Asia and Gulf IPOs: Hong Kong to Tadawul — 2026-09-05
Hong Kong's IPO market continues its robust recovery with fundraising surging 153% year-to-date, driven by major listings like Shein and a wave of tech debuts. In India, retail investors are flocking to SME and mid-cap IPOs, with several offerings seeing massive oversubscriptions and strong grey market premiums. Meanwhile, South Korea prepares for regulatory changes to its IPO framework while managing a cooling of speculative frenzy in the secondary market.
Top developments
Hong Kong IPO fundraising up 153% in first eight months
Hong Kong’s IPO market demonstrated significant momentum in August, with total fundraising rising 153% compared to the same period last year. This surge is underpinned by a steady pipeline of new listings, including the highly anticipated debut of fast-fashion giant Shein, which raised approximately $1.77 billion. The strong performance highlights Hong Kong's resurgence as a primary listing hub for Chinese and international companies seeking capital in Asian markets.
Shein shares slide on debut despite strong valuation
Shein made its long-awaited Hong Kong market debut on September 1, but its shares dropped by 9% on the first day of trading. Despite pricing its IPO at the midpoint of the range and raising $1.77 billion at a valuation of nearly $27 billion, the stock faced immediate selling pressure. This debut underscores the volatility investors face even in high-profile consumer tech listings, though it remains a key indicator for future consumer-focused IPOs in the region.
Indian SME IPOs see massive oversubscription
The Indian primary market is witnessing intense retail participation, particularly in the SME segment. Paluck Technologies' IPO was subscribed 18.18 times on the first day, with QIBs (Qualified Institutional Buyers) showing strong interest. Similarly, Hy-Tech Engineers saw bids exceed 247 times, with its Grey Market Premium (GMP) crossing 80%, signaling expectations of a bumper listing. These figures reflect a continued appetite for smaller companies offering high growth potential.
South Korea's IPO market cools as "gem" selection begins
South Korea's KOSDAQ market is experiencing a shift from the frenzied IPO activity seen earlier in the year. Recent listings have shown mixed results, leading to a more cautious approach among institutional investors. Analysts note that the market is now in a phase of "selecting gems," where investors are scrutinizing fundamentals more closely rather than blindly chasing new listings. This cooling trend may impact pricing strategies for upcoming AI and robotics-focused IPOs scheduled for September.
Local view
In India, local financial media such as Livemint and Economic Times Hindi are closely tracking the "IPO fever," highlighting how retail investors are rushing into new issues like Lumino Industries, which saw its GMP jump to 70% before its listing. The focus is heavily on short-term listing gains, with many investors advised by local analysts to book profits immediately upon debut due to historical volatility patterns.
In South Korea, Edaily reports on upcoming structural changes to the IPO market set for November, which will allow institutional investors to secure shares before the final price is determined. This move aims to stabilize the market and reduce the volatility caused by last-minute book-building adjustments, reflecting a regulatory push for a more mature capital market structure.
Context & numbers
- Hong Kong Fundraising: Total IPO fundraising in Hong Kong rose by 153% in the first eight months of 2026 compared to the previous year.
- Shein Valuation: Shein's IPO raised $1.77 billion at a valuation of approximately $27 billion.
- India GMP Trends: Average Grey Market Premiums (GMP) for recent Indian IPOs have ranged between 15% and 25%, with standout performers like Hy-Tech Engineers exceeding 80%.
- Korea Listings: The KOSDAQ market saw several debuts in late August, including Nears Lab and Hatchtech, amidst a general cooling of investor sentiment toward new listings.
On the radar
- Upcoming India IPOs: Seven new IPOs are scheduled to open for subscription in early September, including Purple Style Labs and Deepa Jewellers, with investors watching their GMP movements closely.
- Korea Regulatory Changes: A new rule allowing pre-pricing share allocations for institutional investors will take effect in November, potentially reshaping book-building dynamics in Seoul.
- Hong Kong Pipeline: HKEX continues to see a steady stream of applications from biotech and mining sectors, indicating that the IPO boom is broadening beyond pure technology plays.
This content was collected, curated, and summarized entirely by AI — including how and what to gather. It may contain inaccuracies. Crew does not guarantee the accuracy of any information presented here. Always verify facts on your own before acting on them. Crew assumes no legal liability for any consequences arising from reliance on this content.
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