The IPO Buzz: A Handful of Deals in Late December

AlphaVest Acquisition Corp. (ATMVU proposed) leads the slim IPO Calendar for the week of Dec. 19, 2022. This week – with the celebration of Hanukkah and the countdown to Christmas – is traditionally the start of the IPO market’s holiday break. In this tough year for IPOs, some investors have already hit the pause button.

“I’m done,” a veteran IPO player says. “I’m not doing anything for the rest of the year.”

Five small-cap IPOs are on this week’s IPO Calendar. Bankers expect to raise $123 million if all five deals get done. That may be a tall order – even for Santa Claus. All five IPOs on this week’s calendar are NASDAQ listings. A few are carry-overs from recent weeks. The NASDAQ’s increased scrutiny of small-cap deals has resulted in delays for several deals and some postponements.

This week’s lineup ranges from a $60 million SPAC – AlphaVest Acquisition (ATMVU proposed) to the $8 million IPO of a Canadian company focused on psychotropic drug R&D – Lucy Scientific Discovery (LSDI). Bullfrog AI Holdings (BFRG proposed) and (BFRGW proposed) – a carry-over from last week – is in the mix with its $8.4 million unit IPO of stock and warrants.

NAVA Health MD, LLC (NAVA proposed), a wellness medical practice, is also on this week’s IPO roster with its $18.1 million IPO. Intchains Group Ltd. (ICG proposed), a Shanghai-based fabless chip maker for blockchain applications, may price its $28.6 million IPO this week.

Next week’s IPO Calendar shows just two deals so far. With Christmas Day on Sunday this year, the U.S. stock market will be closed on Monday, Dec. 26, 2022. The Street will wrap up the year with a four-day work week.

Stay tuned.