conditions.
• Asian exchanges maintained stronger listing activity, led by Hong Kong’s technology and healthcare offerings, while selected mainland Chinese and Japanese debuts attracted substantial investor demand.
• Higher inflation expectations and prospective central-bank tightening remain important constraints on global IPO valuations, despite a significant decline in U.S. market volatility during the week.

Global IPO Markets Reflect Diverging Capital-Raising Conditions

Global IPO activity during November 9–13 demonstrated a widening divergence between regional primary markets. The United States continued to attract sizeable transactions, but the postponement of Rezera and withdrawal of Bitari highlighted the importance of execution and investor appetite. Asia maintained a broader pipeline of new listings, particularly in Hong Kong, where technology, healthcare and energy-storage companies contributed to issuance activity. European markets remained comparatively subdued, while Israel recorded no significant new IPO activity. Meanwhile, improving volatility conditions offered some support to equity issuance, although inflation and monetary-policy uncertainty continued to influence institutional capital allocation.

United States — Pricing Discipline Shapes New Issuance

The U.S. primary market recorded two conventional IPO pricings during the week. vVARDIS Holding AG (VVVV) priced at $18.00, raising approximately $175 million, while Windward Bio Group AG (WWB) priced at $17.00 and also raised $175 million through an offering of 10.3 million shares. Modern Mining Technology Corp. (MDRN) separately began trading following an approximately $40 million Regulation A offering, which should not be classified as a conventional IPO. Rezera Inc. (RZRA) postponed its proposed offering, while Bitari Inc. (BIAI) withdrew its planned $30 million transaction. New pipeline developments included American Barrick Gold’s estimated $6 billion offering and CloudDepots Holdings’ proposed $17 million IPO. Anthropic’s proposed $61 billion offering, with 825 million shares marketed at $70–$78, emerged as a significant upcoming transaction. These developments indicate that institutional demand remains available for large issuers, although execution conditions continue to differentiate successful offerings from postponed transactions.

Europe — Limited Listings Reflect Restrained Primary-Market Activity

European IPO issuance remained limited during November 9–13, with no significant new traditional company offering independently identified in the weekly data. An ordinary-share admission for ACHETER-LOUER.FR was recorded on Euronext Access Paris on November 10, although verified offering proceeds and pricing information were unavailable. The distinction between new admissions and conventional IPOs remains important when evaluating European capital formation. Unlike the more active Asian markets, European exchanges did not produce a comparable concentration of major new company listings during the reporting period. Monetary conditions also remained relevant to the regional issuance outlook. The European Central Bank maintained its deposit facility rate at 2.50%, while President Christine Lagarde indicated that incoming economic data would influence the December policy decision. The prospect of further tightening could continue to affect valuation expectations and institutional demand for growth-oriented listings.

Asia — Hong Kong Listings and Selective Debuts Drive Issuance

Asia recorded the strongest concentration of new listings during the week, with Hong Kong accounting for substantial activity across energy storage, pharmaceuticals, semiconductors and technology. Notable transactions included RelyEZ Energy Storage Technology, Sichuan Neautus Traditional Chinese Medicine, Amicro Technology and Adaspace Technology. Individual performances varied, with RelyEZ gaining approximately 130.06% and Sichuan Neautus advancing approximately 83.33%, while Suzhou Denglin Technology declined approximately 23.25%. Mainland China also recorded Guangdong KRS CNC Technology (688827), which closed its first trading session at CNY 109.69 against an IPO price of CNY 45.37. Japan’s RECEPTIONIST Inc. (660A) opened at ¥1,012 against its ¥850 offering price. India continued developing its issuance pipeline through filings from SNVA Traveltech, Hindustan Coca-Cola Holdings and Sitaram Denims. South Korean listings added further regional activity, although debut performances remained mixed. The breadth of Asian issuance contrasted with the more limited activity in Western markets.

Israel — Domestic IPO Activity Remains Limited

No significant new Israeli company IPO pricing or primary listing was identified on the Tel Aviv Stock Exchange during November 9–13. Exchange-related ceremonies involving StandWithUs and the Israel Hedge Fund Association took place during the week but did not represent new company offerings. Nevertheless, TASE reported that 21 companies had completed share IPOs during the first nine months of 2026, including six during the third quarter, collectively raising NIS 7.8 billion. This broader annual performance indicates that the absence of new offerings during the current reporting period does not necessarily reflect a prolonged contraction in domestic capital formation. Israeli issuance activity remains relevant to the wider regional assessment, particularly as institutional investors evaluate financing conditions and international market opportunities.

Next Session — Inflation and Major Technology Offerings Remain Key Catalysts

The next trading sessions will focus on the progress of Anthropic’s proposed offering, developments surrounding American Barrick Gold and the ability of postponed issuers to return to the market. The VIX closed at 19.30 on November 13, down approximately 24.7% from its November 6 close, suggesting improved near-term volatility conditions. However, Federal Reserve, ECB and Bank of Japan policy expectations remain important determinants of IPO valuations and capital availability. The balance between improving market stability and persistent inflationary pressure will shape the next phase of global issuance.