By Duncan Ferris


This week's potential NASDAQ and NYSEAMERICAN IPOs include a construction equipment specialist, an expanding paper-based packaging manufacturer and a metaverse marketing outfit.

Photo by Jeriden Villegas on Unsplash

This week’s potential IPOs include:

Multi Ways Holdings

This business is offering 6.4 million shares through its IPO, with an expected price of between $2 and $3 per share. The listing will see the business join the NYSEAMERICAN index under the ticker symbol ‘MWG’.

What is Multi Ways Holdings?

Founded in 1988, Multi Ways Holdings is a supplier of a wide range of heavy construction equipment in Singapore and the surrounding region.

The company says its mission is to be an industry leader in the sales and rental of a wide range of heavy construction equipment in the region and as a one-stop shop offering complementary equipment refurbishment and cleaning services to customers.

Multi Ways Holdings claims that its strong track record of supplying heavy construction and related equipment will facilitate the promotion and demand for its products with both existing and new customers. As such, the business is planning to use the IPO as a springboard for expansion.

Who is Leading the MWG IPO?

Spartan Capital Securities, LLC is heading the company’s listing.

MWG IPO Use of Proceeds

The business intends to use the proceeds in the following ways:

  • 20% of the proceeds to expand and renew its fleet of heavy construction equipment. With a wider range of equipment fleet available, the business says it could target a larger pool of customers. Additionally, a newer fleet of heavy construction equipment is expected to reduce equipment downtime, thereby resulting in an equipment fleet with higher reliability.

  • 30% for expansion and acquisition opportunities. However, the business has not yet determined the type of opportunities which it will seek to exploit.

  • 30% for increasing storage capabilities, which could include workshop expansion to accommodate increasing refurbishment works and customization orders from customers.

  • 10% for the adoption of technology, such as online platforms, enterprise resource planning systems and human resource systems to streamline business and administrative processes.

  • The remainder is for working capital purposes.

Millennium Group International

This business is joining the NASDAQ index with a listing of 1.25 million shares under the ticker symbol ‘MGIH’. These shares are anticipated to sell for around $4 each.

What is Millennium Group International?

This company is a paper-based packaging solutions provider based in Hong Kong. Millennium operates two production facilities in China’s Guangdong Province. The company also operates a supply chain management business to service global clients who source their packaging needs from Vietnam and other Association of Southeast Asian Nations countries.

Additionally, Millennium has established offices in Hong Kong and Vietnam to service its customers outside China. The business has serviced customers in Vietnam, Myanmar, Australia, Indonesia, Cambodia, Taiwan, Thailand, the United States, India and Germany.

Who is Leading the MGIH IPO?

Revere Securities and R.F. Lafferty & Co are the two leading underwriters for Millennium Group International’s IPO.

MGIH IPO Use of Proceeds

The business says it intends to use the proceeds from the offering for the following purposes:

  • 56% for the establishment of a new corrugated paper products factory in Huizhou, China.

  • 18% for a new factory in Vietnam.

  • 26% in order to purchase corrugator machines and equipment for the new factories.

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.

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 of UOTTA-powered EVs.

  • 30% for manufacturing and developing UOTTA-powered battery-swapping stations.

  • 20% for developing and upgrading UOTTA technologies.

  • 10% for working capital. 

Golden Heaven Group Holdings

This business is listing 2 million ordinary shares with an expected price range of $4 to $5 each. The business is joining the NASDAQ index under the ticker symbol ‘GDHG’.

What Does Golden Heaven Group Do?

Through Chinese operating entities, Golden Heaven manages and operates six properties consisting of amusement parks, water parks and complementary recreational facilities.

Its parks occupy approximately 426,560 square meters and are easily accessible to an aggregate population of approximately 21 million people. Their offering includes both thrilling and family-friendly rides, water attractions, gourmet festivals, circus performances, and high-tech facilities.

As of the date of this prospectus, the parks collectively contain 139 rides and attractions.

Who is Leading the GDHG IPO?

The offering is being led by Revere Securities and R.F Lafferty & Co.

Use of GDHG IPO Proceeds

Golden Heaven says it plans to use the net proceeds of this offering as follows:

  • 40% for expanding market share by constructing new amusement parks, as well as acquiring or investing in businesses engaged in amusement park development.

  • 20% for upgrading existing amusement parks, software and systems.

  • 10% for improving internal control.

  • 10% for increasing brand recognition through marketing and promotional activities.

  • 10% for working capital purposes.

  • 5% for increasing employees’ compensation and benefit packages, as well as investment in job training.

  • The final 5% is earmarked for emergency funds to be used when needed.

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Author: Duncan Ferris

This article does not provide any financial advice and is not a recommendation to deal in any securities or product. Investments may fall in value and an investor may lose some or all of their investment. Past performance is not an indicator of future performance.

Duncan Ferris does not hold any position in the stock(s) and/or financial instrument(s) mentioned in the above article.

Duncan Ferris has not been paid to produce this piece by the company or companies mentioned above.

Digitonic Ltd, the owner of ValueTheMarkets.com, does not hold a position or positions in the stock(s) and/or financial instrument(s) mentioned in the above article.

Digitonic Ltd, the owner of ValueTheMarkets.com, has not been paid for the production of this piece by the company or companies mentioned above.

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