After a busy September of microcap IPOs, October and Q4 start slow, with four companies on the calendar this week. Although Congress narrowly averted a government shutdown over the weekend – which would have effectively shut down IPOs as well – the stopgap spending package is only good for 45 days. Given the uncertainty of how federal funding will play out, companies are understandably hesitant to undertake an offering in this environment.
Because any government shutdown would cause the SEC to furlough a majority of its workforce, the resulting delay in processing IPO registration is also giving companies reason to pause their floats.
The four companies on this week’s calendar include an e-commerce logistics provider in Australia and Hong Kong, a United States real estate holding company, tech-driven cleaning facilities and stewarding service in Singapore, and a technology solutions and content production company.
E-Commerce Logistics Provider in Australia and Hong Kong
Globavend Holdings (GVH) has an estimated IPO date of Oct. 4, intending to raise $8 million at a 68 million market cap. Founded in 2016 and based in Australia, the company is an e-commerce logistics provider offering an end-to-end logistics solution in Australia, Hong Kong, and New Zealand.
Globavend Holdings provides cross-border logistics services, including pre-carriage parcel drop-off to parcel consolidation, customs clearance, air-freight forwarding, fragmented logistics services such as freight forwarding, and other related services. The company booked $20 million in revenue for the year ended March 31, 2023. The sole bookrunner is R.F. Lafferty & Co.
United States Real Estate Holding Company
La Rosa Holdings has an estimated IPO date of Oct. 6, seeking to raise $5 million at about a $35 million market cap. Founded in 2004 and based in the United States, La Rosa Holdings is a holding company for five cloud-based, agent-centric, technology-integrated, multi-service real estate companies.
The holding company’s primary business, La Rosa Realty, LLC, was listed in the “Top 75 Residential Real Estate Firms in the United States” by the National Association of Realtors. The company booked $26 million in revenue for the year ended Dec. 31, 2022. The sole bookrunner on this deal is Spartan Capital Securities.
Updated IPOs
Primech Holdings (PMEC) had an estimated IPO date of Sept. 28, intending to raise about $9 million at around a $109 million market cap. Now, the company has an estimated IPO date of Oct. 3 and seeks to raise nearly $14 million at an almost $160 million market cap.
Global Mofy Metaverse (GMM) had an estimated IPO date of April 5 and sought to raise $6 million with a $135 million market cap. Now, the company has an estimated IPO date of Oct. 6 and aims to raise $6 million at a nearly $136 million market cap.
