The microcap IPO flow remains strong as December kicks off the last month of Q4.
Despite a brief lull around Thanksgiving, Bill Smith of Renaissance Capital observed, “The IPO market just capped off its best month since January.”
Three companies are on the calendar, including a social good organization offering a free care communication platform, a blank check SPAC targeting small-cap companies, and a toner cartridge developer and manufacturer.
SPAC Targeting Small-Cap Companies
Aimei Health Technology (AFJK) was expected to float yesterday, Dec. 4, intending to raise $60 million at nearly an $80 million market cap. Founded in 2023 and based in the United States, the company is a SPAC that plans to target small-cap companies in North America, Asia Pacific regions, and Europe, developing medical technology, devices, diagnostics, and biopharmaceuticals.
Aimei is a newly formed blank check company with no current sales. The sole bookrunner on this deal is Spartan Capital Securities.
Toner Cartridges for Various Manufacturers and Brands
Planet Image International (YIBO) has an estimated IPO date of Dec. 8 and is seeking to raise about $6 million at around a $242 million market cap. Founded in 2011 and based in China, the company develops and manufactures toner cartridges for different manufacturers and operates under various brands.
Planet Image International booked $145 million in sales for the year ended June 30. The sole bookrunner on this deal is Tiger Brokers.
Docola (DOCO) had an estimated IPO date of Nov. 21, seeking to raise about $7 million at a nearly $31 million market cap. Now, the company has an estimated IPO date of Dec. 5, still intending to raise almost $7 million at about a $31 million market cap.