Monthly IPO Roundup: October 2026 -- September's Biggest Listings
September 2026 IPOs: Shein raised $1.7B in Hong Kong's largest listing of the year and closed flat, NSE India debuted at a $46B valuation in the country's second-largest IPO, Enflame surged 179% in Shanghai, and Anthropic's $2 trillion S-1 surfaced. Full recap.
September 2026 produced the strangest split in IPO markets this year. In Hong Kong, Shein completed the city's largest share sale of 2026 and went nowhere, closing its first day down 0.12% after falling as much as 10% in early trading. In Shanghai, Tencent-backed AI chipmaker Enflame closed 179% above its offer price. And in Mumbai, the National Stock Exchange of India finally listed after a decade of regulatory delays, becoming the country's second-largest IPO in history and gaining just 1.8% on debut.
The U.S. was the weak link. Orion180 Insurance priced below its marketed range and opened lower. Electra Therapeutics upsized its deal and still closed its first day down nearly 12%. Reuters attributed the soft fall IPO season to concerns about AI spending, the Federal Reserve's recent interest rate hike, and rising bond yields weighing on appetite for new listings.
The biggest IPO story of September was not a listing at all. Reuters reviewed Anthropic's confidential IPO prospectus, roughly 300 pages long, laying out a target valuation of up to $2 trillion. That would be the largest IPO in history, bigger than SpaceX's June 2026 debut.
This is our October 2026 IPO roundup, covering September's activity. For August's listings, including Unitree's 460% first-day surge on the STAR Market, see Monthly IPO Roundup: September 2026. For the deal side of September, see Monthly M&A Roundup: September 2026, where Nvidia signed its $12.9 billion Hugging Face agreement and LVMH completed the sale of Marc Jacobs.
Shein: Hong Kong's Largest 2026 IPO Debuts Flat at a $26 Billion Valuation
Priced: August 31, 2026 (trading began September 1) Exchange: Hong Kong Stock Exchange (0625.HK) IPO price: HK$48.56 Raised: HK$13.6 billion (approximately $1.7 billion)
Shein priced its shares at HK$48.56 on August 31 and began trading on September 1. The stock fell as much as 10% in early trading, dipping below HK$44, before recovering to close at HK$48.50. That is a decline of just 0.12% on the day, but it left the company valued at roughly $26.2 billion. Shein was valued near $100 billion at its 2022 peak.
Why the valuation collapsed: New U.S. and EU tariffs on low-cost parcels from China removed the duty-free shipping advantage Shein built its model on. Rising shipping costs tied to the war in Iran compounded the hit. The company swung from a $395 million profit to a $99 million loss in the first quarter of 2026, per Euronews. Attempts to list in New York and London were blocked by Chinese authorities; Beijing approved the Hong Kong route in July 2026.
Why it matters for brand ownership: Shein is the most consequential consumer-facing IPO of September and one of the largest pure consumer brand listings of the year. A flat debut on the largest Hong Kong share sale of 2026 tells you exactly where public investors price tariff-exposed fast fashion right now. See the Shein brand profile for the full ownership history, including its founders and early investors.
NSE India: Second-Largest Indian IPO Ever Lists on a Rival Exchange
Listed: September 24, 2026 on BSE IPO price: Rs 1,785 (top of range) Raised: Rs 22,568.94 crore (approximately $2.3 billion) Market cap at listing: Rs 4.45 lakh crore (approximately $46 billion)
The National Stock Exchange of India ended a decade of delays when it listed on the BSE on September 24. The offer was subscribed 5.71 times overall, with the institutional portion covered 12.68 times and retail just 1.39 times. Shares listed at Rs 1,800, a roughly 1% premium, and closed the session at Rs 1,817, up 1.8%.
The structural oddity is worth noting. NSE, the world's largest derivatives exchange, could not list on itself. Its shares trade on the rival BSE, which now has a market cap of Rs 1.33 lakh crore, less than a third of NSE's. At Rs 22,569 crore, the offer surpasses LIC's 2022 listing as India's second-largest IPO ever, behind only Hyundai Motor India's 2024 debut.
The backstory: SEBI issued the no-objection certificate on January 30, clearing the way after years of governance investigations. NSE filed its draft red herring prospectus in June and the offer ran September 17 to 21.
