The IPO Buzz: Micro-Caps Return After Kenvue Leads a $4.5B Week

Micro-cap IPOs are back on the runway after Kenvue (KVUE) led last week’s $4.5 billion in deals. This week’s IPO Calendar is quiet in comparison – with up to six micro-cap initial public offerings expected to raise about $94.6 million.

Kenvue – Johnson & Johnson’s (JNJ) spinoff of its consumer health products business – raised $3.8 billion in its IPO last Wednesday night (May 3, 2023) – in the biggest IPO since EV maker Rivian went public in November 2021. Late-stage clinical biotech Acelyrin (SLRN) raised $540 million in its IPO priced Thursday night (May 4, 2023). Rounding out the week were two SPAC IPOs: Golden Star Acquisition (GODNU), an Asia-focused SPAC, raised $60 million, and Alchemy Investment Acquisition Corp. I (ALCYU), a tech SPAC that intends to search for target companies involved in data analytics, raised $100 million.

This week’s action is set to begin Tuesday night, with the expected pricing of two tiny IPOs:

  • MDNA Life Sciences (MDLS proposed/ MDLSW proposed) – A liquid biopsy test developer’s tiny unit IPO: 2.45 million units at $5.00 to $6.00 to raise $13.48 million – EF Hutton is the sole book-runner. Each unit consists of one share of stock and two redeemable warrants – each to buy one share of stock. NASDAQ listing.

  • Strong Global Entertainment (SGE proposed) – A large format projection screen manufacturer’s tiny stock-only IPO: 1.6 million Class A ordinary shares at $5.00 to raise $8.0 million. ThinkEquity is the sole book-runner. NYSE-American Exchange listing.

The rest of this week’s small-cap IPO Calendar includes companies based in Hong Kong as well as in Seoul, South Korea, and Israel, along with one tiny company based in Scottsdale, Arizona.

Stay tuned.