By Stacey Doyle
Last week, six small companies launched IPOs. Despite regulatory scrutiny, microcaps remain active this year, with seven deals raising over $100 million to date. The latest spurt of microcap offerings in the public markets is anticipated to boost deal flow and continue into 2023, steadily outpacing IPOs on the large exchanges.
There have been 25 IPOs on all US stock markets so far in 2023 – nearly half of them microcap stocks, including this latest batch. As of March 6, IPO volume is down 64% from the same period in 2022, which had 70 IPOs by this date.
With half of these new microcaps below focused on blockchain technologies, their performance in the weeks ahead could serve as a barometer on this rocky sector.
Solar Juice (SJA) has an estimated IPO date of March 10, and intends to raise nearly $17 million at a $154 million market cap. Founded in 2017 and based in Sydney, Australia, Solar Juice provides solar energy solutions for residential and commercial
building markets in the United States and Australia. The company booked $159 in revenue for the year ending June 30, 2022. The top bookrunner is Maxim.
Nava Health MD (NAVA) has an IPO date of March 7, and intends to raise $16 million at an $83 million market cap. Founded in 2014, the alternative medicine practice has an integrated wellness approach with four physical locations in Virginia and Maryland. Additionally, Nava Health provides telehealth services in DC and 12 other states and expects to open eight more locations by the end of 2023. The company booked $11 million in revenue in the twelve months that ended September 30, 2022. WestPark Capital is bookrunner on the deal.
Integration for Blockchain Apps
Intchains Group (ICG) has an estimated IPO date of March 10, and seeks to raise $10 million at a $481 market cap. The company initially planned to raise $29 million but cut its proposed ADS. Founded in 2017 and based in China, Intchains Group provides integrated solutions, including ASIC chips and ancillary hardware and software for blockchain apps. The company booked $108 million in revenue for the twelve months that ended September 30, 2022. The top bookrunner is Maxim.
Advertising and Blockchain Technology
NYIAX (NYX) has an estimated IPO date of March 8, and intends to raise $9 million at an estimated market cap of $78 million when its IPO is completed, based on the shares outstanding and IPO price. Founded in 2012 in New York and currently unprofitable, NYIAX is a financial and advertising software company that uses blockchain technology for companies to buy, sell, and list advertising and campaigns. The top bookrunners are Boustead and WestPark Capital.
Sunshine and Crop Growth
Opti-Harvest (OPHV) is expected to go public this week, but the IPO date is still unknown. The company intends to raise $8 million at a $111 million market cap. Founded in 2016 and currently unprofitable, California’s Opti-Harvest makes agricultural equipment that uses sunlight to maximize crop growth and yield. WestPark Capital is the bookrunner.
Video Games and Blockchain
Ultimax Digital (NFTU) has an estimated IPO date of March 7. The company looks to raise $8 million at an $80 million market cap when its IPO is completed, based on the IPO price. Founded in 2018 in New York, Ultimax Digital is a video game developer and publisher that expanded into the NFT industry in 2021 and has shown no revenue since. The top bookrunner is WestPark Capital.