Asia and Gulf IPOs: Hong Kong to Tadawul — 2026-10-02
Hong Kong's IPO market is on track for a record year with US$48.4 billion raised in the first nine months of 2026, while India's fundraising has exceeded US$13 billion and Saudi Arabia faces investor skepticism forcing regulatory rethinks. Mixed debuts and high retail demand across all three regions underscore shifting market dynamics.
Asia and Gulf IPOs: Hong Kong to Tadawul — 2026-10-02
Top developments
Hong Kong Nears Record Year with US$48.4B Raised in Nine Months
Hong Kong's IPO market has raised US$48.4 billion across 114 new listings in the first nine months of 2026—the highest total since 1980 and a 72% year-on-year increase. Despite this momentum, the market faces headwinds: in Q3, fourteen of thirty new stocks (47%) debuted below their offer prices, signaling investor caution and valuation concerns that could pressure future pricing.
Four Hong Kong Listings Raise HK$14.4B but Three Open Below Offer Prices
Hong Kong's busiest week for debuts since July saw four firms list, raising HK$14.4 billion (US$1.83 billion), led by RoboTechnik's US$660 million raise. However, three of the four new stocks opened below their offer prices—a troubling signal that dampens post-IPO sentiment and may deter institutional participation in oversubscription rounds. Q3 fundraising hit HK$45.5 billion, nearly matching the 2021 quarterly record.
India's IPO Boom Pushes Fundraising Past US$13 Billion for Full Year
India's IPO market raised more than US$9 billion in the July–September quarter alone, setting a quarterly record despite stock-market weakness. September alone saw 34 IPOs raise Rs 39,380 crore (approximately US$4.7 billion), driven by strong domestic institutional and retail demand. With full-year 2026 fundraising now exceeding US$13 billion across 217 companies, India is poised to set an annual IPO record even as individual stock prices have weakened.
Saudi Arabia Rethinks IPO Rules as Investor Appetite Weakens
Saudi Arabia's IPO market faces a credibility crisis: weak post-listing performance, significant valuation gaps between offer prices and gray-market rates, and geopolitical uncertainty are prompting the regulator to overhaul how IPOs come to market. Proposed reforms could lower valuations and deter investment banks from backing deals, stalling what was once a regional growth engine. The shift signals recognition that forcing supply without genuine demand has damaged investor trust.
Korea's October IPO Calendar Packed with 15 New Listings; Melkon Records 1741x Retail Demand
South Korea's October IPO season is in full swing with 15 companies scheduled for new listings. Melcon, a precision environmental-control systems maker, opened KOSDAQ subscription on October 1–2 with a fixed offer price of 12,300 won and recorded 1741.48-to-1 retail demand, generating 67 trillion won in deposit margin. The massive oversubscription reflects retail investor hunger for small-cap tech and manufacturing debuts before new listing rules take effect.
Local view
India (Hindi-language media): Economic Times Hindi and News18 Hindi report that Vans Electroengineering IPO achieved 686 times oversubscription with gray-market premium (GMP) of ₹70 per share, while SRIT India attracted 125x subscription and Moneyview IPO showed 42% GMP gains. These extreme ratios, coupled with strong GMP momentum in the final days of subscription, indicate retail investors view September–October IPO cohorts as undervalued and high-conviction bets despite broader stock-market weakness.
South Korea (Korean-language media): Financial News and local economics outlets note that October is shaping up to be a "deal drought" paradox—IPO sizes have shrunk by half, yet opening-day price spikes (126%+) signal that retail demand far exceeds available supply. The compression of new listings before regulatory changes take effect is driving intense competition for allocation and inflating debut valuations.
Qatar (Arabic-language media): Al-Sharq and CNN Business Arabic report that Dandy, a Qatari consumer company, has launched the first IPO in Qatar in three years, offering 40% of its shares for public subscription. This marks a thaw in the Gulf's listing pipeline after a prolonged freeze. [Source: https://al-sharq.com/article/30/09/2026/%D8%AF%D8%A7%D9%86%D8%AF%D9%8A-%D8%AA%D8%B9%D9%84%D9%86-%D8%B9%D9%86-%D8%B7%D8%B1%D8%AD-%D8%A3%D8%B3%D9%87%D9%85%D9%87%D8%A7-%D9%84%D9%84%D8%A7%D9%83%D8%AA%D8%AA%D8%A7%D8%A8-%D8%A7%D9%84%D8%B9%D8%A7%D9%85-%D9%84%D9%84%D9%85%D8%B3%D8%AA%D8%AB%D9%85%D8%B1%D9%8A%D9%86-%D8%AA%D9%85%D9%87%D9%8A%D8%AF%D8%A7-%D9%84%D8%A5%D8%AF%D8%B1%D8%A7%D8%AC%D9%87%D8%A7-%D8%A8%D8%A8%D9%88%D8%B1%D8%B5%D8%A9-%D9%82%D8%B7%D8%B1)
Context & numbers
- Hong Kong 9M 2026: US$48.4 billion raised (vs. US$28.1 billion in 9M 2025); 114 listings; 72% YoY growth; Q3 47% debut-below-offer rate signals overvaluation risk
- India full-year 2026: US$13+ billion in total IPO proceeds; 217 companies listed; Q3 alone: US$9+ billion raised; September: 34 IPOs raising Rs 39,380 crore
- South Korea October 2026: 15 companies scheduled for listing; Melcon fixed price: ₩12,300; retail demand: 1,741x; deposit margin: ₩67 trillion
- Saudi Arabia: Regulatory overhaul imminent; post-listing performance weak; investor appetite declining despite earlier boom
- Qatar: Dandy IPO—first in 3 years; 40% stake offered to public
- Nasdaq vs. HKEX: Nasdaq still leads globally with US$144 billion YTD 2026; Hong Kong second with US$48.4 billion
On the radar
- Hong Kong lock-up expiries: HKEX calendar updates weekly; monitor third-quarter 2026 listings for Q4 lock-up release (typical 6-month hold for cornerstone and strategic investors)
- India IPO calendar October: At least 5–6 additional listings expected; GMP momentum suggests retail oversupply; watch for post-listing corrections similar to September's weakness
- South Korea regulatory reform: New listing rules scheduled to take effect in late October; potential moratorium or repricing of pipeline deals may depress November–December supply
- Saudi Arabia reform timeline: Expected announcement on revised IPO framework in Q4 2026; potential revaluation of 2026 pipeline; watch ADX Abu Dhabi for competing regional listings
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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