Asia and Gulf IPOs: Hong Kong to Tadawul — 2026-09-23
Asia's primary markets are in full swing: four Hong Kong listings set to raise HK$14.35 billion begin trading Sept 29, India's landmark NSE IPO closed at 5.71x subscription with its BSE debut due Sept 24, and Seoul's KOSDAQ is enjoying a comeback rally with WisePlanet surging nearly 286% on debut. Gulf markets are quieter on new deals but ADX is pitching international investors in New York this week.
Asia and Gulf IPOs: Hong Kong to Tadawul — 2026-09-23
Top developments
Four Hong Kong listings to raise HK$14.35 billion, all trading Sept 29
Four companies, including robotics player RoboTechnik, are lining up to raise as much as a combined HK$14.4 billion ($1.8 billion) in Hong Kong, with all four set to begin trading on Sept 29 — a rare single-day cluster of major debuts. The density underscores how much deal inventory has accumulated in the HK pipeline, with implications for how investors' capital gets allocated across simultaneous bookbuilds.
India's NSE IPO closes 5.71x subscribed, lists on BSE Sept 24
The National Stock Exchange of India's ₹22,562 crore IPO ended with 5.71 times subscription, with bids for 50.58 crore shares against 8.86 crore on offer. Retail demand was modest — the retail portion was covered just 1.35x, meaning roughly three in four retail applicants could receive allotment — while QIBs drove the book. The grey market premium has cooled to about ₹45.5 (roughly 2.4%), so a muted listing premium is expected on Sept 24.
KOSDAQ IPO rally: WisePlanet closes day one up 285.83%
WisePlanet Company, a D2C data-driven brand retailer, debuted on KOSDAQ on Sept 23 after a retail offering with a competition ratio of 1,477.65:1 and some ₩3 trillion in subscription deposits — and closed its first day at ₩46,300, up 285.83% from the ₩12,000 offer price, briefly touching +300%. Seoul Economic Daily reports several September newbies have doubled versus offer price, reversing August's weak debuts, as retail money flows back into Korea's IPO market. NeoSapiens and four other companies also debut this week after institutional demand sessions.
ADX takes its investor roadshow to New York
Abu Dhabi Securities Exchange launched its 2026 Global Investor Roadshow and Conference in New York on Sept 24–25, in collaboration with Morgan Stanley, with 14 listed companies presenting to international investors. The event signals ADX's continued push to widen its foreign institutional base — supportive of future pricing on Abu Dhabi listings.
India's SME window red-hot: SS Retail 103x, SpectraA ~20x
Away from the mega deals, India's smaller-issue market stayed euphoric: SS Retail India's IPO (price band ₹403–424) was subscribed 103 times with GMP reaching ₹140 ahead of its Sept 23 listing, while SpectraA Technology Solutions' ₹42 crore SME issue drew ~20x subscription in two days on a solid 38% GMP. Hero Motors, which listed at a 2% discount (₹82), has since rocketed 20% to its ₹98.40 upper circuit — a reminder that post-listing momentum can rescue even below-band debuts.
Local view
Chinese financial media are focused on the Sept 29 cluster: Futu reports PCB maker 景旺電子 (Jingwang Electronics, 03228) is holding its offering Sept 21–24, selling 72.94 million H shares at no more than HK$69.88, with cornerstone investors including Zhongji Innolight and E Fund, ~10% to the Hong Kong public offer and 90% international placement, trading from Sept 29. Korean outlets frame this week as a turning point: Seoul Economic Daily and ChosunBiz both say "room-value pricing" — companies cutting offer prices to leave upside — has revived the retail frenzy. Gulf Arabic media (Emarat Al Youm) are covering the ADX New York roadshow and the launch of the UAE's second retail Treasury Sukuk tranche (AED 50 million, five-year), which competes for local retail cash.
Context & numbers
- Hong Kong: four IPOs raising up to HK$14.35 billion all list Sept 29.
- India: NSE IPO ₹22,562 crore, 5.71x overall, retail 1.35x, GMP ~₹45.5 (2.4%), BSE listing Sept 24.
- Korea: WisePlanet +285.83% day one on ₩12,000 offer price; subscription competition ratio 1,477.65:1.
- UAE: ADX roadshow in NY with 14 listed companies, Sept 24–25, co-hosted with Morgan Stanley.
On the radar
- Sept 24: NSE shares list on the BSE under a cooled GMP; watch whether the region's largest exchange listing opens at premium or discount.
- Sept 24–25: ADX Global Investor Roadshow and Conference in New York.
- Sept 29: Hong Kong's quadruple debut day, including RoboTechnik's HK$14.35 billion tranche and Jingwang Electronics (03228).
- Oct 6–7: Korea Exchange to host "Korea Premium Weeks 2026: KOSDAQ Day" at its Yeouido headquarters, with policy announcements and roadshows from 59 listed companies aimed at strengthening the KOSDAQ market.
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