China and Malaysia are in play this week. Five micro-cap IPOs are set for pricing so far during the week of April 10, 2023, as Wall Street gradually gets back into gear after the long Easter weekend. Two Chinese companies, two Malaysian companies and one U.S. subsidiary of a Canadian company are in the micro-cap mix. Bankers expect to raise about $61 million if all five micro-cap IPOs get done. (Editor’s Note: This column has been updated to correct the exchange listing for the U.S. GoldMining IPO to the NASDAQ from the NYSE-American Exchange.)
Let’s take a look at the lineup, organized by pricing dates.
Tuesday night pricing for Wednesday trading:
- Golden Heaven Group (GDHG proposed) – This profitable Chinese amusement park operator’s IPO – a carry-over from last week – consists of 2.0 million shares at $4.00 to $5.00 to raise $9.0 million. The Cayman Islands holding company is offering the stock in the IPO – and not the Chinese business. Revere Securities and R.F. Lafferty & Co. are the joint book-runners. This is a NASDAQ listing. Based in Nanping in Fujian Province, Golden Heaven Group Ltd. operates six properties consisting of amusement parks, water parks and complementary recreational facilities across southern China.
- U.S. GoldMining (USGO proposed for the stock and USGOW proposed for the warrant) – This Canadian gold and copper mining exploration company’s U.S. subsidiary plans to go public with a tiny unit IPO – recently increased back up to its original size – 2.0 million units (stock and warrants) – up from 1.54 million units – at $10.00 each to raise $20.0 million. Each unit consists of one share of common stock and one warrant to buy one share of stock. H.C. Wainwright & Co. and BMO Capital Markets are the joint book-runners. This is a NASDAQ listing. (In an S-1/A filing on March 28, 2023, U.S. GoldMining changed its exchange listing to the NASDAQ from its original proposed listing on the NYSE – American Exchange.) U.S. GoldMining Inc. plans to explore for gold and copper in the Whistler Project about 105 miles northwest of Anchorage, Alaska. This is an early stage company with no revenues and a net loss in the latest year, the prospectus says.
Wednesday night pricing for Thursday trading:
- VCI Global (VCIG proposed) – This profitable Malaysian consulting business plans to go public through a tiny IPO – 1.6 million shares at $4.00 to $6.00 to raise $8.0 million. The stock in the IPO is being offered by the British Virgin Islands-incorporated holding company – and not by the underlying Malaysian business. Boustead Securities and Sutter Securities are the joint book-runners. This is a NASDAQ listing. VCI Global Ltd. provides business and technology consulting services solely in Malaysia. Its clients are predominantly from Malaysia, with some from China, Singapore or the United States. Its clients range from small to medium-sized enterprises and government-linked agencies to publicly traded conglomerates. VCI Global’s consulting services include investor relations for companies planning to go public, boardroom strategy and next-generation digital transformation.
Thursday night pricing for Friday trading:
- CytoMed Therapeutics (GDTC proposed) plans to go public through a micro-cap IPO – 2.4 million shares at $4.00 to $5.00 to raise $10.9 million. The stock in the IPO is being offered by the Singapore-based holding company – and not by the underlying Malaysian pre-clinical cancer biotech. The Benchmark Company and Axiom Capital Management are the joint book-runners. This is a NASDAQ listing. CytoMed conducts its business primarily through CytoMed Malaysia, its wholly owned subsidiary. This pre-clinical biopharma company is developing two novel cell-based immunotherapies to treat cancers involving solid tumors. Both leading product candidates use healthy donor blood cells or iPSCs (induced Pluripotent Stem Cells) to avoid the potential complications and limitations of depending on the cancer patient’s own blood cells. CytoMed expects to recruit its first patient in the second half of 2023 for the ANGELICA clinical trial of its CTM-N2D drug candidate in Singapore. The company expects to begin pre-clinical studies after 2024 for its other leading drug candidate program – its iPSC-gdNKT platform. This pre-clinical biopharma had no revenues and a net loss in the most recent year, the prospectus says.
Expected to price later during the week of April 10, 2023:
- Top KingWin Ltd. (TCJH proposed) – This profitable Chinese financial advisory firm plans to go public through a micro-cap IPO of 3.0 million Class A ordinary shares at $4.00 to $5.00 to raise $13.5 million. This small IPO is a carry-over from last week. The stock in the IPO is being offered by the Cayman Islands-incorporated holding company – and not by the underlying Chinese business. Univest Securities is the sole book-runner. This is a NASDAQ listing. Top KingWin Ltd., based in Guangzhou in Guangdong Province, provides financial advisory services and other consulting services to entrepreneurs as well as to small and medium-sized enterprises (SMEs) in China. Its services include corporate training, advisory and transaction services.
The IPO Calendar is starting to build for the week of April 17, 2023. U Power (UCAR proposed), an EV (electric vehicle) battery-swapping technology company, is on next week’s pricing roster. Some IPO pros expect up to a half dozen or so companies to go public next week via micro-cap deals.
Note: Never trade on proposed symbols. They have been known to change and you might buy something on the OTC Bulletin Board.
To see what time the NASDAQ IPOs are expected to trade, please log in to: NASDAQTrader.com then scroll down to IPO Message.
Disclosure: Nobody on the IPOScoop.com staff has a position in any stocks mentioned above, nor do they trade or invest in IPOs. The IPOScoop.com staff does not issue advice, recommendations or opinions.
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