Asia and Gulf IPOs: Hong Kong to Tadawul — 2026-09-11
Hong Kong’s IPO market faces heightened regulatory scrutiny and allocation debates following a 177% debut surge by Excelland Robotics and the suspension of Cloudbreak Pharma over alleged "rigged" demand. In India, a record-breaking wave of six simultaneous IPO listings underscores intense retail demand, while South Korea sees institutional book-building for tech firms like Deusan Nepcoreus amidst cooling sentiment for August debuts.
Asia and Gulf IPOs: Hong Kong to Tadawul — 2026-09-11
Top developments
Hong Kong: Allocation Rules Under Scrutiny After 177% Pop
Excelland Robotics Wuxi Co. surged 177% on its debut Wednesday, highlighting a significant quirk in Hong Kong’s share allocation rules where nearly 94% of shares remained in institutional hands despite strong retail demand. This disparity has drawn attention to how HKEX allocates shares in initial public offerings, potentially influencing future pricing strategies for high-demand tech listings.
Hong Kong: Regulator Suspends Cloudbreak Pharma Over "Rigged" IPO
The Securities and Futures Commission (SFC) suspended trading of Cloudbreak Pharma (2592) on September 10, citing "serious concerns" about artificial impressions of demand in its US$78 million listing in 2025. The stock had fallen nearly 88% from its offering price before the suspension, marking a severe escalation in regulatory enforcement against potential market manipulation in recent listings.
India: Record Six Simultaneous IPO Listings
India’s equity market witnessed a historic event with six IPOs—Rentomojo, Asset Reconstruction Company (India), Manipal Payment & Identity Solutions, Steamhouse India, LCC Projects, and Karamtara Engineering—hitting the market on the same day. These issues collectively sought to raise ₹4,509.68 crore, breaking a 30-year record for simultaneous listings and signaling robust primary market activity.
Korea: Institutional Demand Tested for Deusan Nepcoreus
Deusan Nepcoreus, the first company to receive approval under new duplicate listing prohibition rules, began its institutional demand forecast this week, serving as a key test for the Korean IPO market's recovery. Alongside six other companies including Global Technology and Bigwave Robotics, it is undergoing book-building, with investors closely watching subscription rates to gauge appetite for tech and AI-related listings.
Local view
In China, local financial media highlighted the ongoing debate surrounding Nasdaq’s move to 23-hour trading starting December 6, which overlaps with Hong Kong’s opening hours, raising concerns about competitive pressure on local liquidity and IPO timing. In India, Hindi-language outlets like Moneycontrol and News18 reported strong grey market premiums (GMP) for the upcoming NSE IPO, with GMP reaching ₹285 per share ahead of SEBI approval confirmation, indicating high investor anticipation for the exchange's own listing.
Context & numbers
- Hong Kong Fundraising: The HKEX reported that funds raised via equities through offer for subscription reached HK$4,908.30 million in January, HK$4,522.84 million in February, and HK$1,975.65 million in March 2026, reflecting a sustained but fluctuating pipeline.
- India Subscription Levels: Glass Wall Systems’ IPO was subscribed 8.23 times on its second day, while Pranav Constructions saw 18.20 times subscription on day two, with GMPs rising to ₹43, indicating strong retail participation.
- Korea Pricing Trends: Several August listings in Korea that priced at the top of their ranges have seen shares drop up to 54% post-listing, cooling investor enthusiasm for aggressive pricing strategies in the KOSDAQ market.
On the radar
- NSE IPO Launch: Sources indicate the National Stock Exchange (NSE) IPO, valued at approximately ₹30,000 crore, may open on September 18, with experts projecting listing gains if GMP trends hold.
- Korea Book-Building: Watch for final pricing decisions from Global Technology and Bigwave Robotics later this week, which will set benchmarks for Q4 tech listings on KOSDAQ.
- HKEX Pipeline: Approximately 17 companies filed for HKEX listing in late August/early September, with 103 new stocks already listed in 2026 raising ~HK$334.2 billion, indicating continued momentum despite regulatory headwinds.
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