Core Insights - Roark Capital is considering the sale of bakery chain Nothing Bundt Cakes, with a potential valuation exceeding $2 billion [1] - The sale process is expected to begin in early 2026, with North Point and Bank of America engaged as advisers [1] - Nothing Bundt Cakes has expanded from 390 locations at the time of Roark's acquisition in 2021 to 700 outlets across over 40 US states and Canada [2] Financial Performance - The business is projected to generate $120 million in EBITDA by 2026 [3] - Roark Capital manages assets totaling $41 billion and has been active in the franchised restaurant sector, including notable acquisitions like Dave's Hot Chicken for $1 billion in 2025 and Subway in 2024 [3] Company Background - Nothing Bundt Cakes was established in 1997 and specializes in hand-crafted bundt cakes available in various flavors and sizes [2] - Roark Capital acquired Nothing Bundt Cakes in 2021 from Levine Leichtman Capital Partners [2] Market Activity - Roark Capital is also exploring a potential IPO for Inspire Brands, which owns several fast-food chains including Dunkin', Arby's, and Jimmy John's [4]

- Emil Lendof/WSJ Software company Navan plans to make its stock-market debut Thursday despite a government shutdown that has stalled other new listings. Navan priced its offering at $25 a share, valuing Navan at roughly $6.2 billion, and raised around $923 million for the company and selling shareholders. It is the biggest company so far to stage an initial public offering using a workaround provided by the Securities and Exchange Commission. Most Read from The Wall Street Journal The IPO market had b ...

Core Insights - Medline has filed for an initial public offering (IPO) in the U.S., aiming to raise $5 billion at a valuation of $50 billion, following a 10% sales growth to $13.5 billion [9] - The company differentiates itself through in-house distribution capabilities, allowing direct access to end-customer relationships [4] - Medline's prime vendor agreements, worth approximately $8 billion annually, are positioned as superior to competitors, with potential for an additional $1 billion in profits from converting clients to its own products [5] Company Overview - Founded in 1966, Medline offers around 335,000 products from 33 manufacturing facilities and 69 distribution centers, including surgical kits, gloves, and other medical-surgical products [3] - The company has seen net sales grow from roughly $10 billion in 2017 to $20 billion in 2021, with consistent revenue increases each year since [3] Growth Strategy - Medline plans to utilize IPO proceeds for general corporate purposes and is pursuing a global M&A strategy, having acquired Ecolab's global surgical solutions business for $905 million and Sinclair Dental for $195 million [8] - The company aims to expand into the $200 billion international market, with the U.S. currently accounting for 93% of its sales in 2024 [8] Regulatory Challenges - Medline faced a FDA warning letter and recall related to its brand products, particularly plastic syringes made in China, which impacted its sourcing capabilities [6] - The company also dealt with operational halts due to new state standards for ethylene oxide emissions, leading to litigation against insurers over denied coverage for settlement payments [7]

Core Viewpoint - Kongsberg Gruppen plans to spin off its non-military business, Kongsberg Maritime, through an initial public offering on the Oslo Bourse [1] Company Summary - Kongsberg Gruppen is a Norwegian defense contractor [1] - The spin-off will allow Kongsberg Maritime to operate independently and potentially unlock value for shareholders [1]

Core Viewpoint - OpenAI is actively preparing for an initial public offering (IPO) with a potential valuation of $1 trillion, aiming to be among the largest IPOs globally [1][3] Group 1: IPO Preparation - OpenAI's management is considering submitting an IPO application to the U.S. Securities and Exchange Commission in the second half of 2026, with an initial fundraising target set above $60 billion, subject to market conditions [1][3] - The decision-making process regarding the IPO is still in the early stages, with key factors like valuation and timing likely to be adjusted based on business development and capital market conditions [3] Group 2: Financial Status and Market Position - OpenAI is currently in a loss-making position, with an existing valuation of approximately $500 billion [3] - The CEO, Sam Altman, indicated that due to the significant funding needs for AI infrastructure, public market financing will become a necessary choice [3] Group 3: Organizational Structure - OpenAI has restructured its organization, renaming its non-profit parent to "OpenAI Foundation," which holds a stake valued at about $130 billion in the newly formed for-profit entity "OpenAI Group," establishing a legal framework for future capital operations [3]

By Echo Wang, Kenrick Cai, Deepa Seetharaman and Krystal Hu SAN FRANCISCO (Reuters) -OpenAI is laying the groundwork for an initial public offering that could value the company at up to $1 trillion, three people familiar with ​the matter said, in what could be one of the biggest IPOs of all time. OpenAI is considering filing with securities regulators as ‌soon as the second half of 2026, some of the people said. In preliminary discussions, the company has looked at raising $60 billion at the low end and ...

Core Viewpoint - BillionToOne, Inc. has launched a roadshow for its proposed initial public offering (IPO) of 3,846,000 shares of Class A common stock, with an expected price range of $49.00 to $55.00 per share [1]. Company Overview - BillionToOne is a molecular diagnostics company based in Menlo Park, California, focused on creating powerful and accurate tests that are accessible to all [4]. - The company utilizes a patented technology called Quantitative Counting Templates™ (QCT™), which is the only multiplex technology capable of accurately counting DNA molecules at the single-molecule level [4]. IPO Details - The proposed IPO includes a 30-day option for underwriters to purchase an additional 576,900 shares at the initial offering price, excluding underwriting discounts and commissions [1]. - The company has applied to list its Class A common stock on the Nasdaq Global Select Market under the ticker symbol "BLLN" [1]. - J.P. Morgan, Piper Sandler, Jefferies, and William Blair are acting as joint book-running managers for the offering, with Stifel, Wells Fargo Securities, and BTIG also participating as book-running managers [1].