Enflame: Tencent-Backed AI Chipmaker Nearly Triples in Shanghai Debut
Listed: September 11, 2026 on Shanghai STAR Market (688801.SS) IPO price: RMB 142.18 Raised: RMB 6.12 billion (approximately $912 million) First-day close: RMB 397 (+179%)
Shanghai Enflame Technology sold 43.04 million new shares, 10% of its enlarged capital, and watched the stock open at 410 yuan, spike to 475 yuan intraday, and close at 397 yuan. The close valued the company at roughly 171 billion yuan, nearly 2.8 times its IPO valuation.
Enflame is not profitable. Its net loss narrowed to 1.1 billion yuan in 2025 while revenue grew 37%. Investors are pricing the company as a domestic AI chip champion, backed by Tencent, at a moment when Chinese AI demand is colliding with U.S. export controls on advanced semiconductors. The same dynamic powered Unitree's 460% STAR Market pop in August.
U.S. Listings: One Upsized Biotech, Two Weak Debuts
[ADARx](/brands/adarx-pharmaceuticals) Pharmaceuticals (Nasdaq: ADRX) -- $446.3 million upsized IPO. ADARx priced 26.25 million shares at $17 on September 24, the top of its marketed range, after upsizing the deal by the maximum 20% allowed without refiling. Shares began trading September 25. The San Diego company, which develops siRNA therapeutics, went public at roughly a $2 billion market cap with nearly $1 billion of cash post-offer, per IFR. AbbVie agreed to buy up to $100 million of stock in a concurrent private placement, giving it approximately 4.9% of the company. A further 3.94 million greenshoe shares could take the raise to $512 million if exercised in full.
Electra Therapeutics (Nasdaq: ETRA) -- $350 million raise, minus 12% debut. The OrbiMed-backed clinical-stage biotech priced an upsized offering of 23.3 million shares at $15 on September 18 and closed its first session at $13.25. The debut valued Electra at roughly $1 billion fully diluted. Proceeds fund a potential first-in-class precision immunology drug for a rare hyperinflammatory disorder with no FDA-approved treatments.
Orion180 Insurance (Nasdaq: OIG) -- priced below range, opened lower. The Melbourne, Florida property insurer priced at $12 on September 18, below its $15 to $17 marketed range, and raised $240 million. Shares opened at $11.50 and the company was valued at $1.14 billion after its debut. A homeowner insurance company going public into a hard market priced below range is a clean signal of where U.S. IPO appetite sits.
SPACs and Alternative Routes
[Newcleo](/companies/newcleo) (Nasdaq: NWCL) -- down 18.6% on de-SPAC debut. The London- and Turin-based developer of lead-cooled fast reactors completed its merger with NewHold Investment Corp III and began trading September 22. It closed at $8.145, 18.6% below the $10.00 reference price the deal was struck at in May. The transaction delivered $247 million in gross proceeds against a $2.4 billion pre-money equity value, with roughly 90% of shares under lock-up. This is a reminder that SPAC de-SPAC pricing is a negotiated number, not a market verdict. For background, see our guide on what a SPAC is and which brands have used one to go public.
May Mobility -- $1.4 billion de-SPAC announced. Autonomous vehicle company May Mobility agreed to go public through a merger with ACP Holdings Acquisition Corp in a deal implying a pro forma enterprise value of approximately $1.4 billion and up to $337 million in gross proceeds. The transaction was announced in the week ending September 21 and has not yet closed.
RoboTechnik (HKEX: 03757) -- HK$5.18 billion H-share listing. The Shenzhen-listed robotics company priced its Hong Kong offering at the top of its range at HK$436 per share on September 28, raising HK$5,177.9 million gross. Dealings began September 29.
India's Busy September Beyond NSE
India's primary market stayed hot all month. Four more listings worth noting:
| Company | Listing Date | IPO Price | First-Day Move | Notes |
|---|---|---|---|---|
| Hero Motors | Sept 23 | Rs 68 | +20% | ~Rs 1,000 crore raise; ~Rs 4,470 crore market cap |
| SS Retail | Sept 23 | Rs 424 | +50.7% | Listed at Rs 639.10 on NSE and BSE |
| Adroit Industries | Sept 30 | Rs 134 | +75.4% | Rs 150.71 crore IPO; 176.85x subscribed |
| Sonaselection India | Sept 24 | Rs 99 | +3.3% | Rs 141.57 crore fresh issue; 2.01x subscribed |
Source: HDFC [Sky](/brands/sky), ETAuto, company filings.
