Swiss cloud provider Infomaniak is preparing an unconventional entry onto the SIX Swiss Exchange, while Belgium waits for a genuine revival of IPO activity. Belron, KNDS, Reliance Jio and the National Stock Exchange of India rank among the most closely watched potential listings.

By FinanceMarkets.info — August 5, 2026

The global market for initial public offerings is recovering, but the rebound remains highly uneven.

Strong equity markets, renewed investor demand for technology and defence companies and improving access to capital have encouraged businesses to reconsider public listings. At the same time, geopolitical uncertainty, volatile interest rates and demanding valuation expectations continue to delay several major transactions.

Switzerland currently has one of Europe’s most distinctive confirmed projects. Sovereign-cloud provider Infomaniak intends to join the SIX Swiss Exchange through a reverse takeover of Perrot Duval Holding.

Belgium, by contrast, does not yet have a confirmed conventional IPO scheduled for Euronext Brussels. However, several Belgian-linked transactions—including a possible listing of Belron—could still attract significant investor attention.

IPO pipeline at a glance

Company	Country or link	Expected market	Current status
Infomaniak	Switzerland	SIX Swiss Exchange	Conditional transaction; shareholder vote on September 24
Belron	Belgian-controlled	Amsterdam considered	Preparation reported; no final decision
KNDS	France and Germany	Venue not finalised	IPO project currently on hold
Reliance Jio Platforms	India	Indian exchanges	Regulatory filing submitted
National Stock Exchange of India	India	Indian exchanges	Board-approved IPO plan
LEAP India	India	NSE and BSE	Subscription August 7–11; listing expected August 14
Visma	Norway	London considered	Large IPO reportedly postponed
Odido	Netherlands	Amsterdam considered	Flotation reportedly postponed
OpenAI and Anthropic	United States	Undetermined	Frequently cited candidates; no firm timetable
Revolut	United Kingdom	Undetermined	Long-term candidate; no confirmed IPO date

An IPO plan can be changed, delayed or cancelled at any stage. “Potential” listings should not be treated as confirmed transactions.

Infomaniak prepares Swiss market listing

Infomaniak announced on July 29 that its shareholders had signed an agreement to list the company on the SIX Swiss Exchange.

The transaction will not be a traditional IPO. Instead, Infomaniak plans to complete a reverse takeover of Perrot Duval Holding, a Swiss company whose shares have been publicly traded since 1905.

Perrot Duval intends to sell its existing industrial operations before becoming the listed vehicle for the combination. If the transaction is approved, the company will issue new shares to Infomaniak’s current shareholders and will subsequently be renamed Infomaniak SA.

The deal remains subject to two important conditions:

• Approval by Perrot Duval shareholders at a general meeting scheduled for September 24, 2026.
• Authorisation from SIX Swiss Exchange and SIX Exchange Regulation.

Infomaniak expects the transaction prospectus to be published around September 2. The new shares would only begin trading after approval of the prospectus and the formal admission process.

Why Infomaniak wants access to public markets

Founded in 1994, Infomaniak has developed without external equity financing. Since 2017, it has reinvested all of its profits in the business.

The company generated revenue of CHF54.2 million in 2025, up from CHF47.6 million in 2024. It employs more than 300 people in Switzerland and serves approximately 300,000 paying customers.

Infomaniak wants access to the public capital markets to finance new Swiss data centres and expand its cloud, collaboration and artificial-intelligence services.

The timing reflects rising European demand for sovereign-cloud infrastructure. Governments, companies and regulated institutions increasingly want their data to be stored under European or Swiss jurisdiction rather than relying exclusively on US technology groups.

A structure designed to prevent a takeover

Infomaniak’s planned dual-share structure is one of the most distinctive features of the transaction.

The publicly traded B shares will represent the company’s economic value. Unlisted A shares will carry preferential voting rights and will be held entirely by the Infomaniak Foundation.

Although the A shares will represent only a limited portion of the economic capital, they will control the majority of the voting rights. They will also be subject to transfer restrictions.

The structure is intended to ensure that Infomaniak cannot be acquired without the Foundation’s approval. Its current shareholders—the Foundation, founder and participating employees—would together retain the vast majority of the combined listed company following the transaction.

