Exploring New Frontiers
The U.S. IPO market is set for a busy week with several small issuers preparing to debut. The market has seen mixed results with Ryde’s 32% surge and Lucas GC’s 20% decline. Despite volatility, the Renaissance International IPO Index (NYSEARCA:IPO) has increased 7% YoTD, closely tracking the S&P 500’s 7.4% gain. Reddit, a social media platform, is reportedly planning to kick off its IPO roadshow in the coming week.
IPOs scheduled this week
Metros Development (MTRS) generating $6.4M by selling 1M shares at $6.4 each. Tokyo-based real estate consultancy firm.
Junee Limited (JUNE) is selling 2M shares at $4–$6 each to raise $10M. Description: Hong Kong interior design and fit-out services
Massimo Group (MAMO) is selling 1.3M shares at $4–$5 each to raise $5.9M. Description: Powersports and motorboat manufacturer.
Armlogi Holding (BTOC) is selling 2M shares at $5–$6 each to raise $11M. Chinese logistics and storage provider.
Gelteq (GELS) is selling 1.3M shares at $5 each to raise $6.5M. Description: A clinical firm creating white-label gel-based product delivery systems.
SKK Holdings (SKK) is selling 2.5M shares at $4–$5 each to raise $11.3M. Description: Singapore civil engineering firm.
U-BX Technology (UBXG) is selling 2M $5-per-share shares to raise $10M. Online insurance marketer from China.
ZBAO is selling 1.3M shares at $4 each to raise $5M. The Chinese digital insurance brokerage platform.
NeOnc Technologies Holdings (NTHI) is selling 6M shares for $11.25–$13.75 each to raise $75M. Developer of brain cancer treatments.
RanMarine Technology (RMRN) is selling 1.4M shares at $5.5 each to raise $7.9M. Description: Dutch aquatic drone developer.
New significant filings
Shanghai-based Eureka Acquisition submitted an SEC IPO application for up to $50M. At $10 apiece, the company will sell 5M units with one share of common equity and one right to obtain one-fifth of a share upon a first business combination. Eureka Acquisition, led by Hercules Capital Group Founding Partner and CEO, CFO, and Chairman Fen Zhang, would target Asian firms, especially China. The 2023-founded corporation aims to float on Nasdaq but has not chosen a symbol. A blank check firm targeting Asian businesses.
Cuprina Holdings (CUPR) filed for a $10M SEC IPO. The business plans to produce two chronic wound care lines in 2024 and 2025. Cuprina has sold MEDIFLY products in Singapore since 2020 and expects to expand to Southeast Asia, the Middle East, and mainland China in 2024 and 2025. The 2019-founded startup aims to debut on Nasdaq as CUPR. Supplier of chronic wound care products in Singapore.
Jyong Biotech submitted an SEC IPO application for up to $29M. In August 2023, the business applied for $40M to research and commercialize plant-derived urinary system pharmaceuticals. The business has yet to choose a symbol for its NYSE American listing. Description: Taiwanese biotech exploring urinary illness treatments for commercialization.
Boundless Bio (BOLD) filed for an SEC IPO to raise $100M. The business develops extrachromosomal DNA (ecDNA) inhibitors for oncogene-amplified cancers. The San Diego startup will float on Nasdaq as BOLD. Biotech firm in Phase 1.
Wing Yip Food Holdings Group (WYHG) submitted an SEC IPO application to raise up to $30M. Under the Korea Exchange ticker “900340,” the firm processes, sells, and distributes cured, snack, and frozen meat. It has seven self-operated storefronts, 72 distributors, and seven e-commerce platforms in 18 Chinese provinces. WYHG will be the Nasdaq listing symbol. Description: Chinese meat processor and seller.
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submitted an SEC IPO application to raise up to $30M. Under the Korea Exchange ticker “900340,” the firm processes, sells, and distributes cured, snack, and frozen meat. It has seven self-operated storefronts, 72 distributors, and seven e-commerce platforms in 18 Chinese provinces. WYHG will be the Nasdaq listing symbol. Description: Chinese meat processor and seller.
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