European Listings: Athens and Stockholm
Star Bulk Carriers (Euronext Athens: SBLK) -- September 15. The dry bulk shipping company listed on Euronext Athens at EUR 24.50 per share, raising EUR 107.8 million at a EUR 3.14 billion market capitalization. The global placement was 6x oversubscribed. Star Bulk operates 138 owned vessels plus 7 chartered ships, and the listing was one of the largest maritime equity offerings in Greece in recent years.
Linjemontage (Nasdaq Stockholm) -- September 25. The Swedish power-infrastructure EPC company priced at SEK 46 per share, a SEK 2.36 billion valuation. The offering was entirely secondary shares, so the company received no proceeds. It was oversubscribed several times.
September 2026 IPO Summary
| Ticker | Company | Exchange | Sector | IPO Date | Raise | IPO Price | Notes |
|---|---|---|---|---|---|---|---|
| 0625.HK | Shein | HKEX | Fast fashion | Sept 1 | ~$1.7B | HK$48.56 | Largest HK IPO of 2026; fell 10% intraday, closed -0.12%; ~$26B valuation |
| -- | NSE India | BSE | Exchange operator | Sept 24 | ~$2.3B | Rs 1,785 | India's 2nd-largest IPO ever; 5.71x subscribed; closed +1.8% |
| 688801 | Enflame | Shanghai STAR | AI chips | Sept 11 | ~$912M | RMB 142.18 | +179% first day; ~RMB 171B valuation; Tencent-backed |
| ADRX | ADARx | Nasdaq | Biotech | Sept 25 | $446.3M | $17.00 | Upsized 20%; ~$2B market cap; AbbVie took ~4.9% concurrently |
| ETRA | Electra Therapeutics | Nasdaq | Biotech | Sept 18 | $350M | $15.00 | Upsized; closed first day at $13.25 (-11.7%) |
| OIG | Orion180 Insurance | Nasdaq | Insurance | Sept 18 | $240M | $12.00 | Priced below $15-17 range; opened $11.50; $1.14B value |
| NWCL | Newcleo | Nasdaq | Nuclear energy | Sept 22 | $247M proceeds | $10.00 ref | De-SPAC; closed $8.145 (-18.6%) |
| 03757 | RoboTechnik | HKEX | Robotics | Sept 29 | ~$660M | HK$436 | H-share listing; already Shenzhen-listed |
| SBLK | Star Bulk Carriers | Euronext Athens | Shipping | Sept 15 | EUR 107.8M | EUR 24.50 | EUR 3.14B market cap; 6x oversubscribed |
| -- | Linjemontage | Nasdaq Stockholm | Power infra | Sept 25 | Secondary only | SEK 46 | SEK 2.36B valuation; all existing shares |
Source: Company press releases, Reuters, BBC, Euronews, IFR, MedCity News, Euronext, Indian Express, ETAuto, HDFC Sky. Data as of September 30, 2026.
Anthropic's S-1 Surfaces: A $2 Trillion Target and $42 Billion in Losses
The most important IPO document of September was one nobody was supposed to see yet. Reuters reviewed Anthropic's confidential IPO prospectus in the final week of September and reported the details on September 28.
The numbers are extreme. Anthropic is targeting a valuation of up to $2 trillion, more than double its roughly $965 billion private mark from May. Revenue reached $4.6 billion in fiscal 2025, up from $400 million in 2024 and $40 million in 2023. The net loss for 2025 was $42 billion. The company plans to spend $518 billion on cloud computing and infrastructure obligations in coming years. Roughly a third of the 261-page document is risk factors, more than double the page count describing what the company does.
Anthropic confidentially filed its S-1 in June 2026, edging ahead of rival OpenAI in the race to public markets. Reuters previously reported the debut is likely to slip past the November U.S. midterm elections. If it prices anywhere near the target, it would be the largest IPO in history, surpassing SpaceX's June listing at a $1.77 trillion valuation. For how confidential filings work, see our stock market guide for brand and consumer enthusiasts.
What to Watch: The Q4 2026 IPO Pipeline
Discord remains the most watched consumer listing candidate for H2 2026. Trackers still point to a Nasdaq debut at a $15 to $25 billion valuation, though no pricing date was confirmed as of September 30. See the Discord company profile.
[Databricks](/companies/databricks) is off the table for 2026. CEO Ali Ghodsi called this "a terrible year to go public" on Bloomberg Television in June and has said it is "very unlikely" the company lists before OpenAI or Anthropic. Databricks raised $5 billion at a $190 billion valuation in August and has not filed an S-1, confidentially or otherwise.
