While deal volatility increased after the banking industry disruption last month, there is a packed pipeline of microcap IPOs for Q2.
The Renaissance IPO Index finished at 12% for the first quarter, outperforming the S&P 500 (+4%). March ended strong with solid microcap IPO activity leading into the first week of April.
The Internet of Things Grows
ARB IOT Group (ARBB) has an estimated IPO date of April 4 and seeks to raise $6.5 million at a $131 million market cap. Founded in 1997 and based in Malaysia, the company provides IoT integration systems and devices from design to project deployment. In 2022, ARB IOT Group realized $443 million in revenue with YoY growth of over 780 percent. The sole bookrunner is Maxim Group.
Multi Ways Holding (MWG) has an estimated IPO date of April 4 and intends to raise $21 million with a $92 million market cap. Founded in 1988 in Singapore, the company supplies heavy construction equipment in the Singapore area with increased growth in various industries and countries. Spartan Capital Securities is bookrunner.
The Paper Base
Millennium Group International (MGIH) has an estimated IPO date of April 4 and seeks to raise $5 million with a $45 million market cap, bordering nano-cap. Founded in 1978 and headquartered in Hong Kong, Millennium Group International is a paper-based packaging solutions supplier that also operates a supply chain management business for global clients. The company had $66 million in revenue in 2022, with YoY growth of over 2 percent. Network 1 Financial Securities is the sole bookrunner.
Exploring the Metaverse
Global Mofy Metaverse (GMM) has an estimated IPO date of April 5 and intends to raise $6 million with a $135 million market cap. Founded in 2017 in China, the company provides technology solutions like virtual content production, digital marketing, and digital assets development. Global Mofy Metaverse booked $17 million in revenue for the year ended September 30, 2022. The sole bookrunner is Maxim Group.
The Juice is Loose
SolarJuice (SJA) has an estimated IPO date of April 6 and seeks to raise over $16 million with a $154 million market cap. Founded in 2009 in the United States, SolarJuice provides solar photovoltaic-based energy solutions for residential and small commercial building markets in the United States and Australia. Solar Juice booked $159 in revenue for the 12 months that ended June 30, 2022. Maxim Group is the sole bookrunner.
KingWin in China
Top KingWin (TCJH) has an estimated IPO date of April 6 and plans to raise over $13 million with a $50 million market cap. Founded in 2018 in China, Top KingWin provides business services to emerging companies, including training, consulting, and advisory and transaction services. The company booked $6 million in revenue for the year that ended Sept. 30. Univest Securities is bookrunner.
Listening for the Whistler Project
U.S. GoldMining (USGO) has an estimated IPO date of April 12 and hopes to raise $15 million, with a market cap of nearly $152 million. Founded in 2015 in Canada, the company is in the exploration stage, with the Whistler Project as its sole effort focused on gold and copper exploration northwest of Anchorage, Alaska. The company has no operating revenues and does not anticipate generating revenue soon. Joint bookrunners on the deal are H.C. Wainwright and BMO Capital Markets.