GMT EIGHT - New Share

NetPlast Technology (NPT.US) IPO priced at $4-5 per share, aiming to raise $9 million.

Chinese plastic and chemical distributor NetPlastech (NPT.US) announced its IPO terms on Monday. The Shanghai-based company plans to issue 2 million shares of stock at a price of $4 to $5 per share, raising $9 million. Based on the midpoint of the proposed price range, NetPlastech's market value will reach $99 million. NetPlastech offers over 3600 stock keeping units (SKU) of plastic and chemical products, aiming to provide a one-stop purchasing service for its 2213 suppliers and 3528 customers. Its solutions include product search and matching, recommendations, order management and payment, as well as logistics distribution services. Founded in 2011, NetPlastech had sales of $673 million for the 12 months ending June 30, 2024. The company plans to list on the NASDAQ under the ticker symbol "NPT". D. Boral Capital is the sole bookrunner for this transaction.

01/04/2025

Hong Kong event and stage service provider BUUU Group (BUUU.US) IPO priced at 4-6 US dollars per share, planning to raise 8 million US dollars.

Hong Kong event management and stage production service provider BUUU Group (BUU.US) submitted its initial public offering application to the U.S. Securities and Exchange Commission last Friday, with plans to raise up to $8 million. The company plans to issue 1.5 million shares of stock at a price range of $4 to $6 per share, which would give BUUU Group a market value of approximately $83 million if calculated at the midpoint of the proposed range. Founded in 2017, BUUU Group primarily offers conference, incentive travel, large conferences and exhibitions (MICE) solutions for various clients, including public institutions, marketing and public relations companies, real estate firms, and many well-known brands. Its core business includes event management and stage production. In the 12 months ending June 30, 2024, BUUU Group reported revenues of $6 million. The company plans to list on the Nasdaq under the ticker symbol BUUU, and submitted related documents confidentially on December 23, 2024. Pacific Century Securities is the sole bookrunner for this transaction. BUUU Group's IPO plans indicate that it is seeking to further expand its business through the capital market to enhance its competitiveness in the field of event management and stage production. With the global events industry recovering and growing, BUUU Group is poised to utilize its professional services and innovative solutions to meet the increasing demand for high-quality event experiences in the market.

31/03/2025

Chinese engineering service provider Giant Dragon Online (JLHL.US) applies for IPO in the United States, planning to raise 6 million US dollars.

Last Friday, Dragon Online (JLHL.US), which provides engineering and related services in China, submitted an application to the U.S. Securities and Exchange Commission for its initial public offering (IPO), planning to raise up to $6 million. According to the prospectus, the company's main business includes intelligent engineering project solutions, intelligent system operation and maintenance services, and sales of intelligent devices and materials. The customer base includes large public utility institutions in China, commercial real estate projects, and operators of multi-family residential communities. Founded in Beijing in 1997, the company generated revenue of $24 million in the twelve months ended September 30, 2024. The company plans to list on Nasdaq with the stock code JLHL. It is reported that Dragon Online secretly submitted its listing application on April 18, 2024. UP Fintech Holding Ltd. Sponsored ADR Class A serves as the exclusive bookrunner for this offering, with specific terms of the offering yet to be disclosed.

31/03/2025

Dewei Shipping (NCT.US) lands on the US stock market with a total cargo capacity of 217,191 metric tons.

On Friday, the shipping company DeWei Ship Services (NCT.US), headquartered in Hong Kong, landed on the US stock market. The company made its first public offering of 1.5 million shares, priced at 7 US dollars per share. It is understood that DeWei Ship Services operates global shipping operations through a series of subsidiaries, covering two major sectors of regular chartering and ship management services. Its fleet consists of one owned ship and three chartered ships, with a total cargo capacity of 217,191 deadweight tons. In addition, DeWei Ship Services also plans to launch maritime pulping operations through its Singapore subsidiary, Openwindow, before the first quarter of 2025, using owned and chartered factory ships to further expand its business scope.

28/03/2025

CoreWeave (CRWV.US) has reached a 15-year AI computing lease agreement with Galaxy Digital.

