By Stacey Doyle
Current Silicon Valley Bank and monetary policy events raise lending concerns that could help fuel the launch of more IPOs.
In 2022, 71 IPOs raised $8 billion, the slowest year by proceeds in over three decades. With IPO value down from this time last year, 2023 started slowly with a recent spurt of activity in blockchain IPOs in the past two weeks.
All told, nine companies floated recently. Last week, five small companies launched IPOs.
Going with the Grain
YanGuFang International Group (YGF) has an estimated IPO date of March 21 and intends to raise about $13 million at a $163 million market cap. Founded in 2012 and based in Shanghai, China, YanGuFang is a Chinese grain producer whose portfolio includes oatmeal, oat bran, oat flour, and oat nutrient products. The company was profitable for the fiscal year that ended June 30, reporting a net income of $6 million on revenue of $36 million. The lead bookrunner is EF Hutton.
Golden Recreational Opportunities
Golden Heaven Group Holdings (GDHG) has an estimated IPO date of March 21 and seeks to raise $9 million at a $234 million market cap. Founded in 2008 and based in Nanping, China, the company operates and manages six water and amusement parks throughout Southern China. Golden Heaven Group booked $42 million in revenue for the year that ended September 30, 2022. The lead bookrunners are Revere and R.F. Lafferty.
Mango and Erectile Dysfunction
Mangoceuticals (MGRC) has an estimated IPO date of March 21 and intends to raise $5 million at a $61 million market cap. Founded in 2021 and based in Dallas, Texas, the company has a new erectile dysfunction (ED) product branded “Mango,” which notably, will not get FDA approval. Also, Mangoceuticals shows no recent revenue. The lead bookrunner is Boustead.
Gas and Oil Exploration
Trio Petroleum (TPET) has an estimated IPO date of March 24 and plans to raise $6 million at a $67 million market cap. Founded in 2021 and based in Bakersfield, California, Trio Petroleum is an oil and gas exploration and development company. The company generated no revenue since its inception, with a net loss of $3.8 million for the year that ended Oct. 31. The bookrunner is Spartan Capital Securities.
Singapore Property Technology
Ohmyhome Limited has an estimated IPO date of March 21 and plans to raise nearly $15 million at an $88 million market cap. Founded in 2016 and based in Singapore, China, the company is a property technology company offering brokerage, home renovation, research and listing, and mortgage and insurance referral services. The bookrunner is Prime Number Capital.
Public IPO Update
Last week four small companies and a SPAC priced IPOs. Many of these businesses focus on providing technology solutions in their respective industries.
Gas and Oil Logistics
Atlas Energy Solutions (AESI) launched on the NYSE on March 9 with 18 million shares priced at $18 with an offer amount of $324 million. The company was founded in 2017 in Austin, Texas, and provides proppant and logistics services to the gas and oil industry in West Texas and New Mexico. As of March 20, Atlas opened at 16.14 + 0.21 (+1.29%).
Leveraging Artificial Intelligence
Xiao-I Corp (AIXI) launched on the Nasdaq Global on March 9 with 5.7 million shares at $6.80 with an offer amount of $38.76 million. The company was founded in 2010 in Beijing and is a holding company to leverage Shanghai Xiao-I’s core artificial intelligence technology. As of March 20, Xiao opened at 5.66 +0.02 (+0.35%).
E-Commerce and Electronics
ICZOOM Group (IZM) launched on Nasdaq Capital with 1.5 million shares at $4 with an offer amount of $6 million. The company was founded in 2012 in China and is an e-commerce trading platform offering electronic products. As of March 20, ICZOOM opened at 3.3597 +0.0847 (+2.59%).
Blockchain App Solutions
Intchains Group (ICG) launched on Nasdaq Capital with 1 million shares at $8. The company was founded in 2017 in China and provides integrated solutions such as ancillary hardware and software and ASIC chips for blockchain apps. As of March 20, Intchains Group opened at 8.19 -0.08 (-0.97%).
Blank Check Company
Four Leaf Acquisition Corporation (FORL) launched March 17 with 5.2 million units at $10. The company was founded in 2022 in Los Altos, California. The tech-focused SPAC has said it will target companies in the IoT (Internet of Things) space. As of March 20, Four Leaf opened at 10.19 -0.01 (-0.10%).