OpenAI reaffirmed a 2027 listing timeline in August. It confidentially filed in June 2026.
Bending Spoons, owner of AOL, Evernote, Vimeo, WeTransfer, Eventbrite, and Meetup, filed for a Nasdaq IPO in June targeting a $20 billion valuation. A listing did not materialize in Q3; watch Q4. See the Bending Spoons company profile.
Marea Therapeutics and Sensorion both disclosed IPO plans in September. Sensorion, a French hearing-loss biotech already listed on Euronext, submitted a confidential draft registration statement for a U.S. listing.
For the full list of brands and companies expected to go public this year, see IPO Watch: Brands Going Public in 2026.
FAQ
What was the biggest IPO of September 2026?
By valuation, the National Stock Exchange of India was the largest September 2026 IPO, debuting at roughly a $46 billion market cap on September 24 after raising approximately $2.3 billion. By capital raised, Shein's $1.7 billion Hong Kong listing was the largest share sale in that market this year. In the U.S., ADARx raised the most at $446.3 million.
Did Shein's stock go up or down on its first day?
Shein fell as much as 10% in early Hong Kong trading on September 1, 2026, dropping below HK$44, then recovered to close at HK$48.50, down just 0.12% from the HK$48.56 IPO price. The debut valued Shein at approximately $26.2 billion, far below its near-$100 billion private-market peak in 2022.
Is Anthropic going public in 2026?
Probably. Anthropic confidentially filed its S-1 in June 2026, and Reuters reviewed the prospectus in late September. The document targets a valuation of up to $2 trillion, though Reuters reported the listing is likely to come after the November U.S. midterm elections. Anthropic reported $4.6 billion in fiscal 2025 revenue against a $42 billion net loss.
Why did U.S. IPOs struggle in September 2026?
Reuters attributed the soft start to the fall IPO season to three factors: investor concerns about AI spending, the Federal Reserve's recent interest rate hike, and rising bond yields. Orion180 priced below its range and opened lower. Electra Therapeutics upsized its offering and still closed its debut down nearly 12%. ADARx was the exception, pricing an upsized deal at the top of its range.
How does September 2026 compare to August for IPOs?
August was headlined by Unitree's 460% first-day surge and $900 million raise on the STAR Market. September produced more total volume and bigger listings by valuation -- Shein, NSE India, and Enflame -- but with far weaker first-day performance outside China. The pattern continued: Asian exchanges delivered size and pops, while U.S. issuers priced cautiously or below range. For August's full recap, see Monthly IPO Roundup: September 2026.
Related Reading
- Monthly IPO Roundup: September 2026
- Monthly IPO Roundup: August 2026
- Monthly M&A Roundup: September 2026
- IPO Watch: Brands Going Public in 2026
- What Is a SPAC and Have Any Brands Used One to Go Public
- Shein brand profile
- Browse all News & Updates
Sources
1. Reuters: Shein shares slide in Hong Kong debut on concerns about growth and regulatory risks -- https://www.reuters.com/business/retail-consumer/shein-shares-slide-long-awaited-hong-kong-trading-debut-2026-09-01/ (September 1, 2026) 2. BBC News: Shein shares fall in long-awaited stock market debut -- https://www.bbc.com/news/articles/c3v0qrz7z25o (September 1, 2026) 3. Euronews: Shein shares fall on Hong Kong debut as parcel duties and Iran costs bite -- https://www.euronews.com/business/2026/09/01/shein-shares-fall-on-hong-kong-debut-as-parcel-duties-and-iran-costs-bite (September 1, 2026) 4. Indian Express: NSE makes historic market debut at a premium of 1% -- https://indianexpress.com/article/business/nse-ipo-listing-market-cap-bse-insurance-stocks-irdai-10891795/ (September 24, 2026) 5. Press Insider: NSE set for $46 billion market debut after a decade of regulatory delays -- https://pressinsider.com/news/nse-set-for-46-billion-market-debut-after-decade-of-regulatory-delays/ (September 2026) 6. Reuters: Tencent-backed Enflame nearly triples in Shanghai debut on AI chip demand bets -- https://www.reuters.com/world/asia-pacific/tencent-backed-enflame-open-up-188-shanghai-debut-after-912-million-ipo-2026-09-11/ (September 11, 2026) 7. ADARx Pharmaceuticals: Announces Pricing of Upsized $446.3 Million Initial Public Offering -- https://www.globenewswire.com/news-release/2026/09/24/3368818/0/en/adarx-pharmaceuticals-announces-pricing-of-upsized-446-3-million-initial-public-offering.html (September 24, 2026) 8. IFR: ADARx prices upsized Nasdaq IPO at top -- https://www.ifre.com/equities/2490467/adarx-prices-upsized-nasdaq-ipo-at-top (September 2026) 9. MedCity News: Electra's Upsized IPO Lands $350M for New Class of Precision Immunology Drugs -- https://medcitynews.com/2026/09/electra-ipo-sirp-shlh-immunology-inflammation-precision-medicine-etra/ (September 20, 2026) 10. Reuters: Orion180 Insurance valued at $1.14 billion as shares fall in debut -- https://www.reuters.com/legal/litigation/orion180-insurance-valued-114-billion-shares-fall-debut-2026-09-18/ (September 18, 2026) 11. SimianX: Newcleo NWCL Debut -- $8.145 Close vs $10 SPAC Price -- https://www.simianx.ai/stories/newcleo-nwcl-debut-is-the-24b-nuclear-ipo-an-ai-power-bet (September 22, 2026) 12. Minichart: RoboTechnik IPO Prices at HK$436 Top of Range, Raises HK$5.18 Billion -- https://www.minichart.com.sg/2026/09/29/robotechnik-ipo-prices-at-hk436-top-of-range-raises-hk5-18-billion-allotment-results-cornerstone-lock-ups-and-concentration-risks-for-stock-code-03757/ (September 29, 2026) 13. Euronext: Star Bulk Carriers Corp. lists on Euronext -- https://athens.euronext.com/sites/default/files/2026-09/2026.09.16_ENX_PR_Star_Bulk_Carriers_Corp..pdf (September 16, 2026) 14. ETAuto: Hero Motors shares list at Rs 82.10, gain 20% from issue price -- https://auto.economictimes.indiatimes.com/news/two-wheelers/hero-motors-shares-list-at-82-10-gain-20-from-issue-price/134441982 (September 23, 2026) 15. HDFC Sky: Adroit Industries IPO Listing -- https://hdfcsky.com/news/adroit-industries-shares-rise-75-percent-on-debut (September 30, 2026) 16. Reuters: Exclusive -- Anthropic's IPO prospectus shows sweeping AI vision, surging costs (September 28, 2026) 17. Reuters: Exclusive -- Anthropic's IPO pitch embraces AI's promise and peril -- https://www.streetinsider.com/Reuters/Exclusive-Anthropics+IPO+pitch+embraces+AIs+promise+and+peril/27128485.html (September 30, 2026) 18. The Ringer: The Numbers Behind Anthropic -- https://www.theringer.com/2026/09/30/tech/anthropic-ipo-numbers-leak-dario-amodei (September 30, 2026) 19. Morningstar: Ahead of an IPO, the maths behind Databricks' $190 billion valuation doesn't add up -- https://www.morningstar.com.au/stocks/ahead-an-ipo-maths-behind-databricks-190-billion-valuation-doesnt-add-up (September 21, 2026)
All brand ownership data verified through WhoBrands.com research methodology. Last updated: October 1, 2026.
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Brands & Companies Mentioned
Fashion ApparelSHEIN
Owned by Shein
Global online fashion and lifestyle brand operated by Singapore-headquartered Shein, known for an on-demand retail model and broad international reach.
Technology SoftwareEnflame
Owned by Shanghai Enflame Technology Co., Ltd.
Chinese AI chip brand of Shanghai Enflame Technology, the Tencent-backed company listed on the STAR Market in September 2026.
Finance FintechNational Stock Exchange of India
Owned by National Stock Exchange of India Limited
Brand of NSE, India's largest stock exchange and the world's largest derivatives market, listed on BSE in September 2026.
Shein
Singapore-headquartered fast fashion e-commerce company operating in approximately 160 countries, with its Hong Kong offering pending and trading scheduled for September 1, 2026.
1 brand in portfolio
Anthropic PBC
American artificial intelligence company and maker of the Claude AI assistant, structured as a public benefit corporation focused on AI safety.
1 brand in portfolio
Tencent Holdings Limited
Chinese technology and entertainment company owning Riot Games and controlling Miniclip among a broad portfolio of digital businesses.
1 brand in portfolio