The microcap IPO flow in the final week of August holds steady as the summer winds down toward Labor Day weekend.
The seven companies on the calendar include robotic facility maintenance, veterinary partners, Asian merchandise in Los Angeles, a holding company, Pakistan esports, oil exploration in Africa, and international forestry.
Simple Robotic Facility Management
Simpple (SPPL) had an estimated IPO of Aug. 18, intending to raise nearly $9 million at about an $89 million market cap, and then had an estimated IPO date of Aug. 22, seeking to raise over $9 million at around a $92 million market cap. Now, the company has an estimated IPO date of Aug. 29, looking to raise just over $9 million at an almost $93 million market cap. Founded in 2016 and based in Singapore, Simple provides a robotic ecosystem solution for Singapore facilities management using robotic cleaning equipment and related software.
As of 2021, 209 of 432 schools, 4 of 6 autonomous Singapore universities, and 7 of 29 hospitals adopted Simpple’s facility management system. The company booked $5 million in sales for the year ended Dec. 21, 2022. The Maxim Group is sole bookrunner on this deal.
Inspired Veterinarians
Inspire Veterinary Partners (IVP) had an estimated IPO date of Sept. 1, seeking to raise $8 million at an almost $31 million market cap. The company now has an estimated IPO date of Aug. 29, still intending to raise $8 million at a nearly $31 million market cap. Founded in 2020 and based in the United States, the company owns and operates thirteen veterinary hospitals in nine states.
Inspire Veterinary Partners has an emphasis on cats and dogs and is starting to expand by offering additional services like mixed animal facilities and critical care. The company booked $13 million in sales for the year ended March 31. The joint bookrunners on this deal are Titan Partners and Spartan Capital Securities.
Asian Merchandise and Food in Los Angeles
Maison Solutions (MSS) had estimated IPO dates of June 14, July 14, Aug. 15, and Aug. 24, looking to raise $15 million at a $79 million market cap. Now, the company has an estimated IPO date of Aug. 31 and is still seeking to raise $15 million at a $79 million market cap. Founded in 2019 and based in the United States, Maison Solutions is a California specialty grocery retailer offering traditional Asian merchandise and food.
Currently, the company has four Los Angeles locations with plans for satellite stores. Maison Solutions booked $52 million in sales for the year ended Jan. 31. Joseph Stone Capital is the sole bookrunner on this deal.
Hong Kong Holdings
Solowin Holdings (SWIN) had estimated IPO dates of Aug. 11, Aug. 16, and Aug. 24, aiming to raise nearly $13 million at almost a $73 million market cap. The company now has an estimated IPO date of Sept. 1, still seeking to raise almost $13 million at a nearly $73 million market cap. Founded in 2018 and based in Hong Kong, this holding company operates primarily through its wholly-owned subsidiary, Solomon JFZ. The subsidiary is a Hong Kong securities brokerage offering services and products through an electronic platform with over 20,000 users.
The majority of Solowin Holdings’ clients are Hong Kong institutions and Chinese investors based in Asia. The company booked $4 million in revenue for the year ended March 31. The sole bookrunner on this deal is EF Hutton.
Esporting Events in Pakistan
Gamer Pakistan (GPAK) had an estimated IPO date of Aug. 10 and Aug. 23, intending to raise nearly $8 million at around a $115 million market cap. Now, the company has an estimated IPO date of Sept. 6, still seeking to raise almost $8 million at about a $115 market cap. Founded in 2021 and based in the United States, Gamer Pakistan is in the development stage as a product marketing and event promotion enterprise, creating professional, inter-university, and college esports events for Pakistan teams.
Gamer Pakistan offers team events for men and women. To date, the company has not generated any revenues. WestPark Capital is the sole bookrunner on this deal.
Africa Oil Exploration
Elephant Oil (ELEP) had an estimated IPO date of Aug. 15, seeking to raise $7.5 million at about a $66 million market cap, and now an estimated IPO date of Sept. 6, and still intending to raise about $7.5 million at around a $66 million market cap. Founded in 2013 and based in the United States, this independent oil and gas exploration stage enterprise focuses on under-explored African regions, with exploration licenses in the Republic of Benin and Namibia.
To date, the company has not drilled any wells or generated any revenues. The sole bookrunner on this deal is Spartan Capital Securities.
Getting Into the Forest
Nature Wood Group (NWGL) had an estimated IPO date of Aug. 18, seeking to raise about $9 million at an almost $167 million market cap. Now, the company has an estimated IPO date of Sept. 8, still aiming to raise nearly $9 million at about a $167 million market cap. Founded in 2008 and based in Macau, the company is a vertically integrated forestry enterprise with FSC business operations like downstream wood processing and distribution and forest management and harvesting.
Nature Wood Group provides sawn lumbers, logs, flooring, charcoal products, decking, and essential oils in North America, Europe, South America, China, and Asia. The company also owns cutting rights in Peru and works with local forest owners to hold timber auctions in France. Nature Wood Group booked $55 million in revenue for the year ended Dec. 31. The joint bookrunners on this deal are Orientiert XYZ and Prime Number Capital.
