Key Points:

• U.S. IPO activity shifts toward selective pricing as Accelevation raises $540 million below its proposed range while Oura postpones its planned $2.1 billion offering.
• Hong Kong sustains stronger capital formation as four technology-focused companies list on HKEX, reinforcing the region’s role in Asian equity issuance.
• Lower volatility supports market access, but elevated financing costs and valuation sensitivity continue to constrain the broader IPO window.

Global IPO Markets Enter a More Selective Fourth-Quarter Phase

The global IPO market entered the fourth quarter with continued access to public capital but increasingly selective pricing conditions during September 28–October 2, 2026. U.S. issuance included Accelevation Holdings and Southport Acquisition II, while Roze AI completed a direct listing without raising primary capital. Asia remained a stronger source of new equity issuance, particularly through Hong Kong’s technology-focused listings. At the same time, Oura’s postponement of its planned $2.1 billion offering demonstrated that substantial investor interest does not eliminate sensitivity to market conditions and valuation.

United States — Selective Pricing Tests the Strength of the Fall IPO Window

U.S. IPO activity was led by Accelevation Holdings (ACCV), which priced 30 million shares at $18.00 and raised $540 million, below its proposed $20.00–$24.00 range. The shares finished the week down 2% from the IPO price, indicating continued pricing discipline among investors. Southport Acquisition II also priced a $200 million SPAC offering at $10.00 per unit. Roze AI completed a Nasdaq direct listing and gained 149% from its reference price by October 2, although the transaction raised no primary capital. The pipeline remained active, with three operating-company filings and six SPAC filings during the week. Oura, however, postponed its planned $2.1 billion IPO, reinforcing the increasingly selective conditions facing larger issuers.

Europe — Limited Listings Keep Regional Issuance Concentrated

European primary-market activity remained comparatively narrow during the week. 1947 Oil & Gas PLC began trading on the London Stock Exchange’s AIM market on September 28 at an issue price of 10 pence, with 500 million shares issued and an aggregate value at the issue price of £50.0 million. Orange Media Group also listed on Euronext Growth Milan on September 30, although its transaction was structured as a €1.7 million private placement rather than a conventional IPO. No significant new operating-company IPO was identified on Deutsche Börse or SIX during the covered period. The limited number of transactions indicates that European issuers remained cautious about entering public markets while broader valuation and financing conditions continued to influence listing decisions.

Asia — Hong Kong Extends Its Role as a Technology IPO Hub

Asian issuance remained more active, led by four notable Hong Kong listings on September 29. RoboTechnik Intelligent Technology, Shenzhen Kinwong Electronic, Red Avenue New Materials Group and Direct Drive Tech all began trading on HKEX. RoboTechnik raised HK$5.18 billion, Kinwong raised HK$5.1 billion, Red Avenue raised approximately HK$3 billion and Direct Drive raised HK$1.08 billion. Their first-day performances were mixed, with RoboTechnik falling nearly 5%, Kinwong gaining 10.3%, Red Avenue falling 9.1% and Direct Drive gaining 7.4%. Hong Kong IPOs and secondary listings had raised $46.54 billion during 2026 by September 29, up 94.3% from the prior year, underscoring the region’s expanding role in equity capital formation.

Israel — No Significant IPO Activity as Global Issuance Remains Uneven

No significant Israeli IPO activity was identified during September 28–October 2, 2026. The available data did not indicate a major Israeli IPO pricing, filing, withdrawal or regulatory development during the covered period. The absence of a notable domestic transaction contrasted with the stronger issuance activity recorded in Hong Kong and the selective reopening of the U.S. market. For the broader global IPO cycle, the regional divergence indicates that access to equity capital remains dependent on market-specific liquidity, investor demand and issuer valuations. Israeli issuance therefore remained outside the principal capital-formation activity identified during the week.

Next Session — Pricing Discipline and New Filings Will Set the Direction

The next stage of the IPO cycle will depend on whether companies currently in registration can convert filings into priced offerings without significant valuation concessions. U.S. investors will continue to assess the pipeline following Oura’s postponement and Accelevation’s below-range pricing. Hong Kong’s technology listings provide a contrasting signal of continued regional demand for new equity exposure. With the VIX closing at 15.31 on October 2 after falling 6.59%, volatility remained relatively contained, but financing costs and valuation sensitivity will remain central to the timing and structure of upcoming offerings.