Global IPO market faces setback as high-profile listings are scrapped, delayed in 2026

A string of high-profile initial public offerings (IPOs) have been withdrawn, postponed or put on hold in 2026 as investors demand greater valuation discipline and market volatility complicates fundraising plans, testing hopes for a sustained revival in global equity capital markets.

Australia's Firmus became the latest casualty on Friday, scrapping a planned stock market listing that would have ranked as the country's second-largest IPO. The Nvidia-backed artificial intelligence data centre operator had been seeking a valuation of around $30.6 billion.

According to Reuters, the company cited market volatility and prevailing conditions for its decision to abandon the planned listing. Firmus said it would instead pursue private-market funding and consider alternative listing options.


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The setbacks underscore the challenges facing companies seeking to tap public markets, with valuation uncertainty and shifting investor appetite forcing issuers to reconsider the timing and structure of their offerings.

Here are some of the notable IPOs around the world that have been withdrawn, delayed or shelved so far in 2026.

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Firmus

Australia-based Firmus withdrew its planned stock market listing in October, abandoning an offering that would have been one of the country's largest IPOs. The Nvidia-backed AI data centre operator had sought a valuation of approximately $30.6 billion.

Reuters reported that the company cited market volatility and prevailing market conditions for its decision. Firmus plans to pursue private-market funding while exploring alternative listing options, leaving the door open for a potential public offering at a later stage.

Clear Street

Wall Street brokerage Clear Street withdrew its planned US IPO in February after initially delaying the offering and significantly reducing its fundraising target. The company cited market conditions for its decision not to proceed with the listing.

The move highlighted the difficulties companies can face in securing investor demand at their desired valuations, even after revising their offering plans to reflect changing market conditions.

Oura

Smart-ring maker Oura postponed its planned US IPO in September, citing uncertainty in market conditions. The company had aimed to raise as much as $2.2 billion through the offering, which could have valued it at up to $15 billion.

The delay set back the company's plans to access public equity markets amid uncertainty over investor appetite for large technology and consumer-focused listings. Oura's decision also added to a growing list of companies reassessing their IPO timelines in 2026.

Holtec Nuclear

Nuclear equipment maker Holtec Nuclear withdrew its planned US IPO in September after initially postponing the offering because of unfavourable market sentiment.

The Camden, New Jersey-based nuclear technology company had been expected to go public in early September. However, adverse sentiment affecting both equity markets and the nuclear sector prompted it to reconsider the listing.

The decision shows how sector-specific uncertainty can complicate fundraising plans, even for companies in industries attracting attention amid shifting energy and infrastructure priorities.

Bamboo Insurance

Bamboo Insurance Services postponed its planned US IPO in late September, according to media reports.

The homeowners insurance managing general underwriter had set a target price range of $18 to $20 per share on September 14 for an offering of 35 million shares. At the upper end of the range, the IPO would have raised as much as $700 million and valued the company at more than $3 billion.

The postponement added to the challenges facing companies seeking to enter public markets, as issuers weigh investor demand against their fundraising requirements and valuation expectations.

Amaero

Advanced materials manufacturer Amaero postponed its planned US IPO in September. The company had intended to raise capital by selling 7.5 million shares before putting the offering on hold.

The delay reflects the difficulties companies can encounter when market conditions become less supportive of new equity issuance. Postponing an IPO can give issuers additional time to assess investor demand and determine whether a revised timetable or offering structure would improve the prospects of a successful listing.

KNDS

Franco-German defence group KNDS put its planned stock market listing on hold in July until market conditions improve, shelving what would have been one of Europe's largest defence IPOs in recent years.

The manufacturer of the Leopard 2 tank and Caesar howitzer was likely to have been valued at around 15 billion euros ($16.84 billion) in the offering, a source told Reuters earlier.

The planned listing had attracted attention because of the defence industry's growing strategic importance. However, KNDS's decision to delay the IPO demonstrated that favourable long-term sector prospects do not necessarily translate into immediate investor demand or suitable market conditions for a large public offering.

CopperTech Metals

CopperTech Metals delayed its planned US IPO in late June, citing volatility across the global copper equity sector.

The company had planned to raise $423.5 million by offering 23.5 million shares at a price range of $16 to $18 apiece. The offering would have valued the company at up to $3.57 billion.

The postponement highlights the challenges companies face in volatile commodity markets, where shifting investor sentiment can affect valuations and access to capital.

PhonePe

Walmart-backed Indian fintech company PhonePe paused its IPO plans in mid-March, citing geopolitical tensions and volatility in global capital markets.

The company had been targeting a valuation of between $9 billion and $10.5 billion for its planned listing, Reuters reported at the time.

PhonePe's decision added to the uncertainty surrounding India's pipeline of large public offerings, with global geopolitical developments and financial-market volatility affecting companies' willingness to proceed with listings.

Valuation discipline puts IPO revival to the test

The withdrawals and postponements highlight the increasingly difficult balance companies must strike between raising capital and meeting investor valuation expectations. While some issuers have opted to delay offerings, others have abandoned their immediate listing plans in favour of private funding.

For investors, the developments suggest that a recovery in global IPO activity may depend not only on improved market conditions but also on companies demonstrating greater flexibility on pricing and deal structures.

The experiences of Firmus, Oura, KNDS and PhonePe also show that the challenge extends across sectors and geographies, from artificial intelligence and fintech to insurance, advanced materials and defence.

As companies reassess their fundraising strategies, securing investor support at acceptable valuations will likely remain a key factor in which IPOs proceed and which are pushed further into the future.

(Disclaimer: This article is based on inputs from agencies. These do not represent the views of The Economic Times.)