Asia and Gulf IPOs: Hong Kong to Tadawul — 2026-09-17

Top developments

NSE IPO opens with anchor book secured by global giants

The National Stock Exchange of India (NSE) IPO subscription window opened on September 17, 2026, with a price band of ₹1,700–₹1,785 per share. The issue aims to raise ₹22,569 crore, following an anchor book that raised ₹6,746 crore, with key investors including LIC, Fidelity, and ADIA. This mega-listing is expected to significantly impact Indian market liquidity and benchmark indices upon listing.

Hong Kong IPO fundraising tops HK$360 billion in 2026

Data released on September 12 indicates that Hong Kong's IPO market has raised over HK$360 billion in 2026, including over-allotments. This surge is supported by strong participation from international cornerstone investors, with 89 new listings securing approximately HK$147.3 billion in commitments. The robust pipeline includes firms from biotechnology, mining, and consumer sectors, extending beyond the traditional tech focus.

South Korea: Brill’s IPO demand hits 1187:1, price set at top band

South Korean robotics module platform Brill confirmed its IPO price at the top of its range (₩19,500) after recording an institutional demand ratio of 1187.74:1. Over 2,100 domestic and foreign institutions participated, with 98.93% bidding at or above the upper band. This contrasts with other recent KRX listings where sentiment has been more cautious, highlighting a bifurcated market for high-growth tech assets.

Policy shift: HK to promote overseas dual listings

In his 2026 Policy Address, Chief Executive John Lee Ka-chiu announced that Hong Kong will actively promote dual primary and secondary listings for overseas enterprises, particularly from Southeast Asia and Belt and Road countries. Additionally, ETFs will be exempted from certain Mandatory Provident Fund (MPF) limits to encourage long-term capital inflows into the equity market.

Local view

India: Hindi-language media outlets like Economic Times Hindi and Hindustan are closely tracking the Grey Market Premium (GMP) for the NSE IPO, which has fluctuated between ₹125 and ₹207, signaling cautious optimism among retail investors. Brokerages have issued "neutral" ratings for some concurrent smaller issues like SS Retail despite GMPs suggesting 30% gains, advising investors to watch allotment ratios.

South Korea: Local financial press notes that while supply is recovering, investor sentiment remains selective. Financial Post highlights that while IPO schedules are increasing, not all investors are seeing positive returns, urging a distinction between corporate funding success and investor profitability. Newspim reports divergent valuations for companies like Deuk-san Nepcores and Global Technology on the same subscription day, emphasizing the need for fundamental analysis over hype.

Context & numbers

• NSE IPO Size: ₹22,569 crore (~$2.7 billion USD equivalent). Price Band: ₹1,700–₹1,785. Anchor Book: ₹6,746 crore.
• HKEX Cornerstone Commitments: HK$147.3 billion committed by cornerstone investors across 89 new listings in 2026.
• KRX Brill Demand: Institutional competition ratio of 1187.74:1; total offering size approx ₩23.4 billion.
• HK New Listings: Two new stocks, Nazhen Technology (HK$5.67bn) and Sifang Jingchuang (up to HK$0.94bn), opened for subscription this week, with Nazhen securing over 20 cornerstone investors.

On the radar

• NSE Listing Date: Investors are awaiting the final allotment results and listing date for the NSE IPO, expected later this week or early next week.
• KRX Subscriptions: General subscriptions for Wise Planet, Big Wave Robotics, Deuk-san Nepcores, Global Technology, and Brill are underway this week (Sept 14–18).
• UAE Sukuk Issuance: The UAE Ministry of Finance launched the second issuance of government treasury Sukuk for individuals with a 5-year term, aiming to broaden citizen participation in capital markets.