The microcap IPO flow picks up in February with four companies on the calendar this week.
Companies include a SPAC focused on construction, engineering, industrial, and renewables industries, maritime tours and activities in the continental US and US Virgin Islands, a Thierry Donald-inspired luxury lifestyle brand focused on activewear and ski apparel, and a Phase 1 biotech focused on developing sublingual delivery of proteins and peptides for metabolic diseases such as diabetes.
SPAC Focused on Construction, Industrial and Renewables
Legato Merger (LEGT) has an estimated IPO date of Feb. 6, seeking to raise $175 million at about a $225 million market cap. Founded in 2023 and based in the United States, the corporation is a Cayman Islands-exempted company formed to enter into a merger, asset acquisition, share exchange, reorganization, share purchase, recapitalization, or other business combination with one or more businesses in the infrastructure, engineering and construction, industrial and renewables industries.
Legato is led by SPAC veterans: Vice Chairman David Sgro and Chief SPAC Officer Eric Rosenfeld, who shepherded eight other SPACs, including the Legato II combination with construction company Southland Holdings a year ago. BTIG is sole bookrunner on this deal.
Maritime Tours and Activities Featuring Up-Close Encounters
Amphitrite Digital (AMDI) has an estimated IPO date of Feb. 8, intending to raise $7 million at a nearly $13 million market cap. Founded in 2017 and based in the United States, the company provides maritime tours, activities, and attractions in the continental US and US Virgin Islands, featuring up-close encounters with nature, wildlife, culture, and history.
Amphitrite Digital booked $7 million in revenue for the year ended Sept. 30, 2023. The sole bookrunner on this deal is Kingswood Capital Markets.
Updated IPOs
Perfect Moment (PMNT) had an estimated IPO date of Jan. 15, intending to raise about $16 million at a $108 million market cap. Then, the company lowered its sights with an estimated IPO date of Feb. 2, seeking to raise about $8 million at around a $99 million market cap. Now, Perfect Moment has an estimated IPO date of Feb. 8, still aiming to raise around $8 million at a $99 million market cap. The company sells activewear with a focus on ski apparel.
Biolingus (Cayman) Limited (SUBL) had an estimated IPO date of Jan. 31, aiming to raise $7 million at about a $222 million market cap. The company now has an estimated IPO date of Feb. 14 and is still seeking to raise $7 million at the same market cap.