For investors, that protection also represents a governance consideration. Public shareholders could gain exposure to Infomaniak’s financial performance without obtaining proportionate influence over strategic decisions.

Is Infomaniak technically an IPO?

The operation will introduce Infomaniak to the public market, but it is more accurately described as a reverse takeover or backdoor listing than a conventional IPO.

In a traditional IPO, a private company offers shares directly to investors and applies for admission to an exchange. A reverse takeover uses an existing listed company as the vehicle for the private business.

Infomaniak says the structure provides a faster and simpler path to the market while still requiring a prospectus and regulatory oversight.

That distinction matters because the final number of publicly available shares, the valuation and the amount of new capital raised will only become clear in the formal transaction documents.

Belgium: no confirmed Brussels IPO yet

Belgium’s IPO pipeline remains limited. As of August 5, no major company has announced a firm timetable for a conventional listing on Euronext Brussels.

The absence of new listings contrasts with the strong performance of the BEL 20 and the wider recovery in European equity markets.

Euronext is attempting to make listings more accessible through IPOgo, a programme launched in June 2026 for small and medium-sized companies considering Euronext Growth. The initiative simplifies documentation and digitalises parts of the admission process.

Brussels should theoretically benefit from a substantial pool of technology, biotechnology, industrial and family-controlled businesses. However, many Belgian companies continue to prefer private-equity financing, strategic acquisitions or foreign exchanges.

Belron could become a major Belgian-linked IPO

Belron is the most important potential transaction for Belgian investors, although the company is not expected to list in Brussels.

The world’s largest vehicle-glass repair and replacement group is controlled by Belgian-listed D’Ieteren Group, which owns approximately 50.3%. Its businesses include Carglass in continental Europe, Autoglass in the United Kingdom and Safelite in the United States.

Belron’s shareholders have reportedly been preparing a possible listing in Amsterdam, although New York has also been considered.

A transaction could value Belron at between €30 billion and €40 billion, potentially making it one of Europe’s largest IPOs in years. The company was previously valued at approximately €32 billion, including debt.

No final decision has been announced, and a flotation could move into 2027 depending on market conditions.

The transaction would be highly relevant for D’Ieteren shareholders. A public valuation for Belron could make the value of D’Ieteren’s controlling stake more transparent, but the eventual impact would depend on how many shares are sold and how the proceeds are used.

Belfius is not preparing an IPO

Belfius has often been viewed as a natural candidate for Euronext Brussels, but the Belgian government has chosen a different route.

The state plans to sell a 20% stake in the bank through a private placement, potentially raising approximately €2 billion based on an estimated valuation of €10 billion.

A private placement to one or more institutional investors is not an IPO because the shares are not offered to the general public or admitted to stock-market trading.

The decision reflects the government’s preference for a quicker transaction during volatile market conditions. It leaves open the possibility of a public listing later, but no such operation is currently scheduled.

Belgian companies increasingly look abroad

Agomab Therapeutics demonstrated another important trend when the Belgian biotechnology company pursued a Nasdaq flotation earlier in 2026.

Companies in biotechnology and technology frequently consider US exchanges because American investors often assign higher valuations to high-growth businesses and provide deeper sector-specific liquidity.

Belron’s preference for Amsterdam and Agomab’s choice of Nasdaq illustrate the competitive challenge facing Euronext Brussels: Belgium can produce IPO candidates without necessarily securing their listings domestically.

KNDS IPO remains a priority—but is on hold

Franco-German defence company KNDS remains one of Europe’s largest potential IPOs.

The proposed transaction was expected to involve the German family shareholders and the French state each selling approximately 10% of the company to public investors.

The project was put on hold in early July amid uncertainty about the company’s ownership structure. Reports subsequently suggested that France and Germany could consider complete state ownership.

KNDS Chairman Tom Enders rejected those reports on August 5 and said a listing remained the company’s immediate priority.

KNDS has a substantial order backlog and is benefiting from rapidly rising European defence expenditure. Those characteristics could make the company attractive to investors, but the relationship between its French and German owners adds political complexity.

Until its ownership arrangements are resolved, the timing and venue of the IPO remain uncertain.

India has the clearest large-scale IPO pipeline

India is currently producing some of the world’s most significant confirmed and planned public offerings.