Blockchain and digital asset company Galaxy Digital (BRPHF.US) announced on Friday that they have reached a 15-year leasing agreement with AI super-scale provider CoreWeave (CRWV.US). Galaxy will provide 133 megawatts of critical IT load, utilizing a total power capacity of 200 megawatts, to host CoreWeave's AI and high-performance computing infrastructure in the Helios data center campus in West Texas. Under the contract, Galaxy has the right to generate approximately $4.5 billion in revenue. Galaxy Digital Holdings released its fourth quarter and full-year financial report for 2024 today. Despite the impact of the legal settlement with the New York Attorney General, the company still achieved a net income of $174 million in the fourth quarter of 2024 and a full-year net income of $365 million. The company's Q4 revenue was $698.09 million, a 96.4% year-over-year increase. Despite continued volatility in the cryptocurrency market, with Bitcoin recently falling below $80,000 and Ethereum below $2,000, Galaxy Digital continues to achieve significant financial growth. Currently, Galaxy Digital is restructuring to become a registered entity in Delaware and plans to list on the Nasdaq, subject to regulatory approval. In addition, CoreWeave has set its initial public offering price at $40, lower than earlier estimates, selling 37.5 million shares and raising $1.5 billion. Trading and advisory services at Galaxy Digital have also seen significant growth due to increased derivative activities and institutional demand.

28/03/2025

Another sign of the cooling trend of AI computing power? "Computing power leasing" leader CoreWeave slashes IPO size.

restrationCoreWeaveCoreWeaveAI CoreWeaveAIIPOIn addition to rporation, the company's institutional investors also include Magnetar Capital, Coatue Management, Jane Street, J.P. Morgan Asset Management, Fidelity, and Lykos Global Management.CoreWeave's founders do not plan to sell their shares in the IPO. The IPO is led by Morgan Stanley, JPMorgan, and Goldman Sachs Group, Inc., with 11 other advisors involved. CoreWeave's stock is expected to be listed on the Nasdaq stock exchange, with the trading code "CRWV". Is the AI computing power trend cooling down? Before CoreWeave, known as the "NVIDIA Corporation's baby", significantly reduced its IPO size, there were already signs of a significant cooling trend surrounding AI computing power. Goldman Sachs Group, Inc., a major Wall Street firm, recently lowered its global AI server shipment forecasts and also lowered the target stock prices of key companies in the global AI computing power industry chain from Taiwan, China. In a research report released this week, the Goldman Sachs Group, Inc. analyst team lowered the shipment expectations for rack-level AI servers, with forecasts for 2025 and 2026 shipments dropping from 31,000 units and 66,000 units to 19,000 units and 57,000 units (measured in equivalent 144-GPU units). Goldman Sachs Group, Inc. stated that this adjustment is mainly based on the transition period of NVIDIA Corporation's AI server rack products from Blackwell to Blackwell Ultra and supply-demand uncertainty, emphasizing the increasing controversy over the demand for intensive computing power as more efficient AI models (such as DeepSeek) are continuously released. Earlier, on February 24th, the news broke that the American tech giant Microsoft Corporation would cancel two large data center leases. The renowned investment firm TD Cowen then revealed more news, stating that Microsoft Corporation's cutting of a portion of its data center projects is a major negative for the AI computing power industry chain, leading to a core logic breakdown for American AI chip and other AI computing power stocks. "In the past six months, Microsoft Corporation's contraction strategy includes canceling and delaying data center leases. We still believe that the cancelation of data center leases and the delays in capacity indicate an overall oversupply of data centers, with a clear surplus compared to current demand forecasts," said the TD Cowen analysis team. On March 26th, the international bank Barclays released a new research report stating that by 2025, global AI computing power could support 1.5 to 2.2 billion AI agents, enough to meet the strong demand from over a billion white-collar workers in the U.S. and EU and over 1 billion enterprise software licenses. Barclays believes that existing AI computing power is already sufficient to support the deployment of large-scale AI agents, but there is still a significant gap in dedicated computing power for efficient and low-cost agent products.

27/03/2025

Tea drinks Black Horse Overlord Tea Ji (CHA.US) is aiming for a US stock market IPO, planning to raise $100 million to start a global journey.

Chinese milk tea chain brand King Tea Princess (CHA.US) submitted an application to the U.S. Securities and Exchange Commission (SEC) on Tuesday, planning to raise up to $100 million in funds through an initial public offering (IPO). The company will be listed on the Nasdaq Stock Exchange with the stock code "CHA". The IPO application comes as the company prepares to open its first store in the United States at the Westfield Century City shopping center in Los Angeles this spring. According to a regulatory filing, since its establishment in 2017, as of December 31, King Tea Princess has opened over 6,400 stores in China, Malaysia, Singapore, and Thailand, with about 97% of the stores located in China. King Tea Princess expects to achieve revenue of $1.7 billion and net profit of $344.5 million by 2024. The regulatory filing mentioned that founder and CEO Zhang Junjie was inspired by the success of international coffee companies to create this chain brand, aiming to promote the modernization of tea drinks. China is the second largest market for Starbucks Corporation. The official website of King Tea Princess states that the company hopes to "serve tea lovers in 100 countries worldwide, create 300,000 job opportunities globally, and sell 15 billion cups of freshly brewed tea each year." The company secretly submitted its listing application on March 6, 2024. Citigroup, Morgan Stanley, Deutsche Bank Aktiengesellschaft, and CICC are the joint bookrunners for the transaction. The pricing and other terms of the offering have not been disclosed. If King Tea Princess successfully lists on the Nasdaq, it will be one of the few Chinese companies still seeking to go public in the United States. Data from the U.S.-China Economic and Security Review Commission shows that the number of Chinese companies listed on the three major U.S. stock exchanges decreased by 5% from January 2023 to January 2024.

