Asia and Gulf IPOs: Hong Kong to Tadawul — 2026-09-26

Top developments

NSE makes muted BSE debut after ₹22,562 crore issue

India's National Stock Exchange listed on BSE on September 24 at ₹1,800 per share, delivering roughly a 0.84% gain over the ₹1,785 issue price. The grey-market premium had collapsed to an all-time low of about ₹40 (and earlier ~2.4%) just before listing, after the issue closed 5.71x subscribed. A flat debut for India's largest exchange IPO tempers expectations for big-ticket 2026 issues despite heavy overall demand.

WisePlanet Company rockets ~270% in KOSDAQ debut

D2C brand operator WisePlanet Company surged about 270% above its offer price on its KOSDAQ debut on September 23, trading near ₩32,750 up. It had drawn a 1,477.65:1 subscription ratio with roughly ₩3 trillion in margin deposits, signaling extreme retail appetite. Such outsized debuts reinforce Korea's pattern of aggressive pricing Windfalls and may pressure pricing on October's pipeline of semiconductor, AI and bio IPOs.

India's SME pipeline: Adroit at 177x, more issues open

Adroit Industries' ₹150 crore IPO ended with roughly 177x subscriptions as GMP climbed alongside demand; allotment and listing dates are now the focus. Moneyview's ₹1,091.68 crore fintech IPO opened September 24 at a ₹32–34 band with ~41% GMP, while German Green Steel & Power (₹303.90 crore, ₹132–139 band) and Orient Cables (₹552 crore, ₹258–272 band, GMP signaling ~25%) opened September 25. Listings next week span Adroit, ArMee Infotech, Swastika Infra and Elevate Campuses, with GMPs up to ~35%.

ADX takes its global investor roadshow to New York

Abu Dhabi Securities Exchange launched its 2026 Global Investors Roadshow & Conference in New York on September 24–25, in cooperation with Morgan Stanley. Fresh 2026 data show Gulf IPO proceeds running under $1.1 billion — below Sub-Saharan Africa — so the push signals ADX's intent to revive its pipeline. Separately, ADX saw a ~AED 804 million block trade in First Abu Dhabi Bank shares this week.

Local view

Hong Kong's English-HKET commentary ("消失的成交") notes the sharp contrast between record IPO and refinancing proceeds topping global league tables and vanishing secondary-market turnover, a structural worry for post-listing liquidity. Saudi-focused outlets like Al-Murakib continue to guide retail investors on reading prospectuses and post-oversubscription surplus before Tadawul listings. Korean outlets note the market pauses retail subscriptions during Chuseok, with a wave of book-building and offerings queued for immediately after.

Context & numbers

• Hong Kong IPOs raised HK$342.4 billion through August 2026, with July alone beating all of 1H 2025.
• NSE issue size: ₹22,562 crore at ₹1,785; listed ₹1,800 (+0.84%).
• WisePlanet: ~+270% vs offer price on debut day.
• Gulf 2026 IPO proceeds: under $1.1 billion.

On the radar

• Lu Jin Holdings (Lufax, 6623.HK) resumed trading on the HKEX on September 24 after nearly 20 months of suspension, having satisfied all resumption conditions.
• Zhen Ding (臻鼎-KY) priced an $800 million ECB with over 7x oversubscription; it will be issued September 29 and list on the Singapore Exchange — a fresh cross-border capital-raising datapoint.
• Korea: four new KOSDAQ entrants land after the Chuseok holiday, with demand forecasts and retail offerings for semiconductor/AI/bio names building through early October.
• Nscale Limited, a London-based firm, raised $3.36 billion in a convertible round ahead of a planned IPO per Arabic-language market coverage (listing venue and date still unconfirmed).