What are the best upcoming IPOs to watch?

Upcoming UK IPOs

1. Visma
2. Monzo
3. Starling
4. Waterstones
5. Gymshark

Visma

Visma is a Norwegian software company that works to develop software products to improve efficiency and simplify difficult tasks. It’s used by both small and large companies across areas like HR, payroll and accounting. 

The company has decided to launch in London over Amsterdam due to its large pool of investors and deep capital markets. Its IPO is expected in early 2026, but only on the condition that UK reforms make the market more attractive for tech listings. If this float goes ahead, it could be one of the largest on the UK market in many years. 

Monzo

Monzo is an online bank with more than eleven million retail customers and over 600,000 business clients. It remains one of the leading UK innovators offering a non-traditional option to banking. Alongside its upcoming IPO, Monzo is also focusing on US expansion plans.

The company is said to be holding talks with Morgan Stanley about a potential listing which could take place in early 2026 if market conditions are deemed favourable, although no date has been confirmed. 

The float could value the IPO at £6 billion and if successful, it may indicate increased activity in the UK market, which has remained stagnant over the past couple of years. 

Starling

Starling, like Monzo, is also one of the UK’s leading digital-only banks. It was founded in 2014 by Anne Boden, a former Lloyds banking executive. Starling now boasts more than four million accounts including 400,000 business accounts.

The company almost launched on the London Stock Exchange (LSE) back in 2023 but held off due to challenging market conditions. It has, however, recently restructured, a move that’s largely viewed as preparation for a potential float. 

Although an IPO isn’t confirmed, one senior source to the times has stated that ‘it’s desirable for Starling to be a plc' so we could see it launch on the LSE sometime in 2026. 

Waterstones

Part of a group that includes Barnes & Noble in the USA, Waterstones is by far the most well-known bookseller brand on this side of the Atlantic. Together, the brands span 1,000 shops and generate billions every year in sales.

CEO James Daunt — who has helped the brand go from a Christmas-only profit maker to year-round money spinner — has previously noted that an IPO would be ‘a very sensible place’ for the group, noting that it would ‘pay a very nice dividend for a pension fund-type investment rather than being in private equity.’

Challenging market conditions have prevented this potential launch and although there are no immediate plans for an IPO, the company were recently spotted meeting with Chancelor Rachael Reeves for an IPO pitch, suggesting their interest in a future launch remains and we could see it happening in the next couple of years. 

GymShark

Gymshark operates as an online retailer selling a range of on-trend activewear such as hoodies, leggings and tops to its global audience. It’s also developed a fitness app with workouts, demonstrations and training plans.

The company first showed an interest in a potential float back in 2021, but these plans have frequently been postponed due to uncertain market conditions. Although there are still no concrete plans for an imminent launch, the company recently met with Chancellor Rachael Reeves for a London IPO pitch, which indicates the company still has appetite for an IPO and we could potentially see a launch sometime in 2026. 

Upcoming US IPOs

1. Central Bancompany
2. Canva
3. Medline
4. Wealthfront
5. Intel PSG
6. Databricks
7. Revolut
8. Discord 
9. Stripe

Central Bancompany

Central Bancompany is a US bank based in Missouri that offers a range of services including wealth management, insurance, retail banking, commercial banking and industrial loans. 

The bank is expected to list on Wall Street on 20 November 2025 under the ticker CBC and is targeting a valuation of up to $5.72 billion. Through its IPO, Central Bancompany is hoping to raise up to $426 million by selling 17.8 million shares at around $21-24 each. These funds will help the company generate future growth. 

Canva

Australian online graphic design tool Canva has shown an interest in an IPO for a while with its founders claiming it was part of its long-term plan, but it was waiting to reach sufficient maturity and scale.

Discussions surrounding a potential launch gained momentum in August 2025 as the company began an employee stock sale, which indicates an IPO is on the horizon. With market conditions improving and Canva’s financial performance remaining strong, it’s expected that we could see a potential US float in 2026, although nothing is confirmed.  

Medline

Medline is one of the largest medical supply companies in America that’s privately held. Although an official date has yet to be set, the company has recently filed for an IPO on NASDAQ, under the ticker MDLN and a float is highly anticipated. 

The company could raise up to $5 billion with its upcoming listing, valuing it at around $50 billion and making it one of the largest recent healthcare floats and it's expected to help the company reduce its debts and grow its operations in both domestic and international markets.

