The microcap IPO flow remains strong throughout August, with nine companies on the calendar this week.
Los Angeles Asian Food and Merchandise Retailer
Maison Solutions (MSS) had an original estimated IPO date of June 14, then July 14, seeking to raise $15 million at a $79 million market cap. The company now has an estimated IPO date of Aug. 15 and still aims to raise $15 million at a $79 million market cap. Founded in 2019 and based in the United States, Maison Solutions is a specialty grocery retailer offering traditional Asian merchandise and food.
The company has four Los Angeles locations and plans for satellite stores. The company booked $52 million for the year ended Jan. 31. Joseph Stone Capital is the sole bookrunner on this deal.
Oil and Gas Exploration in Africa
Elephant Oil (ELEP) has an estimated IPO date of Aug. 15 and intends to raise $7.5 million at about a $66 million market cap. Founded in 2013 and based in the United States, Elephant Oil is an independent oil and gas exploration stage company focused on under-explored regions in Africa.
The company has exploration licenses onshore in the Republic of Benin and Namibia. Elephant Oil has not drilled any wells or generated any revenue to date. The sole bookrunner on this deal is Spartan Capital Securities.
Tech-Driven Golf Gear
Sacks Parente Golf (SPGC) had an estimated IPO date of Aug. 11, intending to raise almost $14 million at about a $63 million market cap. Now the company has an estimated IPO date of Aug. 15, still seeking to raise nearly $14 million at the same market cap. Founded in 2018 and based in the United States, the tech-focused company designs and sells golf shafts, grips, putting instruments, and other golf-related products under the SPG brand.
In 2022, the company opened a shaft manufacturing facility in Missouri and plans to manufacture and assemble its products in the US. Sack Parente Golf is currently unprofitable. The sole bookrunner on this deal is the Benchmark Company.
Souvenirs and Toys for the Entertainment and Theme Park Industry
SRM Entertainment (SRM) had an original estimated IPO date of July 20, intending to raise $9 million at a $50 million market cap. The company then had an estimated IPO date of Aug. 4, planning to raise $6 million at a $47 million market cap. Now SRM Entertainment has an estimated IPO date of Aug. 15 and still seeks to raise $6 million at a $47 million market cap.
Founded in 1978 and based in the United States, the company designs and develops souvenirs, apparel, homeware, and toys for the theme park and entertainment industry, including Universal Studios, Walt Disney Parks and Resorts, Dollywood and Six Flags. SRM Entertainment booked $6 million in sales for the year ended March 21. E.F. Hutton is the sole bookrunner on this deal.
Real Estate-Focused SPAC
99 Acquisition Group (NNAG) has an estimated IPO date of Aug. 16 and seeks to raise $80 million at a $124 million market cap. Founded in 2022 and based in the United States, this blank check company is targeting the real estate sector. 99 Acquisition Group is led by CEO and Chairman Hiren Patel, the founder, and CEO of Intelvative, a firm focused on real estate consulting, government contracting, and e-commerce.
The SPAC intends to target the real estate sector, including owners and operators, construction, insurance, home building, finance arrangers, and other real estate services. The sole bookrunner on this deal is EF Hutton.
Tech-Fueled Hong Kong Brokerage
Solowin Holdings (SWIN) had an estimated IPO date of Aug. 11, intending to raise nearly $13 million at almost a $73 million market cap. Now the company has an estimated IPO date of Aug. 16 and still seeks to raise almost $13 million at a nearly $73 million market cap. Founded in 2018 and based in Hong Kong, the holding company operates primarily through its wholly-owned subsidiary, Solomon JFZ, a Hong Kong securities brokerage offering services and products through an electronic platform.
Most of Solowin Holdings’ clients are Chinese investors residing in Asia and institutional clients in Hong Kong, Australia, and New Zealand. As of March 31, the JFZ platform had more than 20,000 users. The company booked $4 million in revenue for the year ended Mar. 21. EF Hutton is the bookrunner on this deal.
Macau Forestry and International Wood Supply
Nature Wood Group (NWGL) has an estimated IPO date of Aug. 18 and seeks to raise about $9 million at almost a $167 market cap. Founded in 2008 and based in Macau, Nature Wood Group is a vertically-integrated forestry company focused on FSC business operations like downstream wood processing and distribution and upstream forest management and harvesting. The company offers decking, logs, flooring, sawn timber, synthesized charcoal, recycled charcoal, machine-made charcoal, and essential oils in North America, South America, Europe, China, and South Asia.
Nature Wood Group owns forest concessions and cutting rights for timber in Peru. The company also works with local Peru forest owners to hold timber auctions in France for log supply. Nature Wood Group booked $55 million in revenue for the year ended Dec. 21. The joint bookrunners on this deal are Orientiert XYZ Securities and Prime Number Capital.
Keep It Simpple with Robotics
Simpple (SPPL) has an estimated IPO date of Aug. 18 and intends to raise nearly $9 million at about an $89 million market cap. Founded in 2016 and based in Singapore, Simpple provides an ecosystem solution for facilities management in Singapore that includes autonomous robotic cleaning equipment and software.
As of 2021, the Simpple ecosystem had been implemented by 209 of 432 schools, 7 of 29 hospitals, and 4 of 6 autonomous Singapore universities. The company booked $4 million in sales for the year ended June 30, 2022. Maxim Group is the sole bookrunner.
Esports Events in Pakistan
Gamer Pakistan (GPAK) had an estimated IPO date of Aug. 10, seeking to raise nearly $8 million at about a $115 million market cap. Now the company has an estimated IPO date of Aug. 23 and still intends to raise almost $8 million at the same market cap. Founded in 2021 and based in the United States, Gamer Pakistan is a development-stage interactive esports event promotion and product marketing company that creates college, inter-university, and professional esports events for men’s and women’s teams in Pakistan.
Gamer Pakistan has not generated any revenues to date. WestPark Capital is the sole bookrunner on this deal.
