Amid a flurry of interest in bitcoin mining stocks out of the US, there is another name on the way, with Stronghold Digital Mining (NASDAQ: SDIG) set to raise approximately US$100 million via shares priced between US$16-$18 a piece. Unlike some other bitcoin miners, Stronghold takes a different approach to its operations, converting coal waste into power for its operations, which includes 3000 miners.

Locally, commercial and medical facility real estate fund RAM Essential Services Property Fund (ASX: REP) is this week’s biggest listing, while the delayed float from software-defined networking tool provider Activeport Group (ASX: ATV) makes its long-awaited debut.

 

Upcoming IPOs

Market Company Focus IPO size Expected debut
ASX NickelSearch (NIS) Nickel explorer  $10m Oct 18
ASX Activeport Group (ATV) Software-defined networking tool $15m Oct 20
ASX RAM Essential Services Property Fund (REP) Commercial and medical REIT $356.9m Oct 20
ASX Alvo Minerals (ALV) Copper, zinc, precious metals & lead explorer $10m Oct 20
ASX iTech Minerals (ITM) Graphite, halloysite and kaolinite explorer $7m Oct 21
ASX Lykos Metals (LYK) Nickel, copper, cobalt, lithium, REE explorer $12m Oct 21
ASX Eastern Metals (EMS) Base and precious metals explorer $4.5m TBA

 

US Stronghold Digital Mining (SDIG) Bitcoin mining company US$100m Oct 20
US Vita Coco Company (COCO) Coconut water manufacturer US$224m Oct 21
US P10 (PX) Private investment solutions provider US$300m Oct 21
US Portillo’s (PTLO) Fast casual restaurant US$375m Oct 21
US Enfusion (ENFN) Cloud-based investment platform US$375m Oct 21
US Winc (WBEV) US wine producer and distributor US$75m Oct 21
US Ventyx Biosciences (VTYX) Inflammatory and autoimmune phase 1 biotech US$125m TBC
US Aris Water Solutions (ARIS) Water pipeline operator US$300m TBC
US Minerva Surgical (UTRS) Minimally invasive device maker to treat uterine bleeding US$100m TBC
US Biofrontera (BFRI) Dermatology for skin damage diseases US$18m TBC

*All dates are subject to change and should be treated as an indicative guide only

 

 

Future Listings

Large-cap floats dominated the narrative last week as far as news about upcoming ASX IPOs. With a total of seven billion-dollar plus floats on the way to the local market, it was a case of details being ironed out for a number of names including digital bank Judo Bank, disability services provider APM, essential services provider Ventia, hotel bookings platform SiteMinder, and also steel distributor Vulcan, which falls just short of the $1 billion mark.

In terms of prospective listings on the horizon, renewable energy technology firm RedEarth is emerging as a candidate. The company supplies solar-charged batteries allowing private households to act as a power plant by selling stored energy to other members on the RedEarth grid.

More immediately, however, is Close the Loop Group, a manufacturing, recycling and urban mining company that is listing amid a merger with packaging firm O F Packaging. Eyeing $12 million in fresh funds, the company has pivoted from a printer cartridge and toner recycling business into a much broader firm involved with repurposing and reselling recyclable parts and products. Close the Loop generated $13.2 million in EBITDA in FY21.

Lastly, marketing platform Tribe is putting the finishing touches on IPO plans of its own. The platform is designed to connect influencers and marketers to distribute content. A number of household brands have used the platform to run campaigns across social media, ecommerce, digital ads and the like.

One name that might raise a few eyebrows in the US is Hertz Global Holdings, with the car rental company set to re-IPO. On the back of strong consumer demand, and a shortage of rental cars, prices have been a major tailwind for the company’s most-recent results. The company emerged from bankruptcy a few months ago, and to date has been listed via OTC markets. With the sector showing strength as travel ramps up, and its adjusted EBITDA leaping, the business will eye a return to either the Nasdaq or NYSE by the end of the year.

Outside of Hertz, no major names announced IPOs in the US last week, but that didn’t necessarily deter a number of smaller-cap names from submitting filings to list in the coming weeks. This includes laser hair removal company Milan Laser, expense management platform Expensify, and health food brand The Real Good Food Company.

 

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