Activity in the IPO market is expected to pick up in the week ahead. Three IPOs are scheduled to price, led by LNG services providerExcelerate Energy(EE), which is slated to be the first $100+ million US IPO in over two months.
Excelerate Energy(EE) plans to raise $360 million at a $2.4 billion market cap. Founded and owned by oil magnate George Kaiser, the company owns a fleet of floating storage and regasification units, which are used to regasify liquefied natural gas (LNG) for power generation and other applications. Excelerate has benefited from accelerating growth of LNG demand tied to the war in Ukraine, and it currently has three projects under development. However, it depends on few customers, mainly government entities in emerging markets.
OTC-listed Applied Blockchain(APLD), which is building data centers leased to crypto miners, plans to raise $60 million at a $1.8 billion market cap. The company’s first facility was constructed in February 2022, and it plans to bring a total of 800MW online by 2023. Applied Blockchain is early stage with limited operating history.
Singapore-based Genius Group(GNS) plans to raise $18 million at a $118 million market cap. Genius Group is an entrepreneur education technology company with approximately 1.9 million students in 191 countries spanning all age groups. Unprofitable with accelerating growth in the 1H21, the company originally planned to raise $40 million before slashing its deal size in February.