Group 1 - Moody's upgraded Pakistan's local and foreign currency issuer ratings and senior unsecured debt rating from Caa2 to Caa1, changing the outlook from "positive" to "stable" [9] - The IMF delegation is expected to visit Pakistan at the end of September for an economic review, with the anticipation of receiving a third loan tranche of $1 billion after the review [9] - As of August 8, the State Bank of Pakistan reported an increase of $11 million in foreign exchange reserves, reaching $14.2432 billion, while commercial banks' net foreign exchange reserves decreased by $10 million to $5.2535 billion [9] Group 2 - The Pakistan Bureau of Statistics reported a 0.31% increase in short-term inflation week-on-week and a year-on-year increase of 2.21%, with 17 out of 51 surveyed items experiencing price increases [9] - The Pakistan Securities and Exchange Commission announced the final revision of the public offering system, effective from August 6, 2025, aimed at enhancing IPO efficiency through competition, technology, and transparent pricing mechanisms [10] - The latest report from the Pakistan Bureau of Statistics indicated a 0.74% contraction in the large-scale manufacturing (LSM) sector for the fiscal year 2024-2025, despite a 4.14% year-on-year growth in June, with significant declines in sectors such as tobacco, textiles, and automotive [11]

Group 1 - KKR-backed Musinsa is considering an IPO with a potential valuation of approximately 10 trillion KRW (about 7.2 billion USD) [1] - Musinsa operates two major online fashion platforms in South Korea, "Musinsa" for the general public and "29cm" focused on female users, with monthly active users of approximately 7 million and 3 million respectively [1] - The global platform launched in 2022 has seen a remarkable annual transaction growth rate of 260%, with monthly active users exceeding 3 million as of April 2025 [1] Group 2 - Musinsa is projected to achieve a 25% sales growth in 2024, reaching 1.2 trillion KRW, and is expected to turn a profit with an operating profit of 102.8 billion KRW [2] - The positive momentum is expected to continue into the first quarter of 2025, with an operating profit of 17.6 billion KRW reported [2] - The earliest potential listing for Musinsa could occur in 2026, either in South Korea or the United States [2]

阿联酋环球铝业公司（Emirates Global Aluminium，EGA）正在认真考虑启动首次公开募股（IPO）， 这是多年来首次明显推进该计划。消息人士透露，EGA已邀请银行提交相关建议，并由罗斯柴尔德公 司担任财务顾问，预计募资金额可能达数十亿美元。目前上市地点尚未确定，这也是此次IPO的关键议 题之一。 来源：世铝网 EGA于2013年由迪拜铝业公司（Dubal）和阿布扎比铝业公司（Emal）合并而成，目前由阿布扎比的穆 巴达拉投资公司和迪拜投资公司共同持有，在两地均设有生产设施。 ...

Core Viewpoint - Monkey Tree Investment, a Hong Kong-based company specializing in children's English learning centers, has filed for an initial public offering (IPO) with the SEC, aiming to raise up to $7 million [1] Company Overview - The company plans to issue 1.6 million shares with a price range set between $4 and $5, which would result in a market capitalization of approximately $79 million at the midpoint of the price range [1] - Established in 2009, Monkey Tree operates 20 learning centers in Hong Kong, targeting students aged 3 to 14, offering courses in phonics, reading, grammar, writing, speaking, and exam preparation [1] - In addition to its own centers, the company licenses the "Monkey Tree" brand to other operators, who run an additional 38 centers in Hong Kong [1] IPO Details - The company plans to list on NASDAQ under the ticker symbol "MKTR" [1] - Revere Securities is serving as the exclusive book-running manager for this offering [1]

