Here are the upcoming IPOs for the week ahead:
Jayud Global Logistics
This business is offering 1.5 million shares for an expected price of between $4 and $5 each as it joins the NASDAQ index under the ticker symbol ‘JYG’.
What is Jayud Global Logistics?
This business is a China-based supply chain solutions provider. The Shenzhen-headquartered company says it has a particular focus on providing cross-border logistics services, adding that it benefits from the unique geographical advantages of providing a high degree of support for ocean, air and overland logistics.
Additionally, Jayud says it derives advantage from the fact that Shenzhen is home to renowned enterprises and is a gathering place of cross-border e-commerce market players, which provides it with a large customer base and enables it to develop long-term in-depth relationships with our customers.
Who is Leading the JYG IPO?
This listing is being headed by The Benchmark Company.
JYG IPO Use of Proceeds
The business says it plans to use the net proceeds from this offering as follows:
40% for supplementing operating cash flow and general corporate use.
20% for leasing or purchasing warehouses that have strategic importance on a long-term basis
20% for adding new chartered services in key trade lines in the future.
10% for the registration and operation of overseas business entities, branches and offices.
10% for overseas investments and potential mergers and acquisitions in the future.
Wang & Lee Group
This company is listing on the NASDAQ index under the ticker symbol ‘WLGS’. Wang & Lee is joining the index through a listing of 1.6 million shares, with the company expecting that the initial public offering price will be $5 each.
What is Wang & Lee Group?
Wang & Lee Group is a business concerned with the installation of Electrical & Mechanical Systems (E&M), including mechanical ventilation and air-conditioning, fire service, water supply and sewage disposal.
The business says it is also able to provide design and contracting services to all trades in the construction industry, with clients ranging from small start-ups to large companies.
The company, which is incorporated in the British Virgin Islands, primarily operates through its wholly-owned Hong Kong-based subsidiary, Wang & Lee Contracting Limited.
Who is Leading the WLGS IPO?
Boustead Securities, LLC is leading the Wang & Lee Group IPO.
WLGS IPO Use of Proceeds
Wang & Lee Group says it expects to use the proceeds as follows:
40% to be used for general working capital.
7% to be used for the development of maintenance services and setting up a new workshop.
4% for the development of an Extra Low Voltage (ELV) business.
25% for the development of Cloud Building Management System for energy saving.
24% to be used for property purchases.
U Power
This business is listing with an offering of 2.5 million shares, which are expected to sell for between $6 and $8 each. It is joining the NASDAQ index under the ticker symbol ‘UCAR’.
What is U Power?
U Power is a vehicle-sourcing service provider in China. The company is aiming to become an EV market player primarily focused on its proprietary battery-swapping technology, which it calls its UOTTA technology.
This technology is an intelligent modular battery-swapping technology designed to provide a comprehensive battery power solution for EVs.
Among the company’s activities is the brokering of vehicle sales between automobile wholesalers and buyers, including small and medium-sized vehicle dealers and individual customers primarily located in the lower-tier cities in China.
However, since 2020 the company has pivoted to prioritize the development of its battery-swapping technology. Through its research and development efforts, it is developing an intellectual property portfolio with 14 issued patents and 24 pending patent applications in China.
The business has also started cooperating with major automobile manufacturers to jointly develop UOTTA-powered EVs, by adapting selected EV models with UOTTA technology.
Who is Leading the UCAR IPO?
AMTD and WestPark Capital are leading U Power’s IPO.
UCAR IPO Use of Proceeds
U Power says it plans to use the net proceeds of this offering as the following:
40% for developing and marketing UOTTA-powered EVs.
30% for manufacturing and developing UOTTA-powered battery-swapping stations.
20% for developing and upgrading UOTTA technologies.
10% for working capital.
US GoldMining
This business is offering 2 million units, with each of these units consisting of one share of common stock and a warrant to purchase one share of common stock at an exercise price of $13.00 in the three years following its issue.
The anticipated price per unit is $10. The listing will see US GoldMining joining the NASDAQ index under the ticker symbol ‘USGO’.
What is US GoldMining?
As the name indicates, US GoldMining is largely concerned with gold mining in the US. The company’s sole project is the Whistler Project, a gold-copper exploration project located in the Yentna Mining District, approximately 150 km northwest of Anchorage, Alaska.
The company has no operating revenues and does not anticipate generating revenues for the foreseeable future.
While the company says its current focus is on exploring and advancing the Whistler Project, it says its longer-term strategy may include seeking out compelling acquisition opportunities.
The company is a subsidiary of GoldMining, a company listed on the Toronto Stock Exchange and NYSEAmerican exchange. GoldMining is a public mineral exploration company that was incorporated in 2009 and is focused on the acquisition and development of gold assets in the Americas.
Who is Leading the USGO IPO?
This listing’s joint book-running managers are BMO Capital Markets and H.C. Wainwright & Co, while Laurentian Bank Securities and Sprott are listed as co-managers.
USGO IPO Use of Proceeds
The company intends to use the proceeds from its offering as follows:
$6.22m for exploration and development activities on Whistler Project.
$3.24m for general and administrative expenses.
$2.28m for repayment of current liabilities.
$1.18m for permitting and reporting.
The remainder is for other general working capital purposes.
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