Core Insights - The IPO of Orkla India Ltd opened for subscription on October 29, 2025, but has seen a slow bidding pace, with an overall subscription rate of just 37% as of 12.09 pm on the first day [1] - The IPO is valued at ₹1,667 crore and consists entirely of an offer-for-sale (OFS) of up to 2.28 crore equity shares, with a price band set between ₹695 to ₹730 per share [2] - The company is scheduled to debut on the stock market on November 6, 2025, after the subscription period ends on October 31, 2025 [3] IPO Details - The IPO is an offer-for-sale with no fresh issue component, and the lot size is set at 20 shares [2] - The anchor investor allocation raised approximately ₹500 crore from prominent investors prior to the public subscription [2] Shareholder Information - The selling shareholders include Orkla Asia Pacific Pte and shareholders Navas Meeran and Feroz Meeran, with Orkla Asia Pacific Pte. Ltd and Orkla ASA holding a combined 90% stake [4] Company Overview - Orkla India, previously known as MTR Foods, is a diversified food company with a strong presence in various categories, including spices, ready-to-eat meals, and breakfast mixes, marketed under brands like MTR and Eastern [5] Market Sentiment - Brokerages such as Mehta Equities and Anand Rathi have expressed optimism regarding the IPO, citing potential growth driven by category expansion, distribution, product innovation, and a debt-free structure [6] - Despite the strong brand portfolio and market potential, the initial response to the IPO has been lukewarm, indicating valuation concerns [7]

Company Overview - Orkla India is a leading packaged food and condiments company in India, incorporated in 1996, with a diverse portfolio of over 400 product lines including instant mixes, spices, ready-to-eat meals, snacks, and beverages [9][10] - The company operates nine manufacturing facilities in India with an installed capacity of 182,000 tonnes per annum and has a strong distribution network supported by 834 distributors and nearly 1,900 sub-distributors [6][9] Financial Performance - For FY25, Orkla India reported a total income of Rs 2,455 crore and a net profit of Rs 256 crore, reflecting a year-on-year increase of 13% [7][9] - The company's EBITDA margin was 16.6%, and the return on capital employed (ROCE) was 32.7%, indicating a robust financial position [7][9] IPO Details - The IPO is priced between Rs 695 to Rs 730 per share, with a minimum application size of 20 shares, requiring an investment of Rs 14,600 for retail investors [1][9] - The IPO consists entirely of an offer for sale (OFS) by its Norwegian parent Orkla ASA and affiliated entities, with no fresh issue component [9][10] - The company has allocated up to 50% of the issue for qualified institutional buyers, at least 35% for retail investors, and 15% for non-institutional investors [1][9] Market Sentiment - The stock is currently commanding a grey market premium (GMP) of around 12%, suggesting potential listing prices between Rs 810 and Rs 820 if current sentiment persists [2][9] - The listing is scheduled for November 6, 2025, on both the BSE and NSE, with ICICI Securities as the book-running lead manager [2][9] Analyst Insights - Analysts express cautious optimism regarding the IPO, highlighting strong brand leadership and stable margins, while noting the absence of fresh capital as a limitation [8][10] - At the upper price band of Rs 730, the company is valued at a market cap of Rs 10,000 crore, translating to approximately 31.7 times FY26 annualized earnings, which is considered reasonable given its brand strength [8][10] - Mehta Equities has rated the issue as "Subscribe for long-term," emphasizing Orkla India's established distribution network, export presence, and backing from its global parent as key positives [8][10]

Core Viewpoint - Charming Medical Limited, a Hong Kong-based provider of Traditional Chinese Medicine (TCM)-inspired therapies, has successfully completed its initial public offering (IPO) and has raised approximately $7.36 million in gross proceeds from the offering, including an over-allotment option exercised by underwriters [1][2]. Company Overview - Charming Medical Limited integrates TCM principles with modern technology to enhance quality of life and promote holistic well-being. The company operates four wellness centers in Hong Kong, offering services such as womb-warming therapy, pelvic detox therapy, moxibustion, prenatal massage, and traditional abdominal binding, focusing on women's health issues [6]. - Under the "Beauty Lab" brand, the company develops and distributes TCM-inspired supplements and beauty products aimed at improving women's constitution and vitality. These products include uterine care patches, probiotic washes, and nourishing herbal formulations [6]. - The company also provides technical training, dietary therapy consultancy, and franchise opportunities to extend its wellness philosophy to other practitioners and entrepreneurs [6]. Offering Details - The IPO consisted of 1,600,000 Class A ordinary shares priced at $4.00 per share, with an additional 240,000 shares purchased through the over-allotment option, resulting in gross proceeds of $0.96 million from the over-allotment [1][2]. - The offering was conducted on a firm commitment basis, with Cathay Securities, Inc. acting as the representative of the underwriters [3]. - The registration statement for the offering was filed with the SEC and declared effective on September 30, 2025, with a final prospectus available on the SEC's website [4].