Q4 started slow, but the microcap IPO flow is picking up steam with several companies on the calendar.
There are six companies set to float, including a steel manufacturer, a high-end moving and storage service, an e-commerce logistics provider, a blank check company targeting the clean energy business, a mortgage brokerage and technology company, and a financial and advertising software company.
Steel Framing and Prefabricated Homes
Inno Holdings (INHD) has an estimated IPO date of Nov. 1, seeking to raise $ million at a $ million market cap. Founded in 2019 and based in the United States, the company is a building technology company and manufacturer of cold-formed steel, offering services to transform raw materials into steel framing products and prefabricated houses.
The company serves industrial, commercial, and residential customers with a B2B sales model and intends to use either a B2B or B2C sales model for prefabricated home products. Inno Holdings booked $1 million in revenue for the year ended June 20, 2023. The sole bookrunner on this deal is AC Sunshine Securities.
White-Glove Moving and Storage Services
Elate Group (ELGP) has an estimated IPO date of Nov. 10, aiming to raise $5 million at a $20 million market cap. Founded in 2013 and based in the United States, the company is a high-end moving and storage concierge service providing relocation solutions for commercial, government, and residential clients who want a white-glove experience.
Currently, the Elate Group focuses on seven metro markets along the East Coast and operates a fleet of 13 trucks, with plans to grow by 13-15 trucks over the upcoming year. The company booked $5 million in revenue for the year ended Dec. 31, 2022. Aegis Capital is sole bookrunner on this deal.
Updated IPOs
Globavend Holdings (GVH) had estimated IPO dates of Oct. 4 and Oct. 19, seeking to raise about $8 million at a $68 million market cap. Now, the company has an estimated IPO date of Oct. 26, still aiming to raise just over $8 million at a $68 million market cap.
Prospect Energy Holdings (AMGS) had an estimated IPO date of Oct. 18, intending to raise $75 million at a $95 million market cap. Now, the company has an estimated IPO date of Oct. 27 and is still seeking to raise $75 million at an almost $95 million market cap.
Pineapple Foundation (PAPL) had estimated IPO dates of July 14 and Oct. 20, seeking to raise about $6 million at around a $38 million market cap. Then, the company scaled back with an estimated IPO date of Oct. 18, aiming to raise just over $4 million at about a $36 million market cap. Now, Pineapple Foundation has an estimated IPO date of Oct. 27, still seeking to raise around $4 million at a $36 million market cap.
NYIAX (NYX) had an estimated IPO date of March 8, seeking to raise $9 million at an estimated market cap of $78 million. Now, the company has an estimated IPO date of Nov. 3 and aims to raise $7.5 million at about a $74 million market cap.
