IPO

Figma (FIG) shares fell 14% after hours following its first earnings report as a public company. While revenue beat expectations at $249.6 million (up 41% YoY), the report presented a mixed picture. Q3 revenue is projected at $263-$265 million, surpassing estimates. Full-year adjusted operating income is forecasted between $88-$98 million, with revenue exceeding $1.02 billion. Figma is innovating with AI-powered tools and strategic acquisitions. Concerns about AI displacing designers were addressed, with the CEO emphasizing AI’s role in augmenting design. The company reported a 129% net retention rate.

Klarna, the BNPL giant, is preparing for its NYSE IPO under the ticker “KLAR,” potentially raising $1.27 billion at $35-$37 per share, valuing the company up to $14 billion. Existing shareholders will offer a significant stake alongside Klarna’s new share issuance. Goldman Sachs, JP Morgan, and Morgan Stanley are joint bookrunners. Klarna’s Q2 revenue grew 20% to $823 million, but net loss widened to $53 million. The IPO marks a significant step for the fintech firm aiming to become a comprehensive financial “super app.”

Silver Pegasus Acquisition Corp. (SPEGU) debuts on Nasdaq today after a $100 million IPO, priced at $10.00 per unit. Led by CEO Cesar Johnston, the semiconductor-focused SPAC aims to acquire a company in the industry. The offering consists of 10 million units, each containing one Class A ordinary share and one right. Trading under SPEGU, SPEG, and SPEGR, Silver Pegasus seeks to capitalize on semiconductor demand, acknowledging industry competition and regulatory challenges. Roth Capital Partners is the sole underwriter, with the IPO expected to close tomorrow.

Diginex (DGNX), a sustainability RegTech firm, grew revenue 57% to $2.0M but widened its net loss to $5.2M in FY2025. Critically, its balance sheet shifted from $23.0M net liabilities to $4.6M net assets after its January 2025 IPO. Post-filing, the company announced ambitious plans: a $2B all-stock acquisition of Resulticks Group, purchasing Matter DK ApS for $13M, pursuing a dual listing on Abu Dhabi Securities Exchange, and raising $250M targeting GCC investors. Strategic shifts included moving away from customization toward SaaS solutions despite core subscription growth challenges.

Changxin Technologies (CXMT), a leading Chinese DRAM memory chip manufacturer, has begun its IPO process. Established in 2016, CXMT focuses on DRAM research, development, manufacturing, and sales. The company, valued at 150.8 billion yuan in its latest funding round, has secured significant backing from investors including the National Integrated Circuit Industry Investment Fund, Alibaba, and Tencent. CXMT’s IPO could make it the first “Storage Chip Stock” listed on the A-shares market, boosting domestic chip manufacturing.

UNISOC, a leading Chinese semiconductor firm, has filed for an IPO on Shanghai’s STAR Market. This move signifies a major step towards becoming China’s first publicly listed domestic smartphone chip designer. With extensive expertise in 2G through 5G baseband technology, UNISOC competes with global giants. The company has bolstered its finances through substantial equity rounds and boasts a broad product portfolio serving over 500 brands worldwide. UNISOC aims for world-class status by 2030, driven by innovation and a strong R&D focus.

Honor Device Co., Ltd. has initiated its IPO on the A-share market, filing for guidance with the CSRC. The company restructured to a joint-stock entity in late 2024, a key step towards public listing. Shenzhen Zhixin New Information Technology Co., Ltd. holds a controlling stake. With the backing of multiple investors including China Mobile and China Telecom, Honor aims to fuel its strategic growth through public markets.

Julong Holding Limited (JLHL) priced its IPO at $4.00 per share, raising approximately $5.0 million through the offering of 1,250,000 Class A ordinary shares. JLHL, trading on Nasdaq as “JLHL” from June 26, 2025, provides intelligent integrated solutions for various properties in China. US Tiger Securities, Inc. acted as the sole book-runner. The offering is expected to close on June 27, 2025.

In June 2025, CNBC reported that Mixue Bingcheng founders Zhang Hongchao and Zhang Hongfu topped the New Fortune 500 Rich List in China, with a net worth of 117.9 billion yuan. Their success story began with a small shaved ice stand and evolved into a global fast-food empire. A successful 2025 IPO and over 46,000 stores worldwide propelled them to become the richest individuals in Henan province, surpassing previous leaders.

Zhaoxin, a key player in China’s silicon arena, and Kylin Software, a leading operating system provider, have formed a strategic alliance. This collaboration aims to optimize computing infrastructure through full-stack integration, improving performance, and bolstering AI application support. Zhaoxin’s CPUs are now fully compatible with Kylin, which are set to be deployed in numerous Zhaoxin-based systems. Zhaoxin’s IPO on the STAR Market is poised to raise significant funds for further development.