Asia and Gulf IPOs: Hong Kong to Tadawul — 2026-09-10
India's IPO market recorded a historic surge this week with six companies launching on the same day, collectively seeking ₹4,509 crore, while AI unicorn Moonshot AI reportedly filed for a confidential Hong Kong listing. Meanwhile, South Korea saw a cooling in sentiment as August's top-priced new listings traded below their offering prices, and global fast-fashion giant Shein's shares dropped 9% in their debut.
Asia and Gulf IPOs: Hong Kong to Tadawul — 2026-09-10
Top developments
India breaks 30-year record with six simultaneous IPO launches
On September 9, India’s equity market witnessed an unprecedented event where six companies—Rentomojo, Asset Reconstruction Company (India), Manipal Payment & Identity Solutions, Steamhouse India, LCC Projects, and Karamtara Engineering—opened their Initial Public Offerings on the same day. This marks the first time in three decades that such a volume of issues hit the market simultaneously, with the group collectively aiming to raise ₹4,509.68 crore. The surge indicates robust investor appetite and a highly active primary market window, potentially testing liquidity absorption across retail and institutional segments.
Moonshot AI files for confidential HK listing targeting $50bn valuation
Chinese AI startup Moonshot AI, the developer of the Kimi chatbot, has reportedly submitted a confidential application to list on the Hong Kong Stock Exchange, according to sources cited by Digitimes and StarHeadline Daily. The company is seeking to raise between $3 billion and $5 billion at a valuation of up to $50 billion, following recent successful listings by peers Z.AI and MiniMax. If confirmed, this would represent one of the largest tech listings in Hong Kong’s recent history and reinforce the city’s status as a hub for high-growth Asian AI firms.
Shein shares slide 9% in Hong Kong debut
Fast-fashion retailer Shein made its long-awaited Hong Kong market debut on Tuesday, September 1, but shares dropped approximately 9% from their offering price. Although the IPO raised significant capital, the immediate price decline suggests caution among investors regarding growth sustainability and regulatory headwinds. The debut was part of a broader wave of consumer and tech listings that have driven HKEX fundraising to over $40 billion this year, though not all debuts have met initial valuation expectations.
Korean IPO sentiment cools as August debuts trade below offer price
Newly listed companies in South Korea that priced their offerings at the top of the estimated range during August are trading below their offer prices, with some dropping as much as 54%. Stocks such as Delicious, Gido Industry, Near Labs, and KNS I&C have struggled post-listing, signaling a shift in investor behavior away from aggressive pricing expectations. This trend may force upcoming issuers in September, including Deosan Nepcores and Big Wave Robotics, to adopt more conservative pricing bands to ensure subscription success.
Local view
Hindi-language media (Moneycontrol, AajTak): Local financial outlets are heavily focused on the National Stock Exchange (NSE) IPO buzz, with reports indicating grey market premiums (GMP) reaching ₹285 ahead of the expected launch. Investors are advised to monitor the price band details closely, with speculation that the ₹30,000 crore issue could open as early as September 18.
Korean-language media (Financial News, Seoul Economic): Analysts highlight the "chill" hitting IPO investment psychology after August’s underperformers. Seoul Economic Daily notes that while the market is busy again, with six companies undergoing demand forecasts, the "first approval" case Deosan Nepcores is under intense scrutiny as a test of whether the new dual-listing prohibition rules have stabilized the pipeline.
Context & numbers
- Hong Kong Fundraising: HKEX reported record first-half 2026 results driven by AI and tech IPOs, with profit rising 24% to HK$10.6 billion and 87 listings raising HK$212.4 billion.
- India Subscription Data: Pranav Constructions’ IPO received 18.20 times subscription on its second day, with GMP reaching ₹43.
- Korea Demand Forecast: In the second week of September, seven companies including Global Technology and Ellis Group are conducting institutional demand forecasts, with no new listings scheduled, indicating a focus on book-building quality over quantity.
- Gulf Status: No major new Tadawul or ADX IPO launches were reported in the past 7 days; the most recent significant data remains historical, with 2024 UAE IPOs having raised over 627 billion AED in demand.
On the radar
- NSE IPO Launch Date: Watch for official confirmation of the National Stock Exchange IPO opening date, rumored for September 18, which would be one of India’s largest ever listings.
- Korean Demand Forecast Results: Results for Deosan Nepcores and Big Wave Robotics demand forecasts will be critical indicators for the rest of Q3 2026 Korean listings.
- Moonshot AI Confirmation: Any official statement from Moonshot AI or HKEX regarding the confidential filing could significantly impact tech sector sentiment in Asia.
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.
Powered by
