Anthropic’s Mega-IPO Plan Looms Over Packed US Listing Calendar
Спикеры
Bailey Lipschultz
— Репортер, Bloomberg
Bailey Lipschultz discusses Anthropic's looming IPO and its crowding-out effect on the US IPO calendar, plus the difficult setup for Shein's Hong Kong debut. He explains that Anthropic's IPO could move quickly once its financing is finalized, but the deal may starve smaller IPOs of investor attention. He also highlights grey-market signals pointing to a sharp drop for Shein.
- Anthropic's IPO is being watched as a potential record deal but key steps like its revolving credit facility are not yet finalized.
- Once financing is finalized, Anthropic could move quickly toward a public filing and debut.
- The Anthropic deal may crowd out other IPOs by absorbing long-only and sovereign wealth fund attention.
- In the month before SpaceX's IPO, similar pre-mega IPO deals averaged a 10% loss from offer price.
- Shein is set to debut in Hong Kong after previously considering US and London listings.
- Investors criticize Shein's valuation multiple relative to Zara and H&M given slower growth and political uncertainty.
- Grey market trading suggests Shein could trade down sharply once listed.
- A packed September-October IPO calendar also faces Fed and election risk.
Идеи
Avoid IPOs around Anthropic mega-debut.
Anthropic's imminent mega-IPO is expected to absorb attention and dollars in the IPO market. Long-only managers and sovereign wealth funds have limited teams, so smaller or lesser-known deals struggle to get meetings while issuers fear being on the road at the same time as Anthropic. Lipschultz cites the pre-SpaceX window, when 14 notable IPOs in the prior month averaged a loss of nearly 10% from offer price, as evidence that crowding around a mega-IPO hurts other deals.
Shein IPO likely trades down sharply.
Shein Global Holdings is expected to trade down sharply in its Hong Kong debut. Investors who met with the company do not want to pay a similar multiple to Zara or H&M for a company that has not seen growth and faces significant political uncertainty and other headwinds. The company also tried US and London listings before Hong Kong, adding uncertainty. Grey market trading has already indicated a 14% decline, and Lipschultz says even a conservative read of the grey market points to a sharp drop.
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This Bloomberg Markets video, published August 31, 2026, features Bailey Lipschultz discussing US IPO market, Shein Global Holdings. 2 trade ideas extracted by AI with direction and confidence scoring.
Speakers: Bailey Lipschultz · Tickers: US IPO market, Shein Global Holdings