The IPO Buzz: Top KingWin and Trio Petroleum Micro-Cap IPOs Priced at Low End

Some like it low. Top KingWin Ltd. (TCJH) and Trio Petroleum (TPET) kicked off the week by pricing their micro-cap IPOs at the low end of their respective ranges on Monday night (April 17, 2023). But Top KingWin trimmed its number of shares at pricing, while Trio Petroleum slightly increased its deal’s size:

  • Top KingWin cut its IPO to 2.75 million Class A ordinary shares – down from 3.0 million in the prospectus – and priced the deal at $4.00 – the low end of its $4.00-to-$5.00 price range – to raise $11.0 million. Univest Securities was the sole book-runner. Top KingWin’s stock opened at $3.80 – down 20 cents or 5 percent below its $4.00 IPO price – in its trading debut at 10:47 a.m. EDT today (Tuesday, April 18, 2023) on the NASDAQ. By 10:50 a.m. EDT, though, Top KingWin’s stock was back in the black, trading above $4.00. The stock was trading at $4.05 – up a nickel of 1.25 percent – at around 11:50 a.m. EDT.  At the close, Top KingWin’s stock was up 20 cents – yes, up 5 percent – to end its first day of NASDAQ trading at $4.20 on volume of about 1.29 million shares. The stock in the IPO was sold by the Cayman Islands-incorporated holding company – and not by the underlying Chinese financial advisory services business.
  • Trio Petroleum increased its IPO to 2.0 million shares – up from 1.71 million shares in the prospectus – and priced the deal at $3.00 – the low end of its $3.00-to-$4.00 price range – to raise $6.0 million. Spartan Capital Securities was the sole book-runner for the early stage oil and gas E&P company’s tiny IPO. Trio Petroleum’s stock opened at $2.65 – down 35 cents or 11.7 percent from its $3.00 IPO price – after 11 a.m. EDT today (Tuesday, April 18, 2023) on the NYSE – American Exchange. The stock slipped further to trade at $2.46 – down 54 cents or 18 percent from its IPO price – after noon EDT today. Trio Petroleum’s stock closed at $2.27 – down 73 cents or 24.33 percent – in its first day of trading on the NYSE – American Exchange on volume of about 1.1 million shares.

These two deals represent a third of this week’s IPO Calendar. Bankers expect to raise about $71.8 million – assuming mid-point pricing – if all six micro-cap IPOs on this week’s IPO Calendar get done.

A Tale of Two Tiny IPOs

Top KingWin and Trio Petroleum have just one thing in common: Both priced their micro-cap IPOs at the low end on the same night (Monday, April 17, 2023).

A look at the bottom line, though, tells a different story. Top KingWin is profitable. Trio Petroleum is not.

Top KingWin, a Chinese financial advisory services firm, reported net income of about $1 million on revenue of $5.8 million for the 12 months that ended Sept. 30, 2022, according to the prospectus. The company was founded in 2018.

Based in Guangzhou, Top KingWin provides financial advisory services and consulting  services to entrepreneurs as well as to small and medium-sized enterprises (SMEs) in China. Its services include corporate training and transaction advisory work.

Trio Petroleum, based in  Bakersfield, California, reported a net loss of $3.8 million on no revenue for the year that ended Oct. 31, 2022, according to the prospectus. The oil and gas E&P company, incorporated in July 2021, has no revenue-generating operations to date, the prospectus says.

Trio Petroleum was formed to develop the South Salinas Project in Monterey, California.  

 “The South Salinas Project has the potential to be among the largest oil and gas resources in California and North America to be developed in the last 30 years,” the prospectus says.

More Micro-Cap IPOs Ahead

The rest of this week’s IPO lineup includes U Power (UCAR proposed), a Chinese EV battery-swapping technology company; Wang & Lee Group (WLGS proposed), a Chinese electrical and mechanical system contractor; Jayud Global Logistics (JYD proposed), a Chinese supply-chain logistics solution provider, and U.S. GoldMining (USGO proposed/ USGOW proposed), the U.S. subsidiary of a Canadian gold and copper mining company.

Stay tuned.

(For more information about these companies, please check the IPO Calendar and the individual IPO Profiles found on’s website.)

Note: Never trade on proposed symbols. They have been known to change and you might buy something on the OTC Bulletin Board. 

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Disclosure: Nobody on the staff has a position in any stocks mentioned above, nor do they trade or invest in IPOs. The staff does not issue advice, recommendations or opinions.

Disclaimer: A SCOOP Rating (Wall Street Consensus of Opening-day Premiums) is a general consensus taken, at press time, from Wall Street and investment professionals concerning how well an IPO might perform when it starts trading. The SCOOP Rating does not reflect the opinions of anyone associated with The SCOOP ratings should not be taken as investment advice. The rating merely reflects the opinion of the professionals at the time of publication and is subject to last-minute changes due to market conditions, changes in a specific offering and other factors, such as changes in the proposed offering terms and the shifting of investor interest in the IPO. The information offered is taken from sources we believe to be reliable, but we cannot guarantee the accuracy.