Asia and Gulf IPOs: Hong Kong to Tadawul — 2026-10-11
Hong Kong’s IPO market recorded a record-breaking third quarter, raising HK$45.5 billion in Q3 alone and bringing year-to-date fundraising to HK$388 billion across 116 listings. While the volume is historic, investor sentiment remains cautious as high-profile global listings face delays and withdrawals, and recent debuts have shown mixed performance on the first day of trading. In India, the pipeline remains robust with multiple mainboard issues opening this week, while Korea sees a surge in institutional demand for ten upcoming listings following the holiday break.
Asia and Gulf IPOs: Hong Kong to Tadawul — 2026-10-11
Top developments
Hong Kong Hits Record YTD Fundraising Amidst Mixed Debuts
As of early October 2026, Hong Kong’s IPO market has raised HK$388 billion (approx. $49 billion) from 116 listings, surpassing the full-year total of 2025. This marks the third-biggest year on record for the exchange, driven by a frantic demand cycle where the median public offer was heavily oversubscribed. However, the "IPO boom" faces a reality check: buying new listings on their debut day has resulted in losses three out of four times this year, highlighting a divergence between primary market enthusiasm and secondary market performance.
Global IPO Setbacks: Withdrawals and Delays Mount
While Asia shows strength, the broader global market faces headwinds with several high-profile listings being scrapped or delayed due to valuation concerns and volatility. Companies such as Firmus, Oura, PhonePe, and KNDS are reassessing their public listing timelines, signaling that investor appetite is becoming more selective regarding entry prices. This trend contrasts sharply with the HKEX's volume metrics, suggesting that while capital is available, it is increasingly concentrated in specific sectors or regions with clearer pricing mechanisms.
Korea’s Post-Holiday IPO Surge: Ten Demand Forecasts
Following the Hangul Day holiday, South Korea’s KOSDAQ market is preparing for a busy week with ten companies scheduled for institutional demand forecasts (book-building). Notable participants include MS Bio and DTS, which are moving into the retail subscription phase, while Melcon and Jin Costech are set to list on October 15. The concentration of AI and robotics firms in this cohort reflects continued institutional interest in tech-driven sectors despite broader market cooling.
India’s Pipeline Reopens with Mainboard Issues
India’s IPO market is set to open five new issues this week, including three mainboard listings: HD Fire Protect, Fusion CX, and Bonfiglioli Transmissions. Investor attention is focused on Grey Market Premium (GMP) signals, which serve as early indicators of potential listing gains. Recent data shows mixed outcomes, with some smaller issues like R.K. Fashion Accessories seeing subscription spikes only in later days, indicating that retail investors are becoming more strategic in timing their bids.
Local view
Hong Kong: Local media outlets like East Week highlight a shift in "new stock" strategies, noting that while first-day gains can be substantial (e.g., HuanChuang Tech up 266%), the overall trend of debuts below offer price requires investors to adjust expectations. The narrative has moved from "blind flipping" to more cautious selection based on cornerstone investor backing and sector fundamentals.
India: Economic Times Hindi reports growing skepticism regarding GMP reliability, advising investors not to rely solely on grey market premiums for listing gains. The commentary emphasizes that QIB (Qualified Institutional Buyer) subscription levels and valuation metrics are better predictors of post-listing performance than speculative GMP figures.
Korea: Newsway notes that the post-holiday period is critical for maintaining momentum, with AI and robotics sectors leading the demand forecast queue. The local consensus suggests that while competition for hot issues remains fierce, the dispersion between successful and struggling listings is widening.
Context & numbers
- Hong Kong YTD Fundraising: HK$388 billion from 116 listings (Jan–Sep 2026), exceeding 2025’s full-year total of HK$287 billion.
- Q3 Record: Hong Kong raised HK$45.5 billion in Q3 2026, nearly matching the quarterly record set in 2021.
- Global Context: Global IPOs raised $289.9 billion from 944 listings year-to-date, with Hong Kong accounting for approximately 17% of this total.
- Debut Performance: In the past week, 14 of 30 new stocks in Hong Kong debuted below their offer prices, challenging the narrative of consistent first-day pops.
On the radar
- Korea Listings: Watch for the KOSDAQ debuts of Melcon and Jin Costech on October 15, which will test the sustainability of the current tech-focused demand cycle.
- India Subscriptions: The HD Fire Protect IPO opens on October 13, serving as a bellwether for industrial sector appetite in India’s mainboard market.
- Saudi/Abu Dhabi: No major new IPO announcements were reported for Tadawul or ADX in the past 7 days; focus remains on existing capital markets reforms and secondary offerings like the Abu Dhabi Islamic Bank’s rights issue approval.
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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