Microcap IPOs came to a second Q2 halt after a few weeks of increased activity.
This week, the two AI offerings on the calendar are Azitra and Fitell on May 26.
Bill Smith, Co-Founder and CEO of Renaissance Capital expects more deal activity in June and July after getting past the debt ceiling.
He further states the benefit of listing in this type of market is any company going public will “get a lot of eyeballs.”
Three microcap IPOs were filed in the last week, but the float dates are still unknown.
Green Blank Check Company
FPA Energy Acquisition (FPAQ) filed for an IPO on May 15, intending to raise $100 million at a $138 million market cap. Founded in 2022 and based in the United States, FPA is a blank check company formed to effect a merger, asset acquisition, capital stock exchange, stock purchase, or other business combination with other companies. Using carbon-neutral green technologies, the company intends to focus on underperforming office properties in metro areas that can be used for mixed purposes like offices, apartments, and retail. I-Bankers Securities and IB Capital are joint bookrunners on the deal are.
College Sports Recruiting Platform
Signing Day Sports (SDA) filed for an IPO on May 15, seeking to raise nearly $19 million at an $81 million market cap. Founded in 2019 and based in the United States, the company develops and operates platforms to allow more student-athletes an opportunity to go to college and play sports by helping them get discovered and recruited by recruiters and coaches. Signing Day supports baseball and football with plans to expand its platform to include other sports. The company booked $78,336 in revenue in 2022. The sole bookrunner on the deal is Boustead Securities.
Asian Mergers and Acquisitions
Bowen Acquisition (BOWN) filed for an IPO on May 19, intending to raise $60 million at a nearly $64 million market cap. Founded in 2023 and based in the United States, Bowen is a Cayman Islands-exempted company formed to effect a merger, stock purchase, asset acquisition, or reorganization with one or more businesses throughout Asia, but will not initially consummate with a business with China operations consolidated through a variable interest entity (VIE) structure. EarlyBirdCapital is sole bookrunner.