Asia and Gulf IPOs: Hong Kong to Tadawul — 2026-09-14

Top developments

Hong Kong allocation rules under spotlight

Excelland Robotics Wuxi Co. surged 177% on its debut on Wednesday, September 10, leaving nearly 94% of shares with institutional investors despite strong retail oversubscription. This disparity has intensified debate over Hong Kong’s IPO allocation mechanisms, which often favor institutional demand in large-cap deals. The event underscores the tension between retail investor access and institutional pricing power in the region's rebounding market.

NSE India IPO opens September 17

India’s National Stock Exchange (NSE) is scheduled to open its initial public offering subscription on September 17, 2026. The price band has been set at ₹1,700–₹1,785 per share, aiming to raise approximately ₹30,000 crore. Grey market premiums (GMP) have shown volatility, recently hovering around ₹200–₹217, reflecting investor anticipation for what could be one of India’s largest listings. Brokerages are issuing mixed recommendations as the issue date approaches.

South Korea’s busy IPO week

The Korean IPO market enters a critical week starting September 14, with five companies conducting public subscriptions: Wise Planet, Big Wave Robotics, Deusan Nepcoreus, Global Technology, and Brills. Deusan Nepcoreus, the first company approved under new dual-listing regulations, is undergoing institutional demand forecasting this week. This cluster of listings tests the resilience of KRX sentiment, especially after recent August debutants priced at the top of their bands failed to maintain gains post-listing.

Hong Kong regulatory scrutiny expands

The Hong Kong Securities and Futures Commission (SFC) has issued new guidance to banks regarding raids and share-sale scrutiny, signaling a tighter enforcement environment as the IPO boom continues. This move comes amidst a broader push to maintain market integrity as fundraising volumes top $40 billion year-to-date. The regulatory tightening may impact future deal structures and due diligence timelines for issuers targeting the HKEX.

Local view

South Korea: The Korea Economic Daily highlights that institutional investors are adopting more conservative pricing strategies, leading to lower valuations for upcoming IPOs compared to previous years. The article notes that August debutants who priced at the upper end of their ranges saw significant drops, prompting a cautious approach for the current week’s lineup.

India: Moneycontrol Hindi reports that while NSE’s GMP has dipped from earlier highs, the overall sentiment remains positive ahead of the September 17 opening. Local analysts point to the exchange’s dominant market position and potential index inclusion as key drivers for retail interest.

Context & numbers

• Hong Kong YTD Fundraising: Over HK$334 billion raised from 103 new listings as of late August 2026, according to local financial media summaries.
• NSE IPO Size: Targeting ~₹30,000 crore (approx. $3.6 billion) with a price band of ₹1,700–₹1,785.
• Korean Market Sentiment: 77% of KOSDAQ-listed companies have not disclosed "Value-up" plans, indicating lagging corporate governance reforms that may affect long-term IPO attractiveness.

On the radar

• September 17: NSE India IPO subscription opens; watch for final GMP movements and oversubscription levels in the first 24 hours.
• September 14–18: Korean public subscriptions for Wise Planet, Big Wave Robotics, and others; results will gauge retail appetite after recent post-listing declines.
• Ongoing: Moonshot AI (Kimi) confidentially filed for HKEX listing; potential raise of $3–5 billion could reshape the tech IPO pipeline if confirmed.