然而，尚未开始路演的新股，因接近11月底假期，几乎只能等到12月展开营销活动。 投行人士指出，随着年末临近，投资者通常会降低风险敞口、保护投资组合，因此减少参与新发行并不 罕见。尽管面临挑战，市场尚未出现对IPO"再次冰封"的恐慌。 即便在上周"热门股暴跌"的背景下，Grayscale Investments与软银支持的亚洲旅游平台客路(Klook)仍递 交了IPO申请，目标直指12月上市窗口。 本月美国股市的回调正在对新股发行(IPO)造成不成比例的冲击，令仍希望在年底前上市的企业面临更 大不确定性。 智通财经APP获悉，多家近期上市的公司，包括Gemini Space Station(GEMI.US)、Fermi(FRMI.US)、 Navan(NAVN.US)与Stubhub Holdings(STUB.US)，股价迅速从发行价上方跌回并跌破发行水平。今年股 价表现亮眼的新贵，如CoreWeave(CRWV.US)、Circle Internet Group(CRCL.US)及Figma(FIG.US)，近期 也惨遭重挫。受此拖累，2025年迄今的美股IPO回报明显缩水。 数据显示，今年挂牌的美股IPO ...

Core Insights - The U.S. IPO market experienced a strong recovery in 2025, with Nasdaq emerging as the preferred venue for innovative companies to go public since 2021 [1] Group 1: Market Overall Recovery - In the first half of 2025, Nasdaq saw 142 companies go public, raising $19.2 billion, marking the highest record for the first half since 2021 [2] - Among the listed companies, 83 were operating companies and 59 were SPACs, indicating broad acceptance of various types of enterprises [2] - Operating companies had an average first-day gain of 34%, the second-highest level since 2014 [2] - The annual average gain for IPO companies in 2025 reached 27%, nearly double the S&P 500 index's gain of 15%, with larger companies yielding higher returns [2] Group 2: Chinese Companies' Breakthrough - As of September 2, 2025, 61 Chinese companies went public in the U.S., a 56.4% increase compared to 39 companies in the same period of 2024 [5] Group 3: Industry Focus - Three high-growth sectors are leading the trend, transitioning from "concept validation" to "commercialization" [9] - Key sectors include AI chips, high-speed optical modules, and liquid cooling technology, along with AI solutions in finance and law [9] - Companies in renewable energy sectors like photovoltaics, energy storage, hydrogen energy, and smart grids are becoming significant players in the IPO landscape, driven by policies such as the U.S. Inflation Reduction Act [9] Group 4: Opportunities and Challenges - Chinese companies in sectors like healthcare and TMT are achieving significant valuation premiums [13] - Flexible listing standards cater to companies at different development stages and industries [14] - Efficient review processes allow some companies to go public within 4-6 months [14] - The new regulations from the China Securities Regulatory Commission have simplified the overseas listing process, leading to a 50% year-on-year increase in the number of companies filing for overseas listings in the first half of 2025 [14]

Group 1 - Alliance Laundry Holdings (ALH.US) debuted on the New York Stock Exchange with an opening price of $24.50, closing up 12.82% on its IPO day after pricing at $22 per share [1] - The company sold 24.4 million shares directly and 13.2 million shares from existing shareholders, with no proceeds from the latter going to Alliance Laundry [1] - The stock reached a high of $25.24, giving the company a market capitalization exceeding $4.5 billion, slightly above that of competitor Whirlpool (WHR.US) [1] Group 2 - Alliance Laundry is a leading manufacturer of commercial laundry systems, with a 40% market share in North America and a stable position in international markets [2] - For the 12 months ending June 30, the company reported revenues of $1.6 billion and a net profit of $79 million, with a compound annual growth rate (CAGR) of approximately 9.5% since 2010 [2] - Major competitors in the industry include Whirlpool, Samsung (SSNLF.US), LG Electronics, Electrolux AB, Maytag, Kenmore, and General Electric (GE.US) [2] Group 3 - The IPO was managed by a consortium of investment banks including Bank of America Securities, JPMorgan, Morgan Stanley, Baird, BDT & MSD, Montreal Bank Capital Markets, Citigroup, Goldman Sachs, and UBS [2]

