Asia and Gulf IPOs: Hong Kong to Tadawul — 2026-09-11
India's National Stock Exchange (NSE) has announced its price band for a landmark ₹30,000 crore IPO, with grey market premiums fluctuating ahead of the September 17 subscription opening. Meanwhile, South Korea’s KOSDAQ market faces a cooling sentiment as August listings priced at the top of their bands have fallen significantly below offering prices, contrasting with a 179% debut surge for Chinese GPU maker NFlame. In Hong Kong, regulators are investigating Cloudbreak Pharma for alleged "rigged" IPO demand, while a record six simultaneous IPOs in India raised over ₹4,500 crore earlier this week.
Asia and Gulf IPOs: Hong Kong to Tadawul — 2026-09-11
Top developments
India: NSE IPO Price Band Announced; GMP Volatility Ahead of Listing
The National Stock Exchange (NSE) of India has officially announced its price band at ₹1,700–₹1,785 per share for its upcoming IPO, which is set to open for subscription on September 17 and close on September 21. The grey market premium (GMP) for the unlisted shares has shown volatility, dropping from a peak of ₹310 to around ₹188–₹217 in recent days as investors digest the valuation and broader market profit-booking concerns. This listing, valued at approximately $46 billion, will be India's third-largest IPO and marks the exchange's public debut nearly a decade after initial plans.
South Korea: August IPOs Struggle Below Offering Price Amid Sentiment Shift
A concerning trend has emerged in South Korea's KOSDAQ market, where companies that priced their IPOs at the upper end of their expected ranges in August are now trading significantly below their offering prices, with some down by as much as 54%. Stocks such as Delicious, Kidoo Industry, Near Labs, and KNSI&C, which had strong initial demand, have failed to sustain their listing gains, signaling a shift in investor appetite for high-priced new issues. This contrasts sharply with the debut of NFlame, a Chinese GPU maker, which surged 179% on its first day of trading, highlighting a bifurcated market where only specific tech sectors command premium valuations.
Hong Kong: Regulator Investigates Cloudbreak Pharma for "Rigged" IPO
The Securities and Futures Commission (SFC) of Hong Kong has suspended trading in shares of Cloudbreak Pharma following an investigation into allegations of a "rigged" initial public offering. The regulator cited "serious concerns" about an "artificial impression of demand" created during the US-based company's $78 million listing in 2025. This move underscores increasing regulatory scrutiny on IPO integrity in Hong Kong as the market continues to recover from previous lows, aiming to restore investor confidence in new listings.
India: Record Simultaneous IPO Launches
On September 9, India witnessed a historic event with six major IPOs opening for subscription on the same day, collectively seeking to raise ₹4,509.68 crore. The issues included Rentomojo, Asset Reconstruction Company (India), Manipal Payment & Identity Solutions, Steamhouse India, LCC Projects, and Karamtara Engineering. This surge highlights the robust primary market activity in India, although analysts warn that such concentration can dilute retail investor attention and liquidity across individual stocks.
Local view
South Korea: Local financial media report a growing skepticism towards "top-tier" pricing strategies. Financial News notes that the failure of August listings to hold their value has cooled investor enthusiasm, with many retail investors now waiting for lower entry points rather than chasing high-priced debuts. Korea Economic Daily highlighted the exceptional 179% jump of NFlame as a rare outlier, emphasizing that the broader market is struggling to replicate such successes outside of niche semiconductor plays.
India: Moneycontrol and Livemint are closely tracking the NSE IPO's GMP fluctuations, noting that the drop from ₹310 to ₹188 reflects cautious sentiment despite the exchange's dominant market position. Local brokers advise investors to monitor anchor investor allocations, which open on September 16, as a key indicator of institutional confidence before the main subscription window opens.
Context & numbers
- NSE IPO Valuation: The offer-for-sale values NSE at close to $46 billion, making it India's third-largest IPO ever.
- Subscription Dates: NSE IPO opens September 17, closes September 21, with listing expected shortly thereafter on BSE/NSE.
- Korean IPO Performance: August IPOs priced at the top of their bands have seen declines of up to 54% from offering price.
- Hong Kong Regulatory Action: Cloudbreak Pharma shares suspended due to "artificial impression of demand" investigation.
- India IPO Volume: Six simultaneous IPOs raised ₹4,509.68 crore on September 9, breaking a 30-year record for same-day launches.
On the radar
- NSE Anchor Investor Allocation: Scheduled for September 16, this will provide early insight into institutional demand levels before the retail subscription window opens on September 17.
- Manika Plastech IPO: Opened on September 11, seeking ₹125.50 crore, with GMP signaling a potential 30% listing gain; subscription closes September 16.
- Korean Book-Building Week: Several companies including Deuksan Nepcores and Global Technology are undergoing institutional book-building this week, which will determine final pricing and allocation for upcoming listings.
- HKEX Lock-Up Expiries: Investors are monitoring upcoming lock-up expiries for hot Hong Kong IPOs, which could lead to increased supply and potential price corrections in the secondary market.
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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