Asia and Gulf IPOs: Hong Kong to Tadawul — 2026-10-29
India's Jio Platforms made a spectacular debut, becoming the second most valuable Indian firm by market cap, while Hong Kong's IPO market faces a severe test with four listings shelved since mid-2026. In the Gulf, DIP Holding's Dubai listing was oversubscribed within minutes, signaling strong regional appetite despite global volatility.
Asia and Gulf IPOs: Hong Kong to Tadawul — 2026-10-29
Top developments
Jio Platforms becomes India’s second most valuable firm
Jio Platforms’ shares rose 21.5% on their debut, making it the second most valuable Indian company by market capitalization. The IPO, which raised ₹30,213 crore (approx. $3.6 billion), was oversubscribed 22.19 times overall, with institutional investors bidding 70 times the offered amount. This listing serves as a benchmark for future Indian tech and telecom valuations, demonstrating that mega-deals can still attract massive retail and institutional demand despite broader market jitters.
Hong Kong IPO market faces severe test with fourth shelving
Hong Kong’s fundraising market is under pressure after a fourth IPO was shelved in 2026, with two last-minute halts occurring within a single week. Analysts note that these withdrawals highlight growing investor caution and a "cooling" period for the city's listings market. This trend contrasts sharply with the record-breaking fundraising seen earlier in the year, raising questions about the sustainability of Hong Kong’s IPO revival and the pricing power of new entrants.
DIP Holding’s Dubai IPO oversubscribed in minutes
DIP Holding Plc, a subsidiary of Dubai Investments, saw its IPO on the Dubai Financial Market oversubscribed within minutes of opening. The offering, targeting a valuation of $543 million, represents the first major IPO in the UAE for 2026. The rapid subscription indicates robust liquidity in Gulf markets and strong investor appetite for infrastructure-linked assets, potentially paving the way for further listings on Tadawul and ADX.
PCB giant Dongshan Precision breaks issue price on HK debut
Dongshan Precision, a leading PCB manufacturer, fell below its issue price on its first day of trading on the HKEX, with intraday losses exceeding 6%. Retail investors bid only 0.52x for the offering, reflecting weak demand despite 20 cornerstone investors participating. This underperformance underscores the difficulty of pricing industrial hardware companies in a market increasingly focused on AI software and services.
Local view
China: 21st Century Business Herald Local media reports that the "temperature" of the HK IPO market can be felt before official listings, with funds becoming increasingly picky. The shelving of IPOs is seen as a market correction where investors are refusing to pay inflated prices for unproven assets.
India: Economic Times (Hindi) Hindi financial outlets highlighted the "GMP" (Grey Market Premium) fluctuations leading up to the Jio listing, with premiums reaching 22% before the debut. Coverage emphasized the massive institutional oversubscription, suggesting that domestic capital is still willing to support large-cap tech listings.
Korea: Maeil Business Korean media noted that while average first-day returns for recent IPOs were 43%, eight out of 21 stocks fell below their offering price. This divergence suggests a "selective" market where only high-growth AI and semiconductor firms command premium valuations.
Context & numbers
- Hong Kong: The market has seen 113 IPOs raising HK$388 billion in 2026 so far, surpassing the total raised in all of 2025. However, recent data shows that buying HK IPOs on listing day has resulted in losses in three out of four cases this year.
- India: Jio Platforms' IPO raised ₹30,213 crore, with retail investors seeing a profit of ₹239 per share on listing day.
- UAE: DIP Holding priced its shares between AED 1.10 and AED 1.15, aiming to raise up to $543 million.
- Korea: 7 companies are scheduled for subscription and 3 for listing in the fourth week of October, with AI and semiconductor firms leading the calendar.
On the radar
- Upcoming Indian Listings: M.K. Sons Fine Jewels ($33 million equivalent) and Bombay Coated & Special Steels ($22 million equivalent) are currently open for subscription, with retail demand mixed.
- Korean Demand Forecasting: Xenon, Yeonggwang YKMC, and AIL Robot are undergoing institutional book-building this week, which will signal the health of the KRX tech sector.
- Lock-up Expiries: Investors are watching for potential sell-offs from early investors in recent high-profile listings, particularly in the AI sector where valuations have been stretched.
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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