I don't see why IPO wouldn't work: "In view of the upcoming IPO, XYZ is still struggling to lead the market/be a market leader." Think of it as going/making your way ( "Gang") to the exchange ("Börse"). Stock offering is the same thing in that new shares of a company are offered, but with the IPO they're new b/c the company's listing on the exchange is new. It's their first flotation. If it's a secondary offering, which using "stock offering" might imply, then the company is already listed and wants to offer more shares to the public. When the reference is to these kinds of offerings in German texts, the words I've seen in the past are "Emission" and "Neuemission." (Albeit, I've also seen Emission refer to an IPO, too.)
If you want something less formal, "going public" is also an alternative.
There are plenty of webpages out there where the two coincide: "Börsengang" and "IPO." One such page, with an incredibly long URL, is listed below.
Try logging onto the website of XYZ. If they're big enough to go public they probably have one and if they are going public, I'm sure they talk about it there.
Good luck.