Group 1: Recent IPOs - Eight new stocks were listed last week, with the planned listing of RSHL postponed, expected to list this week [1] - Notable IPOs include: - CHOW raised $10.4 million by issuing 2.6 million shares at $4 each - PLTS raised $8 million by issuing 2 million shares at $4 each - NTSK raised $908 million by issuing 47.8 million shares at $19 each - WBI raised $634 million by issuing 31.7 million shares at $20 each - PTRN raised $300 million by issuing 21.43 million shares at $14 each - STUB raised $800 million by issuing 34.04 million shares at $23.5 each - SPACs LATAU and CHECU raised $150 million and $110 million respectively [1] Group 2: Upcoming IPOs - Two companies are planning to go public this week: - Megan Holdings Ltd., a seafood farming company, plans to list on September 23, 2025, on NASDAQ under the ticker MGN, aiming to raise up to $7.5 million by issuing 125,000 shares at $4 to $6 each, with projected revenue of $13.5 million and net profit of $1.07 million for 2024 [2][4] - HW Electro Co., Ltd., an electric light commercial vehicle manufacturer, plans to list on September 26, 2025, on NASDAQ under the ticker HWEP, aiming to raise $16.6 million by issuing 415,000 shares at $4 each, with projected revenues of $1.44 million and $1.83 million for the fiscal years 2023 and 2024, respectively, and net losses of $14.28 million and $6 million [2][6]

Market Overview - US stock index futures rose ahead of the market opening, with Dow futures up 0.24%, S&P 500 futures up 0.24%, and Nasdaq futures up 0.29% [1] - European indices also showed positive movement, with Germany's DAX up 0.21%, UK's FTSE 100 up 0.47%, France's CAC40 up 0.84%, and the Euro Stoxx 50 up 0.38% [2][3] Commodity Prices - WTI crude oil fell by 1.12% to $62.96 per barrel, while Brent crude oil decreased by 0.98% to $66.83 per barrel [3][4] Economic Data and Expectations - The upcoming US August CPI data is anticipated to influence market expectations regarding the Federal Reserve's interest rate decisions, with traders betting on potential rate cuts [5] - A survey indicated that two-thirds of respondents expect the S&P 500 to rise in 2025, driven by anticipated rate cuts from the Federal Reserve [7] Corporate News - RaceTrac agreed to acquire Potbelly for approximately $5.66 billion, representing a 47% premium over the stock's average price [9] - Barrick Gold is selling its Hemlo gold mine in Canada for up to $1.09 billion, including $875 million in cash [10] - Starbucks is preparing to sell control of its China business, with several investment firms expected to submit final bids [10] IPO Market Activity - Klarna's IPO saw a significant first-day increase, with shares rising as much as 43% before closing up 14.55%, raising $1.37 billion [11]

Market Overview - US stock index futures are all up, with Dow futures rising by 0.24%, S&P 500 futures up by 0.24%, and Nasdaq futures increasing by 0.29% [1] - European indices also show positive movement, with Germany's DAX up by 0.21%, UK's FTSE 100 up by 0.47%, France's CAC 40 up by 0.84%, and the Euro Stoxx 50 up by 0.38% [2][3] Commodity Prices - WTI crude oil has decreased by 1.12%, trading at $62.96 per barrel, while Brent crude oil has fallen by 0.98%, priced at $66.83 per barrel [3][4] Economic Data and Federal Reserve - The upcoming US CPI data for August is anticipated to influence market expectations regarding the Federal Reserve's interest rate decisions, with traders adjusting their bets on potential rate cuts [5] - The Senate Banking Committee has voted to support the nomination of Stephen Milan to the Federal Reserve, which may impact the upcoming FOMC meeting scheduled for September 16-17 [6] - A recent survey indicates that two-thirds of respondents believe the S&P 500 will continue to rise in 2025, driven by expectations of further rate cuts from the Federal Reserve [7] Corporate News - RaceTrac has agreed to acquire Potbelly for approximately $566 million, representing a 47% premium over the stock's average price [9] - Barrick Gold is selling its Hemlo gold mine in Canada for up to $1.09 billion, which includes $875 million in cash and additional contingent payments [10] - Starbucks is preparing to sell control of its China business, with several investment firms, including Carlyle Group and EQT, expected to submit final bids [10] IPO Market - Klarna's IPO saw its stock price surge by 43% on its first day, closing up 14.55% at $45.82, indicating a strong demand for new stock offerings [11]

Group 1 - In August, 29 new stocks were listed in the US, raising a total of $4.559 billion [1] - A total of 63 companies submitted IPO applications to the SEC in August, marking the highest number of applications in a single month this year [3] - Among the new stocks, 25 were listed on NASDAQ and 4 on the NYSE, with a focus on data processing and outsourcing services, air freight and logistics, and pharmaceuticals [1] Group 2 - China remains the country with the highest number of foreign companies submitting IPO applications in the US, with 22 Chinese companies accounting for 35% of the total applications in August [5] - Out of the 22 Chinese companies, 3 submitted blank prospectuses and 2 were SPACs, leaving 17 operational entities [6] - The list of operational entities includes companies such as SIBO, BENN, and AIGO, among others [7]

