Ride on may be the mantra for the IPO Calendar as March begins. The Ryde Group Ltd. (RYDE Proposed), a Singapore-based carpooling, ride-hailing and package delivery app, plans to price its micro-cap IPO early this week. RYDE is one of four carry-over deals from last week. The carry-overs represent half of this week’s lineup of eight small-cap IPOs with total estimated proceeds of just $80.2 million.
IPO investors are keeping an eye out for Reddit (RDDT Proposed), the home of r/Wall Street Bets, the social media community that drove the meme stock craze during the pandemic. Reddit filed its long-awaited S-1 a little more than a week after Valentine’s Day. The Wall Street Journal reported over the weekend that Reddit is considering a valuation (market cap) of about $6 billion to $6.5 billion – with a price range of $31 to $34, according to people familiar with the situation. The projected valuation, The WSJ noted, is down sharply from an estimate of $10 billion in August 2021. Morgan Stanley and Goldman Sachs are leading the joint book-runners’ team, which includes five more investment banks – J.P. Morgan, BofA Securities, Citigroup, Deutsche Bank Securities and MUFG.
In Japan, the Nikkei 225 rose above the 40,000 mark – a psychological milestone – for the first time on Monday, Bloomberg noted.
Ride App in Singapore
Back on this week’s IPO runway: Ryde Group Ltd. is circling Tuesday morning, March 5, 2024, as its expected trade date on the NYSE – American Exchange, according to the word on the Street. Maxim Group is the sole book-runner for this micro-cap IPO. The deal consists of just 3.0 million shares at a price range of $4.00 to $5.00 to raise $13.5 million, if priced at the $4.50 mid-point, according to the prospectus. Ryde Group’s market cap is estimated at $86.04 million.
Ryde Group, Ltd., founded in 2014, is unprofitable, according to financial statements in the prospectus. The company aims to become a “super mobility app” providing access to multiple mobility tools that “function seamlessly out of a single app, offering ultimate convenience and reliability for our customers,” the prospectus says.
For Ryde Group, the business consists of two categories:
- Mobility services in two areas – Its carpooling service is known as RydePOOL, while its ride-hailing services include RydeX, RydeXL, RydeLUXE, RydeFLASH, RydePET, RydeHIRE and RydeTAXI, the prospectus says.
- Quick Commerce services – The company’s package delivery booking service is known as RydeSEND.
Job Platform in China
From Beijing, Lucas GC Limited (LGCL Proposed) is an ultra-sliver deal on tap. The IPO consists of just 1.25 million shares at a price range of $4.00 to $6.00 to raise $6.25 million, if priced at the $5.00 mid-point. Lucas GC Limited is a Platform-as-a-Service (PaaS) company that caters to HR professionals, the prospectus says. The company reported a net profit for the 12 months that ended June 30, 2023, according to financial statements in the prospectus.
Joseph Gunnar is the sole book-runner of Lucas GC Limited’s IPO, which is a NASDAQ listing.
Lucas GC Limited’s IPO is tiny, but this is not a micro-cap deal. Lucas GC Limited has a valuation or a market cap estimated at $396.57 million, according to the prospectus. Lucas GC Limited filed to go public about a year ago.
Solar Power from Down Under
SolarJuice Co. Ltd. (SJA Proposed) is a familiar name returning to the IPO Calendar this week, but it’s not a carry-over from last week’s roster. The deal is likely to price on Thursday night, March 7, 2024, to trade Friday, March 8, 2024, on the NASDAQ.
The Australian company’s U.S. unit, SJ America, installs solar energy systems, energy storage solutions and roofing in California, Colorado, Florida, Nevada and Texas, the prospectus says. SolarJuice also has a wholesale PV (photovoltaic) and solar energy unit called SJ Australia, along with a U.S. unit called SJ Technology, which produces and sells solar PV modules in the United States.
Maxim Group and Roth Capital Partners are the joint book-runners of the SolarJuice IPO. The deal’s size: 3.75 million shares at a price range of $4.00 to $6.00 to raise $18.75 million, according to an F-1/A filing in February.
From East to West
Rounding out this week’s IPO Calendar are five more deals. These are small IPOs whose corporate headquarters follow the sun from the East – Hong Kong, Singapore and Japan – to the West – the U.S. Virgin Islands and New York:
- Two new names – Intelligent Group Limited (INTJ proposed), a Hong Kong-based financial public relations (PR) firm, a $9 million IPO on the NASDAQ, from sole book-runner WestPark Capital, and Trident Digital Tech Holdings (TDTH proposed), a Singapore-based digital tech company serving small to medium-sized enterprises (SMEs), a $10.8 million IPO on the NASDAQ, from sole book-runner Eddid Securities USA, and
- Three carry-over names – Amphitrite Digital (AMDI proposed), an unprofitable U.S. Virgin Islands-based charter sailing company aiming to raise about $6.0 million to $7.0 million in an IPO listed on the NYSE – American Exchange, sole book-runner Kingswood; Metros Development Co. Ltd. (MTRS Proposed), a profitable Tokyo-based real estate company that buys underdeveloped properties and resells them to real estate developers, planning to raise $6.4 million in its NASDAQ-listed IPO, joint book-runners Boustead Securities and EF Hutton, and NYIAX (NYX Proposed), an unprofitable advertising tech exchange developed under a patent jointly held by NYIAX and a NASDAQ subsidiary, planning to raise $8.43 million, joint book-runners WestPark Capital and EF Hutton.
Stay tuned.
(For more information about these companies, please check the IPO Calendar and the individual IPO Profiles found on our website: IPOScoop.com )
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