Entrata files for proposed IPO

Entain (ENT) stock fell 2.7% after adjusting its 2026 financial guidance due to Brazil's ban on online sports betting. The company now expects lower-end EBITDA and online margin, with online net gaming revenue growth reduced to 4-6% from 5-7%. Brazil was projected to contribute 5% of revenue. The FTSE 100 rose 0.26% amid U.S.-Iran diplomacy news.

Entain said it agreed to sell a 20% interest in Entain Holdings (CEE) Ltd to joint venture partner EMMA Capital in a phased exit. The deal values Entain CEE at about €2.1bn (c.10x EBITDA) and provides ~€425m cash, including €395m on completion plus an early-2027 payment. Net proceeds will reduce debt; completion is expected in Q4 2026.

ADARx Pharmaceuticals aims to raise up to $371.9 million in a U.S. IPO, targeting a $1.74 billion valuation. The company plans to offer 21.9 million shares at $15-$17 each, listing on Nasdaq as ADRX. AbbVie Inc. (ABBV) will invest up to $100 million, gaining a 4.9% stake. ADARx has multiple drugs in development, with onvuzosiran in late-stage testing for hereditary angioedema. The IPO market remains selective, favoring companies with later-stage assets.

Citigroup (C) is leading a $3B+ IPO for Mexico's Grupo Financiero Banamex, set for January 2027, alongside Bank of America (BAC), Goldman Sachs (GS), and JPMorgan (JPM). Citigroup has sold stakes in Banamex before and is evaluating its remaining holdings. The company's stock is currently 46.2% overvalued at $134.28, with a dividend yield of 1.91% and a GF Score of 77/100.

Citigroup (C) plans to raise over $3B through an IPO for its Mexican subsidiary, Banamex, with the help of Wall Street banks including Bank of America (BAC) and Goldman Sachs (GS).

SK Hynix (SKHY) is considering an IPO for its subsidiary Solidigm, potentially valuing it at $150 billion and raising $15 billion by 2027. The move aims to unlock value and provide financial flexibility, following SK Hynix's record Q2 2026 results. Risks include market cyclicality and valuation sustainability.