The initial public offering (IPO) market continued its quiet momentum last week, with four small deals pricing. The week ahead also plans to be just as active, with four micro-cap companies set to debut.
Here's last week's recap:
Forza X1, Inc. (NASDAQ: FRZA) raised $15 million in its debut. The company aims to manufacture and sell affordable electric boats--currently only two prototypes, FX1 dual console and FX1 center console--for recreational use. The stock ended the week up 50%.
CorpHousing Group, Inc. (NASDAQ: CHG) raised $13.5 million after pricing its downsized offering at the low end of its range. Operating under the brands SoBeNy and LuxUrban, the short-term rental company has 619 units in seven cities in the United States. The stock ended the week down 8%.
Treasure Global, Inc. (NASDAQ: TGL) raised $8 million after pricing its shares at the low end of its range. The Malaysian-based company's e-payment app, ZCITY, offers consumers and merchants instant rebates and affiliate cashback programs. The stock popped 346% on its first day and ultimately finished up 110%.
Reborn Coffee, Inc. (NASDAQ: REBN) raised $7.2 million in its upsized offering. The company serves specialty-roasted coffee at retail locations, kiosks, and cafes, as well as company-owned stores. The stock ended the week down 4%.
What to watch in the week ahead:
Innovative Eyewear, Inc. (NASDAQ: LUCY) plans to raise more than $9.6 billion from about 1 million shares priced between $7.50 to $9.50 each. The company sells Bluetooth connected eyewear under the brand Lucyd.
GigaCloud Technology, Inc. (NASDAQ: GCT) plans to raise $28 million from 2.5 million shares priced between $10.25 to $12.25 each. The Hong Kong-based company offers an online cross-border B2B marketplace for large parcel merchandise, including furniture, home appliance, and fitness equipment.
PaxMedica, Inc. (NASDAQ: PXMD) plans to raise $8 million from 1.5 million shares priced between $4.50 to $6.50 each. The biotech seeks to develop therapies for neurodevelopmental disorders. PaxMedica announced positive topline data from its Phase 2 trial for the treatment of the core systems of autism spectrum disorder in February 2021.
Graphex Group Ltd. (NASDAQ: GRFX) plans to raise $8 million from 3.2 million shares priced between $2 to $3 each. The Hong Kong-based company manufactures graphene products for lithium-ion batteries in China.