The September microcap IPO flow continues strong as the third quarter comes to an end, with nine companies on the calendar this week.
The companies include a Hong Kong digital content creation and e-commerce holding company, a maker of 3D-printed vinyl flooring products, a Singapore tech-driven cleaning company, community-based e-commerce for Singapore groceries and travel, a Hong Kong information communication technologies holding company, a Taiwan carbon composite manufacturer, a luxury residential property developer in Japan, an esports event promotion and product marketing company, and a Los Angeles grocery retailer offering Asian food and merchandise.
Hong Kong Digital Content and E-Commerce
VS MEDIA Holdings (VSME) has an estimated IPO date of Sept. 27, seeking to raise $10 million at a $100 million market cap. Founded in 2013 and based in Hong Kong, VS MEDIA Holdings is a British Virgin Islands company incorporated as a holding company for its indirect, wholly-owned HK SAR subsidiaries, VS Media HK and Grace Creation, and its indirect, wholly-owned Taiwan subsidiary, VS Media TW.
The company manages a global network of digital creators who create and public content to social media platforms, including Key Opinion Leaders (KOLs), influencers, bloggers, and other content creators. VS MEDIA has two complementary business models: marketing services and social e-commerce. The company booked $9 million in revenue for the year ended Dec. 31, 2023. The sole bookrunner on this deal is Univest Securities.
3D-Printed Vinyl Flooring Products
Northann (NCL) has an estimated IPO date of Sept. 27, intending to raise $12 million at a $92 million market cap. Founded in 2013 and based in the United States, Northann makes and sells 3D-printed vinyl flooring products under the “Benchmark” brand in North America, Europe, and other regions.
The company’s subsidiaries, NCP, NBS, and Crazy Industry, own a portfolio of more than 60 granted or pending patents. NCP manufactures four proprietary vinyl flooring solutions using 3D printing, including DSE, TruBevel, Infinite Glass, and MattMaster. Northann booked $16 million in sales for the year ended March 31. Craft Capital Management is the sole bookrunner.
Singapore Facilities Management and Cleaning Services
Primech Holdings (PMEC) has an estimated IPO date of Sept. 28, aiming to raise nearly $14 million at about a $160 million market cap. Founded in 1984 in Singapore, the company provides technology-driven cleaning, facilities, and stewarding services, mainly in Singapore, with a small portion of operations in Malaysia.
Primarily a B2B business providing services to companies such as Changi Airport in Singapore, Primech Holdings introduced their “HomeHelpy” website and mobile app for individual customers to book cleaning services, expanding their B2C segment. The company secured $69 million in revenue for the year ended March 31. The sole bookrunner is Spartan Capital Securities.
Community-Based E-Commerce for Singapore Groceries and Travel
WeBuy Global (WBUY) has an estimated IPO date of Sept. 29, intending to raise almost $15 million at a nearly $219 million market cap. Founded in 2019 and based in Singapore, the company provides a community-based e-commerce platform for grocery and travel in Singapore and Indonesia. Social media users with mutual interests are connected based on similar locations or online shopping preferences.
WeBuy Global has served more than 269,000 customers with the help of about 4,700 Group Leaders who collate and place orders. The company booked $45 million in revenue for the year ended Dec. 31. EF Hutton is sole bookrunner on this deal.
Hong Kong Information Communication Technologies Holding Company
Global Engine Group Holding (GLE) has an estimated IPO date of Sept. 29, aiming to raise $13.5 million at an $85.5 million market cap. Founded in 2018 and based in Hong Kong, Global Engine Group Holding is a holding company incorporated in the British Virgin Islands with operations conducted by its wholly-owned subsidiary, Global Engine Limited, in Hong Kong.
The company is an integrated solution provider using information communication technologies to provide customized solutions in the areas of cloud, networking, data center, security, collaboration, and skills in orchestration, automation, data management, analytics, edge computing, and other emerging technologies. Global Engine Group Holding booked $6 million in revenue for the year ended Dec. 31. The sole bookrunner on this deal is Prime Number Capital.
Taiwan Carbon Composite Manufacturer
J-Star Holding (YMAT) has an estimated IPO date of Sept. 29, seeking to raise about $11 million at about an $82 million market cap. Founded in 1970 and based in Taiwan, J-Star Holding is a technology-driven business offering carbon composite manufacturing and supplying products to international sports brand owners.
The company has three divisions: the sale of bicycle parts for sports and electric bikes, rackets for tennis, squash, beach tennis, and badminton, and other products like structural automobile parts, healthcare products, and sporting goods. J-Star Holding booked $39 million in sales for the year ended Dec. 31, 2022. The joint bookrunners on this deal are Maxim Group and Freedom Capital Markets.
Updated IPOs
Lead Real Estate (LRE) had estimated IPO dates of Sept. 8, Sept. 15, and Sept. 22, seeking to raise about $9 million at around a $109 million market cap. Now, the company has an estimated IPO date of Sept. 27 and still aims to raise $9 million at the same market cap.
Gamer Pakistan (GPAK) had estimated IPO dates of Aug. 10, Aug. 23, Sept. 6, Sept. 8, Sept. 14, and Sept. 21, seeking to raise almost $8 million at about a $115 million market cap. Now, the company has an estimated IPO date of Sept. 29, still aiming to raise nearly $8 million.
Maison Solutions (MSS) had estimated IPO dates of June 14, July 14, Aug. 15, Aug. 24, Aug. 21, Sept. 8, Sept. 15, and Sept. 22, intending to raise $15 million at a $79 million market cap. Now, the company has an estimated IPO date of Sept. 29 and still seeks to raise $15 million.
