This week in IPOs — two deals finish, one is still a headline
NSE India and Ligent both hit final IPO milestones today, while ProEnergy's $50B listing is still a Bloomberg report with no S-1 filed yet.
Two IPOs that have been building toward this exact date for weeks are both wrapping up today, September 21, on opposite sides of Asia. A third deal, reported for the first time just three days ago, doesn't have a filing, a bank syndicate confirmed by the company, or even a confirmed choice between an IPO and an outright sale. Lined up together, the three show how wide a range the word "IPO" covers at any given moment — from a book that's closing in hours to a number a reporter got from someone close to the deal.
NSE India: the public offer closes today
The National Stock Exchange of India's public offer, priced at ₹1,700–1,785 a share, opened September 17 and closes today. Allotment is expected tomorrow, September 22, with a BSE listing targeted for September 24 — an offer-for-sale of roughly 5% of the company by existing holders including LIC, SBI and Temasek, raising no new capital for NSE itself. The mechanics of why this deal raises zero primary capital, and why it took NSE the better part of a decade to get here, are covered in more depth in our earlier spotlight on the listing. What matters for today is simpler: after the book closes tonight, the only things left are allotment and the actual listing print, both already on the calendar.
Ligent Technologies: allocation the same day, trading tomorrow
On the other side of the calendar, Ligent Technologies — the Hisense-controlled optical-transceiver maker — is even closer to the finish line. Its Hong Kong offering of roughly 172 million shares at HK$32.96 each, about HK$5.7 billion ($727 million), closed to public subscription last week, and allocation results are due out today, with trading set to begin tomorrow, September 22. Close to 30 cornerstone investors — including Primavera, GigaDevice, Mirae Asset Securities and Barings — had already agreed to buy roughly 47% of the offering before it was marketed to anyone else, locking in the bulk of the deal well ahead of today's allocation. Ligent's first-half 2026 revenue rose 27.7% to 5.39 billion yuan (about $803 million), with the majority of that coming from the optical transceivers that plug AI data centers into their networks — a business Zorro's pipeline tracker currently assigns a 95% listing probability, the highest confidence score in the file, precisely because there's nothing left to happen except the print.
ProEnergy: a $40–50 billion number with no S-1 behind it
Compare that to ProEnergy, a Missouri-based builder of gas turbines and modular power plants for data centers, majority owned by Energy Capital Partners since a 2024 buyout. Bloomberg reported on September 18 that ProEnergy is working with Morgan Stanley and JPMorgan on a potential US listing that could value the company at $40 to $50 billion, riding the same AI-driven power-demand wave that's lifted names like Aggreko and SB Energy through Zorro's pipeline this year. But Bloomberg's own reporting is explicit that the plans are preliminary, that a sale of the company remains an alternative to going public at all, and that no S-1 or even a confidential draft has been filed. There's no price range because there's no offering yet, no bank-led roadshow because no roadshow has been scheduled, and no fixed timeline because ProEnergy hasn't committed to one publicly. It's a real number from real bankers working a real mandate — but it's still just a headline, not a deal in motion the way NSE and Ligent are today.
What the probability score is actually measuring
That gap is exactly what the probability column in Zorro's upcoming-IPO tracker is built to capture. NSE sits at 90% and Ligent at 95% because both have public price terms, set subscription windows, and listing dates that are now less than 72 hours away — the kind of deal where the main remaining risk is a last-minute pull, which is rare once a book has actually closed. ProEnergy sits at 40%, the same tier as other companies where bankers are engaged but nothing has been filed, because a reported valuation target can evaporate entirely if the sponsor decides a sale to a strategic buyer beats a public listing, or if market conditions sour before a draft prospectus ever gets submitted. None of that means ProEnergy's number is wrong — $40–50 billion is a plausible reflection of what buyers might pay for turbine capacity tied to AI power demand — it just means the number describes a possibility, not a scheduled event. Once NSE and Ligent actually start trading this week, both move out of the pipeline entirely and into the list of IPOs priced in the last three months, where Zorro's recent-IPO tracker starts following price action, lockups and peak analytics instead of filing status.