Wealthfront

Wealthfront is an online financial services company that’s known for its automated investment management and financial planning. The company has recently filed for a US IPO under the ticker WLTH. Although a date for the float hasn’t been set, it’s expected to be soon. 

Wealthfront’s filing marks a renewed confidence in fintech IPOs and if conditions are favourable, it could be one of many companies to go public in the next year or so. 

Intel Programmable Solutions Group

American technology company Intel has announced plans to view the Programmable Solutions Group (PSG) part of the business as a separate company and launch an IPO for it within the next few years.

PSG refers to the development of programmable chips (FGPAs), which have multiple use cases ranging from data centres to medicine, as the chips can be re-programmed to fit users’ needs.

With this increased demand, however, comes the need to create more new chips, particularly if Intel wants to keep up with competitors in Taiwan. This is guaranteed to be an expensive task and, if successful, the IPO could provide the necessary capital to help support this.

This sector is a significant part of Intel’s business, and Intel would retain a majority shareholding initially.

Databricks

Databricks is a software business that pioneered a cloud-based data storage platform using machine learning, among other things, to address the growing demand for keeping and organising companies’ online information.

Its AI and machine learning capabilities have gained the platform much attention over the past couple of years. Although there’s no set date, the company is likely to go public within the next year. It is, however, remaining cautious and waiting for economic conditions to improve before they launch.

Founder and CEO Ali Ghodsi recently noted that ‘We are ready to do it. We can press a button if we want to.’ The CEO also noted it would take about two months to be fully prepared for a launch. The company’s CFO Dave Conte previously took both Splunk and Loudcloud public.

Revolut

Revolut, the app-based bank headquartered in the UK with more than 45 million registered users, was founded in 2015 and has been a regulated electronic money institution since 2016.

Rumours of a Revolut IPO have been circulating since 2022 when the company first expressed interest in a public listing. Difficult market conditions caused by many factors including the Russo-Ukrainian War, high inflation, and high interest rates had previously forced to company to delay any plans of an IPO.

The company is reported to be exploring dual listings in both New York and London. Its most recent valuation priced the company at $75 billion, which would make it one of the most valuable listings on the LSE if the float goes ahead. There’s currently no set date for an IPO to take place, but it could be as early as 2026. 

Discord

San Francisco’s Discord describes itself as a ‘voice over internet protocol company’. More simply put, it’s an online platform that seeks to connect users with similar interests, as well as friends and family, into groups and communities.

Back in September 2021, the company was valued at $15 billion after raising $500 million in funding.
This was more than double the firm’s previous valuation of $7.3 billion. It’s thought that the company’s valuation will be higher still once it goes public.

As of yet, there’s no set date for Discord’s public listing although there’s some  speculation that the company could launch on Wall Street soon, after reports in early-mid 2025 that the company had hired JP Morgan and Goldman Sachs to help with a potential listing.

Stripe

Stripe has talked about going public for more than two years. At its most recent valuation, the company was priced at $91.5 billion which reflects the company’s growing financial strength. Although a launch in 2026 isn’t guaranteed, if market momentum continues, we could potentially see a listing as early as 2026.

Stripe now includes Airbnb, Amazon, Atlassian, OpenAI and Uber, BMW, Ford, Le Monde, Maersk and River Island as customers. Perhaps its most valuable offering is the checkout and multi-party payment processing, including direct bank payments via open banking provided as a SaaS service.

Upcoming Asia IPOs

Which pre-IPO Asia companies should you follow?

1. ByteDance
2. Shien
3. GCash

Bytedance

TikTok parent Bytedance has been considering an IPO for some time — not only does it control one of the most valuable social media apps ever created, but Bytedance also owns multiple other unrelated businesses across Asia.

The real IPO blocker is regulatory concerns on both sides of the Pacific: The Chinese government remains opposed to tech stocks gaining too much power — hence the crackdown in 2020 — and also has strict data protection laws.

Meanwhile, US lawmakers are concerned that TikTok could be forced to hand over data to the Chinese government — and that Bytedance may be under pressure to promote or suppress content on TikTok in line with Chinese government interests. The app remains under the scrutiny of the Committee on Foreign Investment.

For perspective, TikTok has been banned from government devices in the country, and lawmakers have previously argued that that ByteDance must divest its ownership of TikTok.

Shien

Fast fashion giant  Shein originally wished to launch in the US or UK but has since pivoted to the Hong Kong’s market and have filed for an IPO on the Hang Seng. This comes after struggling to receive regulatory approval from UK regulators. 

