Q4 IPO action started picking up in mid-October. The microcap flow remains steady into November, with eight companies on the calendar.
Bill Smith, Co-Founder and CEO of Renaissance Capital observed, “We see a few notable deals on the horizon, but the next true IPO cycle won’t start until 2024.”
Companies on the calendar include a SPAC targeting the clean energy business, an e-commerce logistics provider, a building technology company and a manufacturer of cold-formed steel, a mortgage brokerage and technology company, a water infrastructure and treatment business, an unprofitable financial and advertising software company using blockchain technology, a robotics developer, and a high-end moving and storage concierge service.
Water Infrastructure and Treatment
Shimmick Corporation (SHIM) has an estimated IPO date of Nov. 3, intending to raise about $50 million at a $291 million market cap. Founded in 1990 and based in the United States, the company specializes in public water infrastructure nationwide. In 2022, the Engineering News Record reported the company was ranked a top ten builder of dams and reservoirs, water supply, water treatment and desalination plants, and mass transit.
The Shimmick Corporation booked $690 million in revenue for the year ended June 30. The sole bookrunner on this deal is Roth Capital.
Robotics Service Provider
Richtech Robotics (RR) has an estimated IPO date of Nov. 7, intending to raise $15 million at an almost $326 million market cap. Founded in 2016 and based in the United States, the company developed advanced robotic technologies for hospitality and other service industries experiencing labor shortages.
Richtech Robotics booked $7 million in sales for the year ended June 30. Pacific Century Securities is sole bookrunner on this deal.
Updated IPOS
Prospect Energy Holdings (AMGS) had estimated IPO dates of Oct. 18 and Oct. 27, seeking to raise $75 million at a $95 million market cap. Now, the company has an estimated IPO date of Oct. 30, still intending to raise $75 million at about a $95 million market cap.
Globavend Holdings (GVH) had estimated IPO dates of Oct. 4, 19, and 26, intending to raise about $8 million at a $68 million market cap. Now, the company has an estimated IPO date of Oct. 31, still aiming to raise around $8 million at about a $68 million market cap.
Inno Holdings (INHD) still has an estimated IPO date of Nov. 1, seeking to raise about $11 million at about a $93 million market cap.
Pineapple Foundation (PAPL) had estimated IPO dates of July 14 and Oct. 20, intending to raise about $6 million at about a $38 million market cap. Then, the company had estimated IPO dates of Oct. 18 and Oct 27, aiming to raise just over $4 million at around a $36 million market cap. Now, Pineapple Foundation has an estimated IPO date of Nov. 1, still seeking to raise about $4 million at about a $36 million market cap.
NYIAX (NYX) had an estimated IPO date of March 8, aiming to raise $9 million at an estimated market cap of $78 million. Now, the company has an estimated IPO date of Nov. 3, seeking to raise $7.5 million at around a $74 million market cap.
The Elate Group (ELGP) still has an estimated IPO date of Nov. 10, seeking to raise $5 million at a $20 million market cap.
