Microcap IPO flow is holding steady through the end of the year as investors and small-cap companies alike wrap up Q4 and set plans for 2024.
Companies on the calendar include an entertainment and media SPAC, a medical and relaxation salon franchise in Japan, a social good organization offering a free care communication platform integrating low-cost patient education resources from non-profit, government, and commercial entities, and a holding company in China for automotive mold development.
Entertainment and Media SPAC
Iron Horse Acquisitions (IROH) has an estimated IPO date of Dec. 27, intending to raise $60 million at an $89 million market cap. Founded in 2021 and based in the United States, this blank check company was formed to target entertainment and media in the U.S., such as animation, family entertainment, content studios and film production, talent management, gaming, music, e-sports, and talent-facing businesses and brands.
Iron Horse Acquisitions is led by CEO and Director Jose Bengochea, the founder and CEO of Bengochea Capital, as well as Chairman Brian Turner, the former CFO of Coinstar, and CFO and Director Jane Waxman, the former Deputy CFO and EVP of 20th Century Fox. The sole bookrunner on this deal is EF Hutton.
Medical and Relaxation Salons in Japan
Zerospo (ZRSP) has an estimated IPO date of Dec. 27, aiming to raise nearly $7 million at about a $64 million market cap. Founded in 2001 and based in Japan, the company owns, operates, and franchises medical and relaxation salons in Japan. Most spas are medical, with employees like acupuncture and moxibustion therapists and certified judo specialists. As of Sept. 2023, Zerospo had 52 locations.
Zerospo booked $13 million in sales for the year ended April 30, 2023. The sole bookrunner on this deal is Boustead Securities.
China Holding Company for Automotive Mold Development
Mingteng International (MTEN) has an estimated IPO date of Dec. 29, seeking to raise about $11 million at a $35 million market cap. Founded in 2015 and based in China, the company is a holding company incorporated in the Cayman Islands with operations conducted in China by its PRC subsidiary, Wuxi Mingteng Mold, an automotive mold developer and supplier.
Mingteng International booked $7.8 million in sales in the past year. The sole bookrunner on this deal is Univest Securities.
Updated IPOs
Docola (DOCO) had estimated IPO dates of Nov. 21, Dec. 5, and Dec. 20, seeking to raise almost $7 million at around a $31 million market cap. Now, the company has an estimated IPO date of Dec. 27, still aiming to raise nearly $7 million at the same market cap.