Core Viewpoint - Gemini Space Station Inc. is set to debut on the US stock market this Friday, offering a rare opportunity for retail investors to invest in the billionaire-backed company [1] Group 1: Retail Investor Engagement - Gemini plans to allocate up to 30% of its IPO shares to retail investors through online brokerage platforms like Robinhood, Moomoo, and Webull [1] - The company initially intended to reserve 10% of shares for retail investors but increased this allocation after marketing began [2] - Retail investors must agree to a lock-up clause that discourages selling shares within the first month, which may limit their profit potential if market enthusiasm wanes [1] Group 2: Market Context and Comparisons - The IPO market has seen successful debuts from companies like Figma and Circle, but Gemini's significant losses and smaller market share in cryptocurrency trading may cause hesitation among investors [2] - Competitor Bullish allocated 20% of its IPO to retail investors, achieving a significant initial stock price increase, highlighting the potential for retail enthusiasm to drive stock performance [3] - Retail investors are often more willing to pay higher prices for stocks, especially in the cryptocurrency sector, which may benefit companies like Gemini [4] Group 3: Pricing Strategy - On the same day it increased the retail allocation, Gemini raised its IPO price range from $17-$19 to $24-$26 per share [5] - Access IPOs noted that obtaining shares at the IPO price rather than purchasing them at potentially higher prices post-trading offers some protection for retail investors [5]

Group 1: Upcoming IPOs - Several significant IPOs are on the horizon, including Klarna, Gemini, Black Rock Coffee Bar, Figure, and Legence, all expected to debut in the U.S. capital markets in September [1] - Analysts believe that the period from early September to mid-October will be crucial for IPOs, as many well-known companies are waiting to assess investor confidence amid U.S. political and economic uncertainties [1] Group 2: Klarna's IPO Details - Klarna plans to raise up to $1.27 billion through its IPO, offering 34.3 million shares at a price range of $35 to $37 per share, potentially valuing the company at approximately $14 billion [3] - In the first half of this year, Klarna reported total revenue of $1.52 billion and a net loss of $153 million, compared to $1.33 billion in revenue and a net loss of $38 million in the same period last year [3] - Klarna's valuation peaked at $45.6 billion in 2021 but dropped to $6.7 billion after a funding round in 2022, reflecting an 85% decrease [4][5] Group 3: Crypto Industry IPOs - Gemini and Figure are preparing for IPOs, following the successful listings of Circle and Bullish, which may sustain investor interest in the crypto sector [7] - Gemini aims to raise up to $317 million by offering 16.67 million shares at a price range of $17 to $19, potentially valuing the company at $2.22 billion [7][8] - Figure, a blockchain-based lending institution, plans to sell 26.3 million shares at a price range of $18 to $20, potentially raising up to $526.3 million and achieving a market valuation of $3.37 billion [8] Group 4: Market Conditions for IPOs - The U.S. IPO market faced stagnation after the Trump administration announced tariffs, but concerns have eased, allowing companies to consider going public again [11] - IPOX CEO Josef Schuster anticipates strong sentiment for U.S. IPOs to continue into 2025, particularly for tech-focused companies related to U.S. consumers [11] - Nasdaq CEO Adena Friedman noted that more large private companies are willing to enter the stock market, indicating a stronger IPO pipeline for the second half of 2025 [11]

Group 1 - Klarna Group and several other companies submitted IPO applications in August, setting the stage for six companies to potentially start their U.S. IPO roadshows as early as next week, increasing market expectations for the IPO market in the coming months [1] - Klarna updated its filing with the SEC on August 15, including its latest financial performance, signaling a clear intention to proceed with its IPO plans that were previously paused [1] - Other companies that have updated their IPO filings include Gemini Space Station Inc., Figure Technologies, Legence Corp., Black Rock Coffee Bar Inc., and Via Transportation Inc. [1] Group 2 - If these six companies confirm their IPO pricing in the second week of September, it will mark one of the most concentrated periods for large IPO transactions since the end of 2021 [2] - The last instance of five U.S. companies raising over $100 million through IPOs in a single week occurred in January, led by Smithfield Foods Inc. with a fundraising scale of $572 million [2] Group 3 - The number of potential IPO candidates in the U.S. remains high, and a tight IPO window may compel candidates to expedite their listing plans [3] - Morgan Stanley is currently servicing up to 30 companies that have either submitted IPO filings or are actively gauging investor interest [3] - Companies like Netskope Inc., Pattern Group Inc., and WaterBridge Infrastructure Group have submitted IPO applications recently, with roadshows potentially starting as early as the week of September 8 [3]