Asia and Gulf IPOs: Hong Kong to Tadawul — 2026-09-15
Hong Kong’s IPO market faces scrutiny over allocation rules after a robotics firm surged 177% on debut, while India prepares for the massive NSE listing with fluctuating grey market premiums. In Korea, a busy week of retail subscriptions contrasts with cooling sentiment for August listings, and Gulf banks are pivoting to emerging markets as regional proceeds slow.
Asia and Gulf IPOs: Hong Kong to Tadawul — 2026-09-15
Top developments
Hong Kong allocation rules under spotlight
Excelland Robotics Wuxi Co. saw its shares surge 177% on its debut on Wednesday, September 10, highlighting a "quirk" in Hong Kong’s share allocation rules. Despite strong retail demand, nearly 94% of the shares remained in institutional hands, prompting calls for review of how oversubscription levels trigger reallocation. This incident underscores the tension between institutional stability and retail participation in the city's resurgent IPO market.
NSE mega-IPO draws mixed signals in India
The National Stock Exchange (NSE) IPO, targeting a raise of ₹22,500–23,500 crore ($2.7–2.8 billion), opens for subscription on September 17, 2026. Grey Market Premium (GMP) estimates have been volatile, dropping from ₹310 to ₹192 per share in early September, signaling cautious sentiment ahead of the BSE listing. With a price band of ₹1,700–₹1,785, this is one of India’s largest ever equity capital market events, drawing significant attention from retail investors.
Korean IPO calendar packed with retail subscriptions
South Korea’s KOSDAQ market sees a surge of activity this week, with five companies opening for retail subscription between September 14 and 18. Big Wave Robotics began its public offering on September 15 with a fixed price of ₩18,000, aiming for a listing on September 29. Meanwhile, Wise Planet Company started its subscription on September 14, reflecting a high-density schedule for retail investors despite broader market volatility.
Gulf banks pivot to Egypt and Turkey amid slow IPOs
Gulf IPO proceeds have fallen below $1.1 billion in 2026, driving major banks like HSBC and EFG Hermes to seek fee-generating opportunities in Egypt, Turkey, and India. This strategic shift highlights the thinning pipeline in Saudi Arabia and Abu Dhabi, forcing financial institutions to diversify their geographic focus to sustain revenue from advisory fees.
Local view
Hindustan & Moneycontrol (India): Local Hindi media reports that while the NSE IPO is highly anticipated, the drop in GMP to ₹192 has sparked debate among retail investors about whether to subscribe or wait for post-listing entry. Brokerages are split, with some citing valuation risks and others pointing to long-term exchange dominance.
Seoul Economic Daily (Korea): The local press notes that the IPO market, previously sluggish due to strict duplicate listing rules, is warming up with the first approval under new guidelines going to Deuksan Nepcores. This regulatory clarity is seen as a catalyst for renewed institutional demand.
Al Murakib (Saudi Arabia): Local financial trackers are monitoring upcoming Tadawul listings closely, emphasizing the importance of reading prospectuses for valuation assessments before the next wave of offerings, though specific new launches were not detailed in the immediate past week’s headlines.
Context & numbers
- India: The NSE IPO price band is set at ₹1,700–₹1,785, with the issue window running from September 17 to September 21, 2026.
- Korea: Big Wave Robotics’ fixed offering price is ₩18,000, with a planned KOSDAQ listing date of September 29.
- Gulf: Total IPO proceeds in the Gulf region for 2026 are tracking below $1.1 billion, a significant slowdown compared to previous years.
- Hong Kong: Excelland Robotics left ~94% of shares with institutions despite the 177% debut pop.
On the radar
- NSE Listing Date: Watch for the final allotment results and GMP stabilization before the NSE listing on the BSE, expected shortly after the September 21 subscription close.
- Korean Debut Performance: Monitor the first-day trading of Wise Planet Company and Big Wave Robotics later this week to gauge retail appetite in KOSDAQ.
- HKEX Allocation Review: Regulatory commentary from the SFC or HKEX regarding the Excelland Robotics allocation outcome could lead to procedural tweaks for future IPOs.
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