UPDATE – The IPO Buzz: Basel Medical (BMGL) Leads Light Lineup in Late February

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 and China in the Mix 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 is expected to start trading today – Tuesday, Feb. 25, 2025 – on the NASDAQ. 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. STAK Inc. (STAK proposed), the profitable parent of a Chinese manufacturer of specialized oilfield maintenance vehicles and equipment, is expected to price its micro-cap IPO tonight – Tuesday, Feb. 25, 2025 – to trade Wednesday, Feb. 26 – on the NASDAQ: 1.25 million shares at $4.00 to raise $5.0 million at a market cap of $45.0 million. Kingswood US is the sole book-runner. Two IPOs are set to price Wednesday night, Feb. 26, 2025, to trade Thursday, Feb. 27:

• 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)
• 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:

• 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.
• 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.

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