Weekly read on Kenyan, African and global markets — written for investors who need clarity, not chatter.
Tracx Logis (proposed Nasdaq: TRCX) cut its IPO from 1.5m to 1m shares at $18–$22, reducing midpoint gross proceeds to $20m against a reported ~$334m midpoint capitalization. FY2025 revenue fell ~43% to S$167.1m, cash was S$5.7m at 30 June, and all convertible notes converted to 11.82m shares on 4 September.
Shein began trading in Hong Kong on 1 September 2026 as HKEX 00625 at HK$48.56, raising roughly HK$13.214bn net. First-half 2026 net revenues of $20.13bn grew only 1% while adjusted net income fell 55.6% and the 9 November delayed quote of HK$41.18 sits ~15.2% below the offer price.
Rezera’s proposed Nasdaq IPO (RZRA) covers 16.67m shares at $11–$13, implying ~$200m gross at the $12 midpoint, for a clinical-stage NLRP3-inhibitor biotech with just $3.9m cash at 30 June 2026 and a target 2028 Phase 3 topline readout. GSK has indicated non-binding interest in up to ~$25m of IPO shares.
Primagrove Limited’s September F-1 proposes 6.25m new ordinary shares at $4–$6 for a Nasdaq listing under YHTE (calendars show YNTE — unresolved). FY2025 revenue was $1.83m with $1.07m net income, yet the $5 midpoint implies a $131.25m equity value: ~71.6x sales and ~122.7x earnings for a Hong Kong project-based technology-services firm.
Oura postponed its planned Nasdaq IPO on 29 September 2026 despite investor interest. The 50m-share offering at $40–$44 would have raised $2.0bn–$2.2bn with a large secondary component. Nine-month revenue to June 2026 reached $1.215bn (+74%), membership revenue rose 121% and operating cash flow was $328m.
OpenAI submitted a confidential draft S-1 on 8 June 2026 after closing $122bn of committed capital at an $852bn post-money valuation in March. Reported September 2026 annualized revenue approached $70bn, and management indicates possible 2027 IPO readiness — but there is no public prospectus, offer price, ticker or timetable.
N4 Group listed on Euronext Growth Paris under ALN4 on 26 October 2026 at EUR 23.81 a share. The EUR 33.1m aggregate offer was ~79% secondary selling (only EUR 7.0m new capital); FY26 revenue reached EUR 91.1m with EUR 15.3m EBIT — a 24.2x trailing earnings multiple that growth quality must justify.
LIS Technologies’ amended S-1 proposes 3.1m new shares at $5–$7 (≈$18.6m gross at the $6 midpoint) for a Nasdaq listing of a CRISLA laser uranium-enrichment developer with zero operating revenue since inception, a $29.69m nine-month net loss and a $74m 12-month cash-needs plan that far exceeds offering net.
Football Manager SPAC proposes 10m units at $10 (FBLLU / FBLL / FBLLW) with a $10.05 initial trust deposit per public share and a 12–15-month business-combination window. There is no operating business or identified target: investors buy a sponsor-led search for mid-tier European football clubs, with 6.43m founder shares beside 10m public shares.
Fitness Fanatics’ amended F-1 proposes 7m ordinary shares at $4–$6 for a Nasdaq Capital Market listing under FIT. H1 2026 sales rose 58% to $14.72m with $0.92m net profit, yet operations used $0.82m of cash — at the $5 midpoint the implied $112.5m capitalization is ~4.20x trailing sales for a sports-nutrition distributor.
Deep Sea Minerals, already public on Canada’s CSE as SEAS, proposes a Nasdaq ADS-and-warrant offering: ~$5.0m gross at a $6 assumed combined package price, each ADS representing 12 common shares. The company holds zero subsea mineral rights — proceeds fund applications, assessment and corporate readiness, not mining.
Cadeler plc replaced Cadeler A/S as listed group parent on 5 November via a one-for-one share exchange and UK redomiciliation — a relisting, not a growth-capital IPO. H1 2026 revenue reached EUR 407.5m with EUR 207.6m EBITDA and a EUR 2.49bn backlog (77% FID-backed); utilisation, vessel capex and squeeze-out funding are the real tests.