The initial public offering (IPO) market is remaining quiet as Wall Street continue to access the Federal Reserve's next moves to combat red hot inflation; only two companies priced last week. The week ahead promises to be just as active, with only two small listings slated to debut.
Here's last week's debuts:
Magic Empire Global Ltd. (NASDAQ: MEGL) raised $20 million in the completion of its U.S. offering at a price of $4 per share. Operating under the name Giraffe Capital, the Hong-Kong based company offers corporate finance advisory and underwriting services. The stock was a hit on Wall Street, soaring over 2325% by closing bell on Friday.
Bruush Oral Care Inc. (NASDAQ: BRSH) priced its upsized offering at the low end of its range to raise about $16 million. The e-commerce company focuses on oral hygiene subscription services, with its portfolio including a sonic-powered electric toothbrush kit and brush head refills. The company plans to expand to include toothpaste, mouthwash, dental floss, as well as an electric toothbrush for kids. The stock ended the week down 43%.
Here's what to look out for in the week ahead:
Forza X1, Inc. (NASDAQ: FRZA) plans to raise about $17 million from 3 million shares priced at $5 each. The company plans to manufacture and sell affordable electric boats for recreational use, with production and sale of their initial FX1 dual console and FX1 center console models expected in Q2 2023.
bioAffinity Technologies, Inc. (NASDAQ: BIAF) plans to raise over $9 million from 1.28 million shares priced between $6 to $6.25 each. The company is developing noninvasive diagnostic tests and cancer therapies for disease and early-stage cancer in the lungs.