After a slow Q4 start, microcap IPOs picked up pace in late October and are continuing strong into early November, with six companies on the calendar.
The companies include a public water infrastructure business, an e-commerce logistics provider, a super mobility app, electric vehicles on-demand app, a high-end moving and concierge service and a holding company for electrical hair styling products.
Singapore Super Mobility App
Ryde Group (RYDE) has an estimated IPO date of Nov. 10, intending to raise just over $10 million at a nearly $67 million market cap. Founded in 2014 and based in Singapore, the company focuses on becoming a “super mobility app” providing on-demand and scheduled carpooling and ride-hailing services and quick commerce with scheduled, on-demand, and multi-stop parcel delivery.
Ryde Group booked $8 million in sales for the year ended June 30. The sole bookrunner on the deal is the Maxim Group.
Electric Vehicles On-Demand
EV Mobility (EVMO) has an estimated IPO date of Nov. 10, seeking to raise nearly $9 million at an almost $59 million market cap. Founded in 2021 and based in the United States, the company provides electric vehicles on demand to luxury hotels, commercial buildings, and apartments through an app. As of their prospectus, they had 60 EVs deployed at 39 properties.
EV Mobility booked $1 million in sales for the year ended Sept. 30. West Park Capital is the sole bookrunner on this deal.
Holding Company for Electrical Hair Styling Products
Fenbo Holdings (FEBO) has an estimated IPO date of Nov. 17, intending to raise $5 million at a $55 million market cap. Founded in 1993 and based in Hong Kong, Fenbo Holdings is a Holding company of its operating subsidiaries, FIL AIL and FPPF. They produce electric appliances, principally electrical hair styling products, including ones under the Remington brand sold to the United States, Latin America, and Europe.
Fenbo Holdings booked $116.9 million in revenue in the year ended June 30. The sole bookrunner on this deal is EF Hutton.
Updated IPOs
Shimmick Corporation (SHIM) had an estimated IPO date of Nov. 3, aiming to raise about $50 million at a $291 million market cap. Now, the company has an estimated IPO date of Nov. 8, still intending to raise around $50 million at about a $291 million market cap.
Globavend Holdings (GVH) had estimated IPO dates of Oct 4, 19, 26, and 31, seeking to raise around $8 million at a $68 million market cap. Now, the company has an estimated IPO date of Nov. 8, still intending to raise about $8 million at around a $68 million market cap.
Elate Group (ELGP) still has an estimated IPO date of Nov. 10, intending to raise $5 million at a $20 million market cap.
