Izmagilov
Two nano-caps debuted last week, neither of which is included in our IPO stats. Two over-the-counter listed companies have submitted an uplisting application.
Biotechnological pain relief Chromocell therapeutics (CHRO) raised $7 million at a market cap of $34 million. The company is focused to develop and commercialize pain relief therapeutics that selectively target the sodium ion channel known as NaV1.7. Its lead candidate, CC8464, has been evaluated in a Phase 1 study and the company has developed a dose escalation study design. It ended with a loss of 20%.
Drone technology developer Unusual machines (UMAC) raised $5 million at a market cap of $31 million. The company agreed to acquire the consumer division of drone company Red Cat Holdings (RCAT) in November 2022, which consists of subsidiaries Rotor Riot and Fat Shark Holdings. The transaction is expected to close at the same time as the IPO. Unusual Machines traded 25% lower.
Two issuers made initial filings last week, both currently listed on the OTC. Media content hub TPT Global Tech (OTCPK:TPTW) filed to raise $50 million, as did the maker of robotic surgical systems SS innovations (OTCPK:SSII).
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The February lull is in full swing, with four very small remnants currently planned for the coming week.
Chinese touchscreen manufacturer Wetouch technology (OTCQB:WETH) plans to raise $18 million at a market cap of $76 million. The company develops, manufactures, sells and services medium to large projected capacitive touchscreens. Its touchscreens are used in a variety of industries, including financial terminals, automobiles, slot and lottery machines, and medical devices.
Marketplace for advertising contracts NOTHING (NYX) plans to raise $8 million at a market cap of $82 million. NYIAX's small and highly unprofitable platform uses blockchain technology to allow companies to list, buy and sell advertising and targeting campaigns.
Japanese real estate dealer Metros development (MTRS) plans to raise $6 million at a market cap of $364 million. The company identifies and purchases land and buildings it believes are underdeveloped and resells them to developers. As of 05/31/23, the Company had real estate holdings valued at more than $190 million, including more than 60 material real estate holdings valued at over $1 million.
Maritime tour operator Amphitrite Digital (AMDI) could raise $7 million at a market cap of $61 million. The company offers tours, activities and local attractions in the mainland United States and the U.S. Virgin Islands and has its own fleet of 26 luxury catamarans and motorboats in the USVI and Panama City. Amphitrite Digital is small but growing.
| US IPO calendar | |||
|---|---|---|---|
| Issuer business | Deal size market capitalization | Price range shares submitted | Top bookrunners |
|
Wetouch Technology (OTCQB:WETH) China |
$18 million $76 million |
$5 to $7 3,000,000 |
West Park Capital Craft capital |
| Manufactures medium to large projected capacitive touchscreens. | |||
|
NYX (NYX) New York, NY |
$8 million $82 million |
$4 2,106,250 |
West Park Capital EF Hutton |
| Offers an advertising marketplace and contract management platform. | |||
|
Metros Development (MTRS) Tokyo, Japan |
$6 million $364 million |
$6.40 1,000,000 |
Boustead EF Hutton |
| Buying and reselling underdeveloped properties in Japan. | |||
|
Amphitrite Digital (AMDI) St. Thomas, US Virgin Islands |
$7 million $61 million |
$3.50 – $4.50 1,750,000 |
Kingswood cap. Mkts. |
| Offers maritime tours and activities in the mainland United States and the U.S. Virgin Islands. | |||
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A street search for seven companies is expected next week.
IPO market snapshot
The Renaissance IPO Indices are market capitalization-weighted baskets of newly public companies. As of February 15, 2024, the Renaissance IPO Index was up 2.5% year-to-date, while the S&P 500 was up 5.6%. Renaissance Capital's IPO ETF (IPO) tracks the index, and top ETF holdings include Coinbase Global (COIN) and Kenvue (KVUE). The Renaissance International IPO Index is down 6.9% year-to-date, while the ACWX is down 0.3%. Renaissance Capital's International IPO ETF (IPOS) tracks the index, and top ETF holdings include Wise and Porsche.
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Editor's note: The summary bullet points for this article were selected by Seeking Alpha editors.
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