With fall right around the corner, microcap IPO flow stays strong with eight companies on the calendar.
According to Nelson Griggs, President of Capital Access Platforms at Nasdaq, “We’re seeing some signs of life. For the first time in 18 months, we’re seeing significant institutional activity…We’re having a pickup in M&A, which gives a floor to valuations…and we are very active in pitching as companies test the waters.”
This week, the companies on the IPO calendar include Singapore commodities trading, cardiovascular health devices, forestry, biotech, e-sport gaming, luxury real estate, Asian groceries, and 3D printers.
Singapore Commodities Trading
Davis Commodities (DTCK) has an estimated IPO date of Sept. 13, intending to raise $4.6 million at an around $103 million market cap. Founded in 1999 and based in Singapore, the commodity trading company focuses on rice, sugar, and fat products, distributing them in more than 20 countries across Africa, Asia, and the Middle East.
Davis Commodities sources and makes products under two main brands, Taffy and Maxwill, and exclusively distributes the Lin brand in Singapore. The company booked $207 in revenue for the year ended Dec. 31. The sole bookrunner on this deal is Univest Securities.
Monitoring Cardiovascular Health
CardieX (CDEX) has an estimated IPO date of Sept. 14 and is looking to raise $10 million at about a $28 million market cap. Founded in 1994 and based in Australia, the company develops devices to monitor cardiovascular health, including the SphygmoCor XCEL, a biometric monitoring device that measures arterial pressure.
CardieX also has two subsidiaries, ATCOR Medical, and CONNEQT Health, focused on separate yet complementary healthcare market sectors. The companies reported a loss attributable to the owners of $8.7 M on revenue of $3M for the year ended June 30, 2022. Roth Capital Partners is the sole bookrunner on this deal.
Updated IPOs
Nature Wood Group (NWGL) had estimated IPO dates of Aug. 18 and Sept. 8, aiming to raise about $9 million at an almost $167 million market cap. Now, the company has an estimated IPO date of Sept. 12 and still intends to raise nearly $9 million at around a $167 million market cap.
Vitro Biopharma (VTRO) had an estimated IPO date of Aug. 9, seeking to raise $10 million at a nearly $37 million market cap. Now, the company has an estimated IPO date of Sept. 13 and is still seeking to raise $10 million at about a $37 million market cap.
Gamer Pakistan (GPAK) had estimated IPO dates of Aug. 10, Aug. 23, Sept. 6, and Sept. 8, seeking to raise almost $8 million at about a $115 million market cap. Now, the company has an estimated IPO date of Sept. 14, still aiming to raise nearly $8 million at around a $115 million market cap.
Lead Real Estate (LRE) had an estimated IPO date of Sept. 8, seeking to raise around $9 million at about a $109 million market cap. Now, the company has an estimated IPO date of Sept. 15 and still intends to raise about $9 million at around a $109 million market cap.
Maison Solutions (MSS) had estimated IPO dates of June 14, July 14, Aug. 15, Aug. 24, Aug. 21, and Sept. 8, seeking to raise $15 million at a $79 million market cap. Now, the company has an estimated IPO date of Sept. 15 and still looks to raise $15 million at a $79 million market cap.
XJet (XJET) had an estimated IPO date of June 28, looking to raise $10 million at almost a $99 million market cap. Now, the company has an estimated IPO date of Sept. 22 and seeks to raise nearly $6.5 million at an almost $77 million market cap.
