Core Insights - Bitkub, Thailand's leading cryptocurrency exchange, is considering a $200 million IPO in Hong Kong by 2026, reflecting challenges in Thai capital markets and Hong Kong's rise as a digital asset hub [1][5] Company Strategy - Initially, Bitkub planned a domestic listing on the Stock Exchange of Thailand for 2025, as stated in a 2023 shareholder letter, and was in the process of hiring financial advisers for this purpose [2][3] - The company aims to become a pioneering Thai-nationality tech firm, emphasizing its commitment to democratizing value in Thailand [3] Market Conditions - Thailand's stock market has faced significant challenges, with the SET Index dropping nearly 30% in 2025, making it one of the worst-performing markets [4] - Thai listings have experienced a weighted average decline of over 12%, prompting Bitkub to explore international options [4][5] Company Performance - Bitkub, founded in 2018, remains the top centralized crypto exchange in Thailand, offering 237 coins and 240 trading pairs, with a 24-hour trading volume of $66.3 million [6] - The exchange's total assets exceed $800 million, and it holds a Trust Score of 7 out of 10 on CoinGecko [6] Industry Trends - Hong Kong's crypto market is thriving, with digital asset-related bank transactions reaching HKD 26.1 billion in the first half of 2025, a 233% increase from the previous year [8] - Bitkub's potential IPO would align it with other firms like HashKey Group, which is also pursuing a public listing in Hong Kong [7]

Core Viewpoint - Prudential Plc is planning to raise up to $300 million through a share placement in ICICI Prudential Asset Management Co. ahead of its initial public offering (IPO) in India [1][2]. Group 1: Share Placement and Investor Interest - The UK-based insurer has initiated discussions with potential investors, with around 15 institutions showing interest in the pre-IPO placement [2]. - A final decision regarding the share placement will be made once ICICI Prudential AMC obtains regulatory approval for the IPO [2]. Group 2: IPO Details and Market Impact - The IPO is projected to raise as much as $1.1 billion, valuing ICICI Prudential AMC at approximately $11 billion, making it the second-largest mutual fund manager in India by assets [3]. - If the IPO is completed this year, it could further enhance India's robust IPO market, which reached a record $21 billion last year [3]. Group 3: Regulatory Approval and Company Actions - Ongoing deliberations may lead to changes in the pre-IPO plans, and Prudential has filed its draft red herring prospectus on July 8, indicating plans to offer up to 17.65 million shares, representing a 10% stake in the joint venture [4].

As filed with the U.S. Securities and Exchange Commission on November 21, 2025. Registration No. 333-286408 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ____________________________ AMENDMENT NO. 4 TO FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 ____________________________ Twelve Seas Investment Company III (Exact name of registrant as specified in its charter) ____________________________ | Cayman Islands | 6770 | 86-2888466 | | --- | --- | --- | | (State or ...

Core Viewpoint - Meesho, an online marketplace in India, is preparing for an initial public offering (IPO) aiming for a valuation of approximately 530 billion rupees ($6 billion) and plans to raise around 60 billion rupees through the offering [5]. Group 1: IPO Details - The IPO will consist of a fresh issue of shares valued at 42.5 billion rupees and an offer for sale of 175.7 million shares from existing investors [5]. - The company is in discussions with SBI Funds Management for a pre-IPO placement, which may influence the size of the IPO [5]. - The IPO is expected to launch in the first half of December [5]. Group 2: Market Context - Meesho is part of a growing trend in India's IPO market, which has seen companies raise nearly $19.5 billion this year, following a record $21 billion in 2024 [2][5]. - The ongoing deliberations regarding the IPO may lead to changes in timing and deal size [2]. Group 3: Financial Performance - Meesho reported a free cash flow of 10.32 billion rupees for the year ending March 2025, the highest among listed e-commerce firms in India [4]. Group 4: Advisory Team - The IPO is being advised by Kotak Mahindra Capital Co., Axis Bank Ltd., and local units of JPMorgan Chase & Co., Morgan Stanley, and Citigroup Inc. [5].

Core Viewpoint - Central Bancompany, Inc. is making its debut on NASDAQ under the symbol "CBC" with a successful IPO raising $373 million amid increased scrutiny on regional banks [1][2] Group 1: IPO Details - The company is offering 17.77 million shares of Class A common stock priced at $21.00 each [1][2] - Trading is expected to begin on November 20, 2025, with the offering anticipated to close on November 21, 2025 [2] - Underwriters have a 30-day option to purchase an additional 2.667 million shares at the offering price [2] Group 2: Market Performance - CBC is currently trading at $22.15, reflecting a 5.48% increase from its IPO price [3] - The stock has experienced a low of $22 and a high of $22.70 today, marking its highest price over the past year [3] - The company has a market capitalization of approximately $4.89 billion, with a trading volume of 3,040,630 shares indicating strong investor interest [3]

