(Editor’s Note: This column, published Tuesday morning, was updated Wednesday morning, Feb. 26, 2025, with pricing and trading news on STAK Inc., a micro-cap IPO, and other deals.)
Basel Medical Group Ltd. (BMGL), an orthopedic surgery group based in Singapore, priced its IPO at $4.00 – the low end of its $4.00-to-$5.00 price range – and became the first deal to get done in the last week of February. Only six small IPOs are in the offing this week. The IPO lineup has featured mostly small deals – except for SPACs – since SailPoint (SAIL) disappointed the market with its debut on Feb. 13. It usually takes the IPO machine a few weeks to recover after a blow like that.
It’s not just SailPoint, though, that put the IPO market in a funk.
“Wall Street hates uncertainty,” a veteran IPO pro says. “There’s this whole Trump whirlwind of activity. These guys running these firms – they’re not sure where the tariffs are going – and now you have (Elon) Musk and DOGE” laying off federal employees in droves. “If you lose your government job, where are you going to get money to pay your mortgage?”
It’s likely, in his opinion, that some laid-off federal employees will sell some stock to get cash to pay their mortgages and other living expenses until they can find other jobs.
Singapore’s Basel Medical Group Eyes Expansion
Basel Medical Group of Singapore sold all 2.21 million shares (2,205,000 shares) – the number of shares in the prospectus – and priced the deal at $4.00 to raise $8.84 million on Monday night, Feb. 24, 2025. At pricing, Basel Medical Group had a market cap of $73.82 million. Basel Medical Group’s stock started trading at noon EST today – Tuesday, Feb. 25, 2025 – at $4.19 – up 19 cents from its IPO price – on the NASDAQ.
Basel Medical Group’s stock closed at $4.44 – up 44 cents for an 11 percent gain from its IPO price – on Feb. 25, 2025, its first day of NASDAQ trading – on volume of about 2.6 million shares.
Cathay Securities acted as the sole book-runner.
Basel Medical Group Ltd. plans to use the IPO proceeds to finance acquisitions or collaborations in Singapore and Malaysia over the next 12 to 18 months, according to the prospectus. Basel Medical has over 20 years of medical services experience. The profitable company has five medical practitioners – four orthopedic specialists and one neurosurgery specialist – in its two clinics at Gleneagles Medical Centre in Singapore. The company is incorporated in the British Virgin Islands.
China’s Oilfield Supplier STAK Raises $5 Million
STAK Inc. (STAK proposed), the profitable parent of a Chinese manufacturer of specialized oilfield maintenance vehicles and equipment, raised $5 million on Tuesday night, Tuesday, Feb. 25, 2025, by pricing its micro-cap IPO at $4.00 – as expected – and selling 1.25 million shares. The company went public at a market cap of $45.0 million. Kingswood Capital was the sole book-runner.
Shares of STAK Inc. opened below their $4.00 IPO price – trading at $3.62 at 11:12 a.m. EST – on volume of just 44,433 shares, according to NASDAQ.
Hong Kong’s Luda & China’s LZ Technology On Tap
Two IPOs are set to price Wednesday night, Feb. 26, 2025, to trade Thursday, Feb. 27:
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Luda Technology Group (LUD Proposed) – 2.5 million shares at $4.00 to raise $10.0 million at a market cap of $90.0 million – Revere Securities and Pacific Century Securities joint book-runners – NYSE – American Exchange listing – Based in Hong Kong, Luda Technology Group is a profitable manufacturer and trader of stainless steel and carbon steel flanges and fittings products. (Incorporated in the Cayman Islands)
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LZ Technology Holdings Ltd. (LZMH Proposed) – 1.8 million shares at a price range of $4.00 to $6.00 to raise $9.0 million – Benjamin Securities and D. Boral Capital (formerly EF Hutton) joint book-runners – NASDAQ listing – This company, based in Zhejiang province, provides advertising services in China. LZ Technology Holdings reported a net loss of $0.41 million on revenue of $116.25 million for the year that ended June 30, 2024. This company filed to go public in late December 2023.
Two more small IPOs are listed with tentative pricing dates this week. For details, please see our IPO Calendar.
Looking Back at Last Week
Last week, only two tiny IPOs got done:
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Anbio Biotechnology Limited (NNNN) – This Frankfurt, Germany-based provider of IVD (in vitro diagnostic) products raised $8.0 million by pricing 1.6 million shares at $5.00 – the low end of its $5.00-to-$6.00 price range – on Tuesday night, Feb. 18, 2025. AC Sunshine Securities was the sole book-runner. Anbio Biotechnology’s stock opened at $5.26 on Wednesday, Feb. 19, 2025, on NASDAQ and closed its first day of trading at $5.77. Anbio Biotechnology’s stock closed yesterday – Monday, Feb. 24 – at $6.22.
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Wellgistics Health (WGRX) – This Tampa, Florida-based holding company, whose businesses include a pharmacy and a wholesale pharmaceutical operation, raised $4.0 million by pricing 888,889 shares at $4.50 – the low end of its $4.50-to-$5.50 price range – on Thursday night, Feb. 20, 2025. Craft Capital and D. Boral Securities were the joint book-runners. Wellgistics Health’s stock opened lower – at $4.35 – on Friday, Feb. 21, 2025 – on NASDAQ and closed its first day of trading at $3.81. Wellgistics Health’s stock closed yesterday – Monday, Feb. 24 – at $3.03.
Stay tuned.
| (For more information about these companies, please check the IPO Calendar and the individual IPO Profiles found on the IPOScoop.com website.)
Note: Never trade on proposed symbols. They have been known to change and you might buy something on the OTC Bulletin Board. To see what time the NASDAQ IPOs are expected to trade, please log in to: NASDAQTrader.com then scroll down to IPO Message. Disclosure: Nobody on the IPOScoop.com staff has a position in any stocks mentioned above, nor do they trade or invest in IPOs. The IPOScoop.com 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 IPOScoop.com. 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.