The Metals Royalty Co. (TMCR Proposed) is the largest deal on the IPO Calendar as the war with Iran starts its fourth week. The Canadian royalty acquisition company is planning a NASDAQ Direct Listing of 55.1 million shares that may price today – Monday, March 23, 2026 – with proceeds estimated at $275.5 million. A reference price has not been set.
Stifel is the financial adviser on The Metals Royalty Co.’s Direct Listing.
“Our only asset is the NORI Royalty, a 2.0 percent gross overriding royalty on the NORI Property, which is a polymetallic nodule project” being developed in the Northeastern Pacific Ocean’s Clarion-Clipperton Zone, the company said in the prospectus. The area does not have a permit for commercial production, the prospectus said.
The rest of this week’s IPO Calendar includes the $6 million NASDAQ Uplisting of Hartford Creative Group (HFUS Proposed), a California digital marketing company with subsidiaries in China, along with the $15 million IPO of Guident (GDNT Proposed), a Boca Raton, Florida-based company that provides remote monitoring and control of autonomous vehicles (Avs) and robots.
WestPark Capital is the sole book-runner of Hartford Creative Group’s NASDAQ Uplisting deal, which has been carried over for a few weeks.
D. Boral Capital and Dominari Securities are the joint book-runners of Guident’s IPO.
Among other small IPOs that may get done this week – pending regulatory approval:
– Salspera (TKVA Proposed), a biotech targeting pancreatic cancer, intends to raise $85 million, with Kingswood as the sole book-runner;
– Riku Dining Group (RIKU Proposed), an Ontario-based company that runs Japanese restaurants in Canada and Hong Kong, aims to raise $25 million, with Eddid Securities USA as the sole book-runner, and
– Seahawk Recycling Holdings (SEAH Proposed), a Tokyo-based waste paper and metal recycling company, plans to raise $18.8 million, with Cathay Securities as the sole book-runner.
Stay tuned.