The microcap IPO flow is picking up in March, the month known to come in like a lion and go out like a lamb, with six companies on the calendar.
The companies include a super mobility app for ride-hailing and quick commerce, financial and advertising software using blockchain technology for companies to sell, buy, and list advertising campaigns, a financial public relations company in Hong Kong, a company providing maritime tours, activities, and attractions in the continental US and US Virgin Islands, a China sewage treatment and services company, and a cleantech company that designs, manufactures, and sells autonomous surface vessels (ASVs).
Intelligent Hong Kong Public Relations
Intelligent Group Limited (INTJ) has an estimated IPO date of March 6, aiming to raise $9 million at a nearly $60 million market cap. Founded in 2016 and based in Hong Kong, the company provides financial public relations in Hong Kong, including reputation management and communications.
Intelligent Group booked $2 million in sales for the year ended Nov. 30, 2022. The sole bookrunner on this deal is Univest Securities.
China Sewage Treatment and Services
CDT Environmental Technology Investment Holdings (CDTG) has an estimated IPO date of March 8, seeking to raise $9 million at about a $50 million market cap. Founded in 2012 and based in China, the waste treatment company designs, develops, manufactures, sells, installs, operates, and maintains sewage treatment systems and provides sewage treatment services.
CDT Environmental Technology Investment Holdings booked $31 million in sales for the year ended June 30, 2022. WestPark Capital is sole bookrunner on this deal.
Cleantech Company Offering ASVs
RanMarine Technology (RAN) has an estimated IPO date of March 13, intending to raise almost $8 million at about a $61 million market cap. Founded in 2016 and based in The Netherlands, this cleantech company designs, manufactures, and sells autonomous surface vessels (ASVs) to remove waste and pollution from water surfaces.
RanMarine Technology booked $1 million in revenue for the year ended June 30, 2023. The joint bookrunners on this deal are WallachBeth Capital and Craft Capital Management.
Updated IPOs
Ryde Group (RYDE) had estimated IPO dates of Nov. 10 and Dec. 1, seeking to raise around $10 million at an almost $67 million market cap. The company now has an estimated IPO date of March 4, intending to raise nearly $7 million at around a $70 million market cap.
NYIAX (NYX) had an estimated IPO date of March 8, intending to raise $9 million at about a $78 million market cap, and then the estimated IPO dates of Nov. 3 and Nov. 30, aiming to raise $7.5 million at around a $74 million market cap. The company now has an estimated IPO date of March 6, seeking to raise nearly $8.5 million at about a $74 million market cap.
Amphitrite Digital (AMDI) had estimated IPO dates of Feb. 8, Feb. 14, and Feb. 21, aiming to raise $7 million at a nearly $13 million market cap. The company now has an estimated IPO date of March 6, and it still intends to raise about $7 million at the same market cap.
