From Baidu unit to Jio, Asia's IPO boom shows no sign of slowing in 2026

Long-dormant IPO plans are reviving, with 2026 likely to see major offerings from Baidu, Zepto, ChangXin Memory Technologies and Coca-Cola's India bottling arm

By Dave Sebastian

 

Asia’s equity capital markets are expected to have another blockbuster year in 2026, building on a surge that pushed the region to the forefront of global share sales. 

Share listings, placements and block trades across Asia Pacific raised $262.7 billion in 2025, the most in four years, according to data compiled by Bloomberg. For the first time, four of the world’s five busiest deal venues were in the region, fueled by Hong Kong’s sharp rebound and India’s second straight year of record initial public offerings.

 

Long-dormant IPO plans are coming back to life, and 2026 is expected to feature major offerings from corporate giant Baidu Inc., tech upstart Zepto Ltd., AI leader ChangXin Memory Technologies Inc. and Coca-Cola Co.’s India bottling unit. As with 2025, Hong Kong listings of Chinese firms already traded in mainland China will keep filling the pipeline.  

 

 

Hong Kong listings may raise as much as $45 billion in 2026, according to estimates by KPMG LLP. If that holds, it would mark the biggest haul in six years. Indian IPOs, meanwhile, may notch a third straight annual record, bankers say.

 

Here are some of the potential major deals to watch in Asia this year, according to people familiar with discussions.

 

Revival of Dormant IPOs in Hong Kong

• A.S. Watson Group: Conglomerate CK Hutchison Holdings Ltd., controlled by billionaire Li Ka-shing, is considering listing its health and beauty retailer, a share sale that could raise $2 billion or more. The IPO was in the works as far back as 2013. 
• Syngenta Group: The Chinese-owned agricultural technology company held preliminary talks with financial advisers for a potential listing in 2026, more than a year after it withdrew a plan for a $9 billion listing in Shanghai.

China’s AI and Technology Firms

• ChangXin Memory Technologies and Yangtze Memory Technologies Co.: The chipmakers are considering mainland China IPOs that could each fetch a valuation of as much as 300 billion yuan ($43 billion). 
• Baidu’s Kunlunxin: The technology giant has confidentially filed a Hong Kong IPO for its AI chip unit, which has been valued at at least $3 billion, saying that a carve-out listing would better reflect its value.

Second Listings of Chinese Firms

• Zhongji Innolight Co.: The Shenzhen-listed maker of optical communication modules and devices has picked banks for a Hong Kong listing that could raise $3 billion or more. 
• Luxshare Precision Industry Co.: The Shenzhen-listed Apple Inc. supplier filed for a Hong Kong listing last year, aiming to raise over $1 billion from the share sale. The company makes AirPods. 
• Muyuan Foods Co.: The Shenzhen-listed company, which is one of the world’s biggest pig breeders and pork producers, said the Hong Kong exchange had reviewed the firm’s listing application. The listing could raise at least $1 billion. 
• Eastroc Beverage Group Co.: The Shanghai-listed energy-drink maker has secured approval from China’s securities regulator for a Hong Kong listing. In 2024, the company was targeting to raise as much as $1 billion. 
• Vipshop Holdings Ltd.: The US-listed Chinese discount online retailer is considering a listing in Hong Kong as soon as 2026.

India’s Established Giants

• Jio Platforms Ltd.: Reliance Industries Ltd. has started drafting an initial prospectus for a planned listing of its wireless carrier in what could be India’s biggest-ever IPO. 
• National Stock Exchange of India Ltd.: The stock exchange’s IPO could come in 2026 at the earliest, its chief executive officer said in August. 
• SBI Funds Management Ltd.: India’s biggest asset manager is considering an IPO of as much as $1.2 billion in the first half.
• India’s Digital Champions 
• PhonePe Ltd.: India’s largest digital payments provider, backed by Walmart Inc., has confidentially filed for an IPO that could raise up to $1.5 billion and value the fintech firm at about $15 billion. 
• Flipkart India Pvt.: The online retailer last year said it would move its holding company to India from Singapore. The company has been exploring an IPO since at least 2021. 
• Zepto: The grocery-delivery firm has filed papers for an IPO through a confidential route, with aims to raise about $500 million.
• Multinational Firms in India 
• Coca-Cola’s Indian bottling unit: The beverage giant is considering taking Hindustan Coca-Cola Beverages Pvt. public in a deal that may fetch $1 billion. 
• Fossil Group Inc.: The US-based luxury watchmaker is considering an IPO of its Indian arm to raise about $300 million to $400 million. 
• Carlsberg AS’s India unit: The Danish brewer was exploring an IPO of its India arm, Moneycontrol reported in September.

Japan

• PayPay Corp.: SoftBank Group Corp.’s digital payment provider confidentially filed a draft registration last year to debut on the US stock market. 
• SmartNews Inc.: The news-aggregation app operator was valued at $2 billion in 2021, and may list in Tokyo as early as this year. 
• Rakuten Group Inc.’s credit card unit: The Japanese e-commerce firm was considering listing its credit card business in the US, Reuters reported. 
• 7-Eleven: Seven & i Holdings Co. in March said it planned to pursue an IPO of 7-Eleven in North America by the second half of 2026.

Other Deals

• SK Hynix Inc.: The South Korean memory chipmaker is exploring a potential New York listing, which could narrow its valuation gap with global peers like Micron Technology Inc. 
• Toss Bank Co.: The South Korean super app is seeking a US listing in the second quarter, Reuters reported in July. The company had brought in investors including Singapore sovereign wealth fund GIC Pte. and investment firms Baillie Gifford, Wellington and WCM. 
• Shein Group Ltd.: The Singapore-based fast fashion giant confidentially filed for a Hong Kong IPO. The long-anticipated IPO needs Beijing’s signoff. 
• MMC Port Holdings Sdn.: The port operator last year postponed its planned $2 billion Malaysia IPO to 2026 to include full-year results and bolster valuation. 
• Sunway Healthcare Holdings Bhd.: The health-care arm of conglomerate Sunway Bhd. will start gauging investor interest as soon as January for a Malaysia IPO that may raise around $700 million. The firm could list its shares as early as March. 
• GCash: The Philippine fintech firm is aiming for an IPO in Manila in the second half, later than previously anticipated as the local stock market sagged.