IPO Watch: Stronghold to debut as the latest bitcoin mining stock, RAM property ahead
Rene Anthony
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 biggest listing, while the delayed float from software-defined networking tool provider Activeport Group (ASX: ATV) makes its long-awaited debut.
Upcoming IPOs
ASX IPOs:
NickelSearch (ASX: NIS)
Focus: Nickel explorer
IPO size: $10 million
Expected debut: Oct 18
Activeport Group (ASX: ATV)
Focus: Software-defined networking tool
IPO size: $15 million
Expected debut: Oct 20
RAM Essential Services Property Fund (ASX: REP)
Focus: Commercial and medical REIT
IPO size: $356.9 million
Expected debut: Oct 20
Alvo Minerals (ASX: ALV)
Focus: Copper, zinc, precious metals & lead explorer
IPO size: $10 million
Expected debut: Oct 20
iTech Minerals (ASX: ITM)
Focus: Graphite, halloysite, and kaolinite explorer
IPO size: $7 million
Expected debut: Oct 21
Lykos Metals (ASX: LYK)
Focus: Nickel, copper, cobalt, lithium, REE explorer
IPO size: $12 million
Expected debut: Oct 21
Eastern Metals (ASX: EMS)
Focus: Base and precious metals explorer
IPO size: $4.5 million
Expected debut: TBA
US IPOs:
Stronghold Digital Mining (USA: SDIG)
Focus: Bitcoin mining company
IPO size: US$100 million
Expected debut: Oct 20
Vita Coco Company (USA: COCO)
Focus: Coconut water manufacturer
IPO size: US$224 million
Expected debut: Oct 21
P10 (USA: PX)
Focus: Private investment solutions provider
IPO size: US$300 million
Expected debut: Oct 21
Portillo (USA: PTLO)
Focus: Fast casual restaurant
IPO size: US$375 million
Expected debut: Oct 21
Enfusion (USA: ENFN)
Focus: Cloud-based investment platform
IPO size: US$375 million
Expected debut: Oct 21
Winc (USA: WBEV)
Focus: US wine producer and distributor
IPO size: US$75 million
Expected debut: Oct 21
Ventyx Biosciences (USA: VTYX)
Focus: Inflammatory and autoimmune phase 1 biotech
IPO size: US$125 million
Expected debut: TBC
Aris Water Solutions (USA: ARIS)
Focus: Water pipeline operator
IPO size: US$300 million
Expected debut: TBC
Minerva Surgical (USA: UTRS)
Focus: Minimally invasive device maker to treat uterine bleeding
IPO size: US$100 million
Expected debut: TBC
Biofrontera (USA: BFRI)
Focus: Dermatology for skin damage diseases
IPO size: US$18 million
Expected debut: 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 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.
Important disclaimer: SelfWealth Ltd ABN 52 154 324 428 (“Selfwealth”) (AFSL 421789). The information contained on this website is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a financial adviser and/or accountant. Taxation, legal and other matters referred to on this website are of a general nature only and should not be relied upon in place of appropriate professional advice. You should obtain the relevant Product Disclosure Statement for any product mentioned and consider its contents before making any decision.