26/03/2025

Global trading platform eToro (ETOR.US) applies for a US IPO, planning to raise $750 million.

Global trading platform eToro, targeting retail investors, submitted its initial public offering (IPO) application to the U.S. Securities and Exchange Commission (SEC) on Monday, estimating that the fundraising amount may reach $750 million. eToro believes it has built a collaborative investment community aimed at providing users with the educational resources and tools needed for growth in knowledge and wealth. The platform is dedicated to integrating social networking with trading and investment functions, all of which are integrated within a regulated digital investment platform designed for financial communication and community interaction. As of December 31, 2024, eToro has approximately 3.5 million funded accounts in 75 countries worldwide. The company, headquartered in Bnei Brak, Israel, was founded in 2006 and generated revenue of $1.26 billion in the 12 months ending December 31, 2024. The company plans to list on the Nasdaq with the stock ticker symbol ETOR. The company had secretly submitted its listing application on December 6, 2024. Goldman Sachs Group, Inc., Jefferies Financial Group Inc., UBS Group AG investment bank, Citigroup, Deutsche Bank Aktiengesellschaft, Bank of America Securities, Cantor Fitzgerald, and Citizens JMP under Charles Schwab Corp are the joint bookrunners for this transaction. The company has not yet disclosed pricing terms.

25/03/2025

Surplus insurance company Ategrity Specialty (ASIC.US) applies for listing in the United States with plans to raise $100 million.

Ategrity Specialty Insurance filed for an initial public offering (IPO) with the U.S. Securities and Exchange Commission (SEC) on Monday to provide commercial excess and surplus lines insurance for small and medium-sized businesses in the United States, aiming to raise up to $100 million. The company plans to list on the New York Stock Exchange under the stock symbol "ASIC". Founded in 2018, Ategrity Specialty Insurance is a professional property and casualty insurance company focusing on the surplus lines market. As of December 31, 2024, the company has a network of 460 distribution partners, providing more trading opportunities and diversification of business sources. The company currently focuses on the real estate, hotel, construction, and retail verticals. Data shows that the company had a 12-month revenue of $344 million as of December 31, 2024.

25/03/2025

TPG (TPG.US) is currently considering taking its cybersecurity company Delinea public through an IPO.

According to sources familiar with the matter, Delinea Inc., a cybersecurity company controlled by TPG Inc. (TPG.US), is considering an initial public offering (IPO). According to a company statement, TPG formed Delinea in 2021 through the merger of Thycotic and Centrify, providing seamless security with privileged access management solutions. The company is led by CEO Art Gilliland, helping businesses protect critical data, devices, code, and cloud infrastructure to reduce risks, ensure compliance, and simplify security. The company announced last week that its annual recurring revenue is close to $4 billion, with recurring revenue currently accounting for 95% of total revenue. One of the sources said that the San Francisco-based company has hired Goldman Sachs Group, Inc. and Morgan Stanley as underwriters for the possible IPO. Discussions are still ongoing, and details of the offering may change. A spokesperson for Delinea stated that the company "cannot speculate on future plans" at this time. The IPO may take advantage of the momentum in the U.S. new stock market. Data shows that as of now, 2025 IPO companies have raised $10.5 billion, despite a lack of tech companies in IPO transactions in recent years. With cloud computing company CoreWeave Inc. (CRWV.US) pitching its IPO to investors, digital payment company Klarna Group Plc (KLAR.US) and ticketing platform StubHub Holdings Inc. (STUB.US) applying for listing, this trend is expected to change in the coming months. Several tech companies' IPOs in recent years have brought returns to investors, as they flock to companies seen to benefit from the AI boom. Data shows that since the end of 2021, only 17 tech companies have raised over $1 billion in funds in U.S. IPOs. Not all of these companies have performed well; for example, since raising $1.38 billion in February, the stock of SailPoint Inc. (SAIL.US) has dropped by 11%.

25/03/2025

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