Despite facing criticism for poor working conditions and its negative environmental impact, the Chinese online retailer has seen its sales surpass those of H&M and Zara in the fast fashion market. They’ve even expanded the manufacturing of their products to Turkey, Brazil and India.

It’s not yet clear exactly how much the company is currently worth, but their most recent valuation reached $66 billion, down from $100 billion in April 2022. A significant reason for this downturn has been due to accusations of malpractice in its supply chain, alongside global efforts to combat the environmental damage of fast fashion.

GCash

GCash is a mobile wallet in the Philippines that enables users to perform financial transactions which include paying bills and sending and receiving money. Backed by Mitsubishi UFJ Financial Group and Ant Group, the company aims to raise around $1-1.5 billion, which if successful would make it the largest IPO to ever launch on the Philippine Stock Exchange. Ant Group

Initially GCash was looking to launch in 2025 but have now postponed its IPO to the second-half of 2026 due to challenging market conditions and weak market sentiment as the Philippine Stock Exchange is down 17% year-on-year. 

Upcoming Australian IPOs

Which companies are mulling a listing on the Australian Securities Exchange?

1. New Energy Opportunities
   
2. HaemaLogiX

New Energy Opportunities

New Energy Opportunities is an Australian company that’s working to develop clean energy projects and technologies which include solutions like deploying renewable energy sources and modernising energy grids. 

The company announced plans to float on the ASX in Q4 2025. This comes after a rebranding H2 Limited and strong support from its private investors on its plans to diversify itself across a range of sustainability sectors including hydrogen, electrification, energy infrastructure and circular economy solutions through an acquisition lead growth strategy. Although it’s possible a 2025 launch could be delayed, a float may happen in 2026. 

HaemaLogiX

Australian biotech company HaemaLogiX is reportedly looking to float on the ASX sometime soon which will help fund the next phase of its immunotherapy pipeline by expanding its manufacturing capabilities and accelerating clinical trials. 

Launching on Australia 200 would help position the company as one of the leading biotech players in the APAC region and could potentially encourage other biotech companies to consider a potential float on the ASX. 

Biggest recent IPOs

Some of the biggest recent IPOs include:

1. Shawbrook bank
2. Princes Group
3. Fermi
4. StubHub
5. Klarna
6. CoreWeave
7. Figma
8. Chime Financial
9. Circle Internet Group
10. Virgin Australia

Shawbrook bank

Shawbrook bank is a specialist UK-based savings and lender bank who caters to the needs of niche markets like property investors, individuals needing tailored loans and property investors. The bank offers a wide portfolio of products including standard products like savings accounts and personal loans and customised products like mortgages for property investors and professional landlords. 

The company recently launched on the LSE with shares starting at 370p each, valuing it at £1.9 billion. On the first day of trading shares increased by as much as 8% and closed at 395p, 6.5% higher than its launch price.3

If this IPO continues to be successful, it could help to restore confidence in the UK market and encourage other companies to follow suit. 

Princes Group

Princes Group is one of the UK’s leading food and beverage companies which makes Branston beans and Batchelors peas. The company recently launched on the LSE at 475p per share, giving it a total valuation of £1.2 billion.  

Although this valuation is more than its expected £1.5 billion, it still comfortably positions the company around the middle of the FTSE 250.

In 2024, the company generated £2.1 billion in revenue, and it's hoping the IPO will help support future acquisitions and growth. 

Fermi

Fermi is a US-based company that builds large scale power and data center infrastructure to support the rising demand for AI. It aims to reduce the reliance on public power grids by providing energy generation and high-capacity data center space on one site.

The company recently launched on both the Nasdaq and LSE under the ticker FRMI. Its shares opened at $21 each, which rose to around $682 million, giving the company a total valuation of almost $13 billion. 

This listing is seen as a positive thing for the LSE, which has struggled to attract high profile companies over the past couple of years. If this float is successful, it could act as an example for other companies to do the same. 

StubHub

StubHub is a US-based company that allows users to buy and sell tickets for live events including theatre and sports on its online marketplace. The company is used by customers in over 90 countries, selling to over 120 million ticket users each year. 

On 16 September 2025 the company launched on wall street under the ticker STUB with its shares starting at $23.50 each giving it a market valuation of $8.6 billion. This IPO comes after a significant restructuring and separation from Viagogo. Despite a disappointing first day of trading, the company is hopeful that its float will help to pay off debt and help with business expansion.