Reliance Jio could become India’s largest IPO

Jio Platforms filed regulatory documents for a public offering in June. Sources indicated that the company could raise approximately $3.8 billion, potentially making it the largest IPO in Indian history.

Jio is the digital and telecommunications arm of Reliance Industries. It operates India’s largest mobile network and has attracted strategic investment from groups including Meta and Google.

The offering is expected to involve existing investors selling part of their holdings rather than Jio relying entirely on newly issued shares.

The size of the transaction will test the Indian market’s capacity to absorb a major technology and telecommunications listing.

National Stock Exchange prepares its own flotation

The board of the National Stock Exchange of India has also approved an IPO plan.

The transaction would take the form of an offer for sale, allowing existing shareholders to reduce their stakes without the exchange issuing new capital.

Estimates suggest the offering could be worth approximately $3.3 billion. Regulatory approval and the final timetable remain pending.

LEAP India sets a firm August schedule

LEAP India has one of the clearest near-term IPO timetables.

The KKR-backed logistics and asset-pooling company plans to open its offering for public subscription on August 7 and close it on August 11. Its shares are expected to begin trading on August 14.

The $260 million offering values the business at approximately $734 million. It includes about $50 million in newly issued shares and approximately $210 million of stock sold by existing shareholders.

LEAP operates 30 warehouses, seven outsourced pallet-manufacturing facilities and serves more than 900 customers. Revenue rose 56.4% during fiscal 2026, while net profit increased 66%.

Europe’s postponed IPO candidates

Not every large IPO project has progressed as planned.

Norwegian software group Visma reportedly postponed a potential London flotation that could have valued the company at approximately $20 billion.

Dutch telecommunications operator Odido also delayed a proposed offering expected to raise around €1 billion.

Postponements do not necessarily mean the transactions have been cancelled. Companies and private-equity shareholders frequently maintain preparations so they can return quickly when volatility declines and valuations improve.

London is also attempting to revive its listing market. The UK Financial Conduct Authority announced further simplification of IPO rules on August 5, eliminating a mandatory seven-day delay related to connected research and reducing certain information-sharing requirements.

The reforms are intended to shorten the listing process and improve London’s competitiveness against New York and European exchanges.

US technology candidates remain speculative

Investors continue to discuss possible future listings of OpenAI, Anthropic, Stripe and Revolut.

These companies have reached valuations that could support exceptionally large public offerings. However, none should currently be treated as having a confirmed listing date.

Private technology companies can continue raising substantial amounts of capital without accepting the disclosure obligations and quarterly-market pressure associated with public ownership.

For that reason, a widely anticipated IPO can remain several years away even after advisers, investors or executives begin discussing the possibility.

What investors should examine before buying an IPO

An attractive growth story does not automatically make an IPO a good investment. Investors should examine:

• The proportion of new shares compared with shares sold by existing owners.
• The intended use of the proceeds.
• Revenue growth, profitability and free cash flow.
• Debt levels following the offering.
• Voting rights and dual-class share structures.
• Lock-up periods restricting insider sales.
• The valuation compared with established listed competitors.
• The size of the free float and expected trading liquidity.

Infomaniak’s structure makes governance especially important. Public investors would participate in the company’s economic development, while the Foundation would retain permanent voting control.

In Belron’s case, debt and the motivations of private-equity shareholders would be central considerations. For KNDS, political ownership and government procurement would add another layer of risk.

Outlook for the remainder of 2026

The second half of 2026 could deliver several important listings, particularly in India and selected European sectors.

Infomaniak currently offers the most concrete Swiss timetable, with its prospectus expected around September 2 and a decisive shareholder vote scheduled for September 24.

Belgium still lacks a confirmed domestic IPO, although Belron could become one of Europe’s largest Belgian-linked transactions if its shareholders proceed with an Amsterdam flotation.

The wider pipeline is substantial, but execution will depend on market volatility, interest rates and investors’ willingness to accept ambitious valuations. The IPO recovery is under way—yet companies still need to prove that public markets offer better terms than private capital.

Sources: Infomaniak – Planned listing on SIX Swiss Exchange, Reuters – KNDS IPO remains a priority, Reuters – Reliance Jio files for IPO, Reuters – LEAP India IPO timetable, Reuters – NSE board approves IPO plan, Reuters – Belgium selects private placement for Belfius, Euronext – IPOgo for SMEs.