Pre-IPO Investing Expands Amid Private Market Growth

The IPO market is experiencing a resurgence in 2025, with U.S. companies raising about $25 billion in the first half of the year, significantly up from the previous year, and increased activity in the SPAC sector, signaling renewed investor interest in pre-IPO investing, especially in fast-growing late-stage startups in AI, fintech, spacetech, and biotech sectors. In India, several notable IPO developments are underway: Sugs Lloyd is set to raise ₹85.66 crores through its IPO priced between ₹117 and ₹123 per share, with the issue opening on August 29 and listing on BSE on September 5, while BSE recently added Regaal Resources Limited to its IPO index, highlighting the ongoing expansion of the Indian capital market. Meanwhile, Shein Group is reportedly considering relocating its headquarters back to mainland China to secure regulatory approval for a planned Hong Kong IPO after failed attempts in New York and London, reflecting the complex regulatory environment for Chinese-linked companies seeking public listings abroad. Additionally, Tata Capital is preparing for a substantial IPO valued at around $2 billion to comply with RBI regulations requiring upper layer non-banking financial companies to list shares within three years, with Tata Sons holding a majority stake and seeking potential waivers from the RBI. These developments underscore a dynamic global IPO landscape driven by regulatory shifts, investor appetite, and strategic corporate maneuvers to access public markets.