Klarna

This Swedish buy-now-pay-later start-up Klarna launched on wall street on 10 September 2025 under the ticker KLAR. Its shares opened at $40 each, above the expected range of $35-$37 and valued the company at $15.1 billion.

The listing was one of the largest in 2025, and shares increased by 15% on its first day of trading, which suggests investor demand despite its valuation remaining below its peak in 2021. 

CoreWeave

US-based data and AI company Coreweave launched on the Nasdaq in March 2025 under the ticker CRWV. Shares opened at $39 each and raised $1.5 billion which the company plans to use to help expand its AI cloud platform. 

Despite having a much smaller offering than initially planned due to market volatility, CoreWeave’s float was the largest tech IPO to launch on the NASDAQ since 2021. 

Figma

Figma is a collaborative cloud-based tool which is used to help establish the overall feel of digital products like apps or webpages. The company went live on the NYSE on 31 July 2025 under the ticker FIG. The IPO comes after a $20 billion acquisition deal fell through in 2023. 

On its first day of trading, shares opened at $33 per share, which was higher than its expected range and closed at $115.50, reaching a valuation of $68 billion. This makes it one of the largest IPOs in recent history. 

Chime Financial

Chime Financial launched on Wall Street back in June 2025 under the ticker CHYM and opened at $43 per share and closed at $37.11. This values the company somewhere between $11-15 billion, significantly lower than its previous private valuation of $25 billion back in 2021.

The financial technology company works closely with traditional banks to help provide a mobile app with traditional banking services. Despite its lower than expected valuation, Chime Financial achieved strong revenue growth in early 2025 and it could encourage other neobanks to launch, although the outlook remains cautious. 

Circle Internet Group

Circle Internet Group launched on the NYSE on 5 June 2025 under the ticker CRCL. It sold 34 million shares at an opening price of $31 each, above its earlier target of $27-$28 and gave the company a valuation of around $6.9 billion. 

The company is responsible for making the USDC, a safe, digital dollar, and created the technology to allow companies and individuals to use it. Strong demand resulted in the company upsizing its IPO twice. Its listing could be seen as a sign traditional markets are becoming more open to companies that offer cryptocurrency.

Virgin Australia

Virgin Australia is a large Australian airline that offers a wide range of domestic and international flights to destinations such as Fiji, Bali and New Zealand. On 24 June 2025, the company launched on the ASX under the ticker VGN, at a starting price of $2.90 per share. 

On its first day of trading Virgin Australia’s shares rose by 11.4% raising its market cap to A$2.58 billion. If a strong performance continues it could help to restore confidence in the Australian stock market and encourage other travel companies to follow suit

How to get exposure to IPO stocks

Primary market: buying at the IPO price

If a company has filed for a UK IPO and you want to invest in the stock, you can subscribe to the IPO ahead of the offering with us. By subscribing to the IPO, you’ll receive a stock allocation on the primary market, at the same time and for the same price as institutional investors. This means you can take your position without having to wait for the secondary market to open.

You can access the primary market by creating a share dealing account with us. Note that this is only available for UK IPOs.

Create a share dealing account to get started

Secondary market: buying the stock after the IPO – investing or trading
Once the stock has listed, the secondary market will open, which is where individual investors exchange the stock between themselves.

• It usually takes a few hours for stocks to be available after a US IPO, as is the case with all brokers
• For UK IPOs, stocks should be available to trade from 8am on the day of the listing
• All other IPOs we offer should be available right away, from the time the exchange opens on the day of listing

There are two ways for you to take a position on the secondary market following an initial public offering. You can:

• Invest in the company’s shares by share dealing
• Trade on the company’s share price with spread bets or CFDs

Trading vs investing in IPO shares

When trading a company’s shares with us, you can speculate on the underlying market price with spread bets and CFDs. You won’t take ownership of the shares, so you can speculate on both rising and falling prices, and get certain tax benefits.¹

You’ll only need a small deposit – known as margin – to get full market exposure. Trading on leverage can magnify your profits, but it can also magnify your losses, making it important to have a suitable risk management strategy in place.

Learn how you can manage your risk

When investing in shares with us, you’ll use a share dealing account to buy and sell the underlying stock. Because you’ll own the shares, you can only make money if the share price goes up – but you would also be entitled to any dividend payments that are made, and you’ll have shareholder rights.

To open a share dealing position, you’ll need to put down the full value of your investment. When investing, you’ll never lose more than this initial outlay.

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