Core Insights - Phoenix Education Partners, Inc. reported a fourth quarter revenue of $257.4 million and a fiscal year 2025 revenue of $1,007.2 million, marking a year-over-year increase in both periods [1][5]. Financial Performance - For the fourth quarter of 2025, net revenue was $257.4 million, up from $240.2 million in the fourth quarter of 2024, representing a growth of approximately 7.3% [3]. - The average total degreed enrollment for the fourth quarter of 2025 was 79,300, compared to 75,000 in the same quarter of 2024, indicating a 5.7% increase [3]. - Net income for the fourth quarter of 2025 was $17.6 million, compared to $10.0 million in the fourth quarter of 2024, reflecting a 76% increase [3]. - Adjusted EBITDA for the fourth quarter of 2025 was $56.6 million, up from $41.6 million in the fourth quarter of 2024, showing a growth of 36.1% [4]. Annual Results - For fiscal year 2025, net revenue totaled $1,007.2 million, compared to $950.0 million in fiscal year 2024, marking a 6% increase [5]. - The average total degreed enrollment for fiscal year 2025 was 81,900, compared to 78,900 in fiscal year 2024, indicating a 3.8% increase [5]. - Net income for fiscal year 2025 was $135.4 million, compared to $115.1 million in fiscal year 2024, representing a 17.5% increase [5]. - Adjusted EBITDA for fiscal year 2025 was $243.9 million, compared to $229.1 million in fiscal year 2024, reflecting a growth of 6.5% [5]. Initial Public Offering - On October 10, 2025, Phoenix Education Partners completed an IPO of 4.9 million shares at a price of $32.00 per share, with no proceeds received by the company as the shares were sold by existing shareholders [8]. Balance Sheet and Liquidity - As of August 31, 2025, the company's cash and cash equivalents totaled $194.8 million, down from $382.9 million as of August 31, 2024, primarily due to $250.6 million in distributions and $22.5 million in capital expenditures [10]. - The company had no outstanding debt as of August 31, 2025, and entered into a $100 million senior secured revolving credit facility on November 13, 2025 [11]. Business Outlook - For fiscal year 2026, the company expects revenue to be in the range of $1,025.0 million to $1,035.0 million, with adjusted EBITDA projected between $244.0 million and $249.0 million [12].

Core Viewpoint - Billionaire Bill Ackman indicated that Fannie Mae (FNMA) and Freddie Mac (FMCC) are not ready for an IPO despite discussions about a potential public offering by late 2025 or early 2026 [1][2] Group 1: IPO Readiness - Ackman emphasized that preparing FNMA and FMCC for the market requires significant time and effort, particularly in gaining the confidence of the financial community [2] - He proposed that the Treasury should exercise its 79.9% warrants in both companies to facilitate their shares returning to the New York Stock Exchange, allowing institutional investors to start building positions [3] Group 2: Market Reaction - Following Ackman's comments, FNMA and FMCC shares initially rose over 7%, with FNMA increasing by 13.69% at market close [4] - However, FNMA stock subsequently fell by almost the same amount, dropping 13.88% [4] Group 3: Company Overview - Fannie Mae provides financing solutions for residential mortgages in the U.S., focusing on single-family and multifamily housing [5] - The company buys mortgages from lenders, packages them into securities, manages credit risk, and supports low-income housing projects, ensuring mortgage liquidity for homebuyers [6] - FNMA has a market capitalization of $65 billion and trades on OTC markets with an average three-month volume of 7.37 million [7] Group 4: Financial Performance - In Q3 2025, Fannie Mae reported a net income of $3.9 billion, a 16% increase from the previous quarter, raising its net worth to $105.5 billion [8] - Since January 2020, Fannie Mae has increased its net worth by $92 billion through retained earnings, demonstrating significant financial progress [8]

Indian internet companies are going public, and investors are jumping in. It may pay to wait until the smoke clears. ...

Cryptocurrency exchange Kraken’s choice to move ahead with a confidential IPO filing, just days after securing an $800 million raise, shows an exchange trying to capitalize on market momentum while U.S. regulators edge toward clearer crypto rules. The timing surprised some market watchers as the company's recent capital raise implied a strong private-market valuation and provided substantial runway. But the IPO move fits a broader trend playing out across crypto, according to seasoned securities attorney ...

Core Viewpoint - Billionaire investor Bill Ackman advises against rushing the IPOs of mortgage giants Fannie Mae and Freddie Mac, suggesting a more measured approach to maximize taxpayer value [1][2]. Group 1: IPO Strategy - Ackman proposes a three-step reform plan to secure "hundreds of billions of dollars in value" for taxpayers, emphasizing that rushing to IPO is a mistake and that the companies are worth significantly more [2]. - The proposed steps include the Treasury acknowledging past payments, exercising warrants for 79.9% common stock ownership, and relisting both companies on the New York Stock Exchange [2][3]. - Ackman believes this strategy could lead to a potential market cap of $400 billion for Fannie Mae and Freddie Mac [3]. Group 2: Market Preparation - Ackman stresses the importance of careful preparation before an IPO, criticizing the previous administration's "net worth sweep" as detrimental to the companies' capital rebuilding efforts [3][4]. - He highlights the need to reset capital levels and establish the right management teams before proceeding with an IPO [4]. Group 3: Mortgage Market Protection - Ackman's plan aims to prevent widening mortgage spreads that could result from a rushed IPO, advocating for keeping the entities in conservatorship while listing them on the NYSE [4]. - This approach is presented as a way to balance the risks and benefits, offering potential for narrowing spreads while avoiding disruption in the mortgage market [4]. Group 4: Economic Outlook - Beyond the specific case of Fannie Mae and Freddie Mac, Ackman expresses optimism for the U.S. economy, citing factors such as massive AI investment, deregulation, and tax reforms as positive influences [6]. - He advocates for initiatives like universal 401(k) plans to ensure broader participation in capitalism and address wealth disparity issues [6].