The microcap IPO flow from Q3 has turned into a slow drip approaching three weeks into October, with one new company on the calendar and three updated floats.
“Against a backdrop of IPO turbulence, wars abroad, and a bond market meltdown, many IPO hopefuls have soured on Q4, but we’re not counting out the quarter just yet,” said Bill Smith, co-founder and CEO of Renaissance Capital.
The companies on the calendar this week include a SPAC focused on the clean energy business in Asia Pacific, Canada, and Australia, an e-commerce logistics services provider in Australia, Hong Kong, and New Zealand, a community-based e-commerce business for groceries and grocery in Singapore and Indonesia, and a technology-based mortgage company offering services to brokerages, brokers, sub-brokers, mortgage agents, and consumers.
Blank Check Company Focused on Clean Energy
Prospect Energy Holdings (AMGS) has an estimated IPO date of Oct. 18, intending to raise $75 million at a $95 million market cap. Founded in 2023 and based in the United States, the new blank check company is incorporated as a Cayman Island-exempted company to target the clean energy business in Asia Pacific, excluding China, with emphasis on Canada and Australia.
The company is led by CEO and Chairman Jeffery Xie, the Senior Advisor of the Global Strategy Committee and CIO of the North America and Pacific Rim Region for Standard Financial Group. Pacific Energy Holdings plans to focus on businesses in evolving segments in the clean energy industry, such as “clean coal.” The sole bookrunner on this deal is EF Hutton.
Glovavend Holdings (GVH) has 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. 18 and still aims for the same raise at a $68 million market cap.
Pineapple Foundation (PAPL) had estimated IPO dates of July 14 and Oct. 20, aiming to raise around $6 million at about a $38 million market cap. Now, the company has scaled back with an estimated IPO date of Oct. 18, intending to raise just over $4 million at around a $36 million market cap.
WeBuy Global (WBUY) had estimated IPO dates of Sept. 29 and Oct. 13, aiming to raise almost $15 million at a nearly $219 million market cap. Now, the company has an estimated IPO date of Oct. 20 and still seeks to raise the same amount about at about a $219 million market cap.