IPO Outlook: ARBB, CHSN, GMM, ZJYL, UCAR

Here is an overview of some of the IPOs scheduled to hit the markets in the week ahead:

ARB IOT Group

This company is joining the NASDAQ with 1.3 million shares for an estimated price of between $4 and $6 each. The stock will join the index under the ticker symbol ‘ARBB’.

What is ARB IOT Group?

This company provides clients with solutions for the integration of Internet of Things (IoT) systems and devices from design to project deployment.

Its mission statement is to become an IoT leader in the ASEAN region through an offering that covers everything from design, installation, testing, pre-commissioning and commissioning of various IoT systems and devices, as well as integration of automated systems, including installation of wire and wireless and mechatronic works.

ARB IOT Group’s current business lines cover the home, agriculture, construction and gadget distribution. The business is a subsidiary of ARB Berhad, which will continue to exercise majority ownership following the IPO.

Who is Leading the ARBB IPO?

Maxim Group, LLC is leading the company’s IPO.

ARBB IPO Use of Proceeds

ARB IOT says it currently intends to use the net proceeds of this offering as follows:

60% for strategic acquisitions or investments in complementary businesses and/or assets within the existing business.
10% for research and development activities, including setting up new centers and offices, acquiring new talent and expanding the R&D team and investing in new systems or applications.
30% for working capital and general corporate purposes.

Chanson International

This company is joining the NASDAQ index under the ticker symbol ‘CHSN’, with its initial price anticipated to stand between $4 and $6 each. These are Class A Ordinary shares, which offer one vote per share as opposed to Class B shares’ 10 votes per share allocation.

What is Chanson International?

Chanson International, which is incorporated in the Cayman Islands but represents companies in China and the US, is a holding company with no material operations of its own.

The US and Chinese companies are largely concerned with in-store sales of bakery goods, seasonal goods and beverage products. The Chinese and US stores currently focus their business in Xinjiang of the PRC and New York City, respectively, and plan to expand to other regions, with a goal of opening three to five new stores in China annually and eight new stores in the US during the next five years.

There are 33 stores in China operating under the ‘George Chanson’ brand name, while New York-based stores operating under the ‘Chanson’ name are currently being renovated on Broadway and 3^rd Avenue.

Who is Leading the CHSN IPO?

EF Hutton, a division of Benchmark Investments LLC, is acting as the lead underwriter for Chanson’s IPO.

CHSN IPO Use of Proceeds

Chanson says it plans to use all of the net proceeds from this offering to open new stores in the US.

Global Mofy Metaverse

This company is joining the NASDAQ with an offering of 1.2 million shares, with the price for these expected to fall between $4.50 and $5.50 each. It will use the ticker symbol ‘GMM’.

What is Global Mofy Metaverse?

This business styles itself as a technology solutions provider, stating that it is engaged in virtual content production, digital marketing and digital assets development for the metaverse industry.

The business says its Mofy Lab technology platform allows it to create a 3D high-definition virtual version of a wide range of physical world objects such as characters, objects and scenes which can be used in different applications.

Global Mofy says it has attracted high-profile customers such as L’Oreal and Pepsi. It primarily operates in three lines of business, with these being virtual technology service, digital marketing, and digital asset development.

Who is Leading the GMM IPO?

This listing is being headed by Maxim Group, LLC.

GMM IPO Use of Proceeds

The business intends to use the net proceeds as follows:

54% for marketing, potential acquisition and business expansion.
32% for continued expansion and development of core technologies.
7% for talent acquisition and training.
7% for working capital.

Jin Medical International

This business is joining the NASDAQ index under the ticker symbol ‘ZJYL’ with an offering of 1.25 million shares. These shares are expected to initially sell for between $8 and $9 each.

What is Jin Medical International?

This business, and its associated companies and subsidiaries, design and manufacture wheelchairs and living aids products for people with disabilities, the elderly and people recovering from injury.

It focuses primarily on wheelchairs, with revenues for the last two fiscal years seeing sales of wheelchairs and wheelchair components representing approximately 96.9% and 99.7%, of its revenue.

The majority of its products are sold to dealers in Japan and China, while a small number are also sold to dealers located in other regions including the United States, Canada, Australia, Korea, Israel, Singapore and beyond.

Who is Leading the ZJYL IPO?

Prime Number Capital is heading Jin Medical’s IPO.

ZJYL IPO Use of Proceeds

Jin Medical says it plans to use the net proceeds of this offering as follows:

10% for research and development activities, including R&D team expansion, improving existing products’ engineering and developing new products.
15% for promotion and marketing activities, including the development, operations and marketing of the online platform.
35% for increasing production capacities.
30% for acquiring upstream and downstream companies manufacturing wheelchairs and living aids products.
10% for general corporate purposes.

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.