Public Markets

Motive, a fleet management software company backed by Alphabet’s GV, has filed for an initial public offering on the New York Stock Exchange. The filing places Motive among a growing list of technology companies preparing for potential public listings in 2026. Founded in 2013 as Keep Truckin and rebranded in 2022, the San Francisco–based company provides software and hardware tools that help businesses manage commercial vehicles and drivers...

Global M&A activity surged in 2025, with total deal value expected to reach $4.8 trillion, marking the second-highest total on record, according to Bain & Company. The recovery was driven largely by large transactions, including megadeals above $5 billion, many from companies that historically have not been frequent acquirers. Scope-driven deals accounted for nearly 60% of large transactions, focusing on capabilities, adjacent markets, or new business models...

India’s primary equity market has delivered a record year despite conditions that would typically slow new listings. Initial public offerings reached about $19.5 billion, exceeding the previous year’s peak, even as equity markets underperformed and foreign investors withdrew more than $17 billion. Nearly half of the roughly 300 listings trade below their offer price, yet issuance volumes remain strong, supported by steady domestic participation and a growing pipeline...

The M&A landscape is sending mixed signals as 2025 closes, with deal value surging while overall activity remains largely unchanged. The third quarter recorded $598 billion in U.S.-announced deal value, the highest in nearly four years, supported by a resurgence of megadeals and stronger equity markets. Private equity buyers and corporate acquirers contributed meaningfully to this rebound, and survey data for 2026 shows continued optimism, with most respondents expecting both deal count and deal value to rise...

Blockfusion, a data center operator focused on clean energy–powered infrastructure, plans to go public through a business combination with Blue Acquisition Corp., a Nasdaq-listed SPAC. The deal assigns Blockfusion an implied pre-money enterprise value of $480 million and includes the issuance of $450 million in new securities to existing shareholders at closing...

Kraken, a U.S.-based cryptocurrency exchange founded in 2011, has confidentially filed for an initial public offering as it prepares to enter the public markets ahead of the 2026 midterm elections. The company aims to capitalize on improving market sentiment, supported by the Trump administration’s pro-crypto stance and recent legislative developments such as the Genius Act, designed to regulate stablecoins...

U.S. private market funds now account for more than half of all global private market assets, according to new data from Ocorian’s Global Assets Monitor. The analysis shows that U.S.-domiciled vehicles hold roughly $7.26 trillion in assets under management—52% of the worldwide total—far outpacing Asia at 25% and Europe at 19%...

The U.S. IPO market is showing a clear revival, supported by stronger investor sentiment and improved financial conditions. Traditional IPOs have raised more than $29.3 billion through the third quarter, a 31% increase from last year, with September marking the busiest month since 2021. Pricing strength has returned across technology, financial services, payments, and digital-asset infrastructure offerings, many of which are priced at or above their ranges...

BillionToOne has made its public debut with a $273 million IPO, pricing 4.55 million shares at $60 each. The final pricing came in above the marketed range of $49 to $55, valuing the molecular diagnostics company at more than $2.6 billion. Filings show that Co-Founders Oguzhan Atay and David Tsao will retain about 64% of voting power following the offering, a structure that gives the leadership team firm control as the company scales...

Medline Industries, a manufacturer and distributor of medical supplies, has publicly filed for an initial public offering in the U.S. The Northfield, Illinois-based company reported a 9.7% increase in revenue, reaching $13.53 billion in the first half of 2025, compared with $12.34 billion a year earlier. Profit increased to $655 million from $587 million year-over-year. The company, founded in 1966 by brothers James and Jon Mills, aims to list on the Nasdaq...