Group 1 - Bullish successfully raised $1.1 billion through its IPO, selling 30 million shares at $37 each, exceeding the previously advertised price range of $32 to $33 [1] - The estimated market capitalization of Bullish at the IPO price is $5.4 billion [1] - The IPO was oversubscribed by more than 20 times the amount offered, with BlackRock and ARK Investment Management expressing interest in purchasing up to $200 million worth of shares at the IPO price [1] Group 2 - Bullish's largest investor is co-founder Brendan Blumer, who is expected to hold 30.1% of the shares post-IPO, while board member Kokuei Yuan will hold 26.7% [2] - The IPO is led by JPMorgan, Jefferies Financial Group, and Citigroup, with plans to list on the New York Stock Exchange under the ticker symbol BLSH [2] - Bullish offers cryptocurrency spot trading, margin trading, and derivatives trading services primarily targeting institutional investors [1]

Group 1 - StubHub is indicating that its IPO is back on track, having filed an updated S-1 that includes Q1 2025 results after initially pausing due to market concerns [1] - IPO experts Renaissance Capital estimate that the IPO could raise $1 billion, with a potential debut next month [1] - StubHub's revenue for 2024 was nearly $1.8 billion, with a net loss of $2.8 million [2] Group 2 - The largest shareholder of StubHub is Madrone Partners with a 27.1% stake, followed by WestCap Management at 10.8% and Bessemer at 9.6% [2] - Founder CEO Eric Baker holds only 5.2% of the Class A shares but controls 90% of the voting power through super-voting rights Class B shares [2]

Group 1 - StubHub Holdings Inc. reported a net loss of $35.9 million for the latest fiscal quarter ending March 31, with revenues of $397.6 million, compared to a net loss of $29.7 million and revenues of $360.1 million in the same period last year, indicating a significant increase in both loss and revenue [1][3] - The total gross merchandise sales for StubHub reached $2.1 billion in the latest quarter, up from $1.8 billion in the same period last year, showcasing strong business growth despite challenges [3] - The company has been exploring an IPO since 2022, with an initial market valuation expectation exceeding $13 billion, but faced delays due to unfavorable market conditions [3][4] Group 2 - StubHub's IPO is being led by JPMorgan Chase and Goldman Sachs, with participation from over a dozen other banks, and plans to list on the New York Stock Exchange under the ticker symbol STUB [4] - The company's co-founder Eric Baker, who previously sold StubHub to eBay for $310 million, later facilitated its acquisition by Viagogo for $4.05 billion in 2019, and currently holds 5.2% of A-class shares, maintaining over 90% voting power through B-class shares [4]

Group 1 - Fitness Fanatics, a Hong Kong-based distributor of sports nutrition products, plans to raise up to $9 million through an IPO, with a share price range set between $4 and $5 [1] - The company intends to issue 2 million shares, with 30% being secondary shares, and the estimated market capitalization at the midpoint of the price range is $143 million [1] - Fitness Fanatics has a diverse sales channel, including gyms, supermarkets, convenience stores, membership warehouses, specialty stores, e-commerce platforms, and online markets, with over 1,000 sales points as of December 31, 2024 [1] Group 2 - Founded in 2016, the company reported revenue of $19 million for the 12 months ending December 31, 2024 [1] - The company plans to list on NASDAQ under the ticker symbol "FIT" [1] - Bancroft Capital is the exclusive bookrunner for this IPO [1]

Group 1 - Bullish, a cryptocurrency exchange backed by Peter Thiel, has submitted updated documents to the SEC, planning to increase its IPO fundraising target from $629 million to a maximum of $990 million [1] - The number of shares to be issued has been raised from 20.3 million to 30 million, with a company valuation reaching $4.8 billion [1] - Previously, Bullish aimed to go public via SPAC at a valuation of $9 billion but canceled that plan in 2022 [1] Group 2 - The IPO is being underwritten by major financial institutions including JPMorgan, Jefferies, and Citigroup [1]

Group 1 - Seven IPOs and two SPACs debuted this week, indicating a robust market activity in the capital raising sector [2] - Five small IPOs and seven SPACs submitted initial filings, suggesting a continued interest in public offerings and SPAC formations [2] - Firefly Aerospace (FLY) successfully priced its upsized IPO above the upwardly revised range, raising $868 million, highlighting investor confidence in the space technology sector [2]