Potential NASDAQ and NYSE listings this week include a baby products retailer, an oil and gas services provider touting green credentials and a Chinese AI outfit.

This week’s IPOs in focus are:

PishPosh

This business is joining the NASDAQ index under the ticker symbol “BABY” with 1,766,618 shares of common stock. These are expected to sell for $5.00 each.

What is PishPosh?

Founded in 2015, PishPosh is an online retailer of premium baby products.

The business works primarily as a baby gear distributor based in Lakewood, New Jersey. PishPosh showcases and sells its products through a showroom boutique and its website, www.pishposhbaby.com, as well as third-party marketplaces like Amazon.com.

The outfit stocks high-selling items in a dedicated warehouse and fulfilment center located in Farmingdale, New Jersey. The business says this gives it an edge over competitors because it improves customer service, shortens the delivery time compared with e-commerce retailers that do not hold any inventory, and lowers shipping costs compared to drop shipping.

Who is Leading the BABY IPO?

This listing is being headed by Boustead Securities and Sutter Securities.

BABY IPO Use of Proceeds

PishPosh says it intends to use the net proceeds of this offering for general corporate purposes, such as working capital, and to repay in full its original issue discount promissory notes in the aggregate amount of approximately $577,500.

In January 2023 these notes were issued to Alpha Capital Anstalt, The Hewlett Fund LP and L1 Capital Global Opportunities Master Fund, in the principal amount of $367,500, $52,500 and $157,500, respectively.

Atlas Energy Solutions

This business is listing 18 million shares of its Class A common stock, which are expected to sell for between $20.00 and $23.00 per share. This will see the business join the NYSE index under the ticker symbol “AESI”.

What is Atlas Energy Solutions?

Atlas Energy Solutions states that its mission is to improve human beings’ access to the hydrocarbons that power our lives.

The business currently acts as a leading provider of proppant and logistics services to customers engaged in the oil and natural gas industry within the Permian Basin of West Texas and New Mexico, the most active basin in North America.

Atlas claims to be industry-leading on environmental terms, having reduced energy consumption, emissions, and its aerial footprint. For example, the business has used an electric dredging system to replace the use of certain diesel-powered heavy machinery and equipment characteristic of traditional mining operations in the Permian Basin.

The company expects its Dune Express Initiative will represent a first-of-its-kind, transformational energy logistics platform which will provide the Permian oil and gas industry with increased efficiencies and reliability while substantially reducing emissions.

Who is Leading the AESI IPO?

A slew of firms are underwriting this IPO, with the full list featuring Goldman Sachs, BofA Securities, Piper Sandler, Citigroup, Barclays, RBC Capital Markets, Raymond James, Stephens Inc, Johnson Rice & Company, CapitalOne Securities, Drexel Hamilton and Pickering Energy Partners.

AESI IPO Use of Proceeds

Atlas says the proceeds will be divided as follows:

$350.0m to fund the construction of the Dune Express.
$5.3m to fund general corporate purposes.

Xiao-I

This business is joining the NASDAQ under the ticker symbol “AIXI” with an offering of 6 million American Depository Shares, each of which represents a third of an ordinary share in the company. Xiao-I has stated that it expects that the initial public offering price will be in the range of $6.80 to $8.80 per share.

What is Xiao-I?

This Cayman Islands-incorporated business conducts a substantial majority of its operations through Shanghai Xiao-I, a variable interest entity (VIE) located in China. Xiao-I says its mission is to leverage Shanghai Xiao-I’s advanced core artificial intelligence technology to make the world a better place.

According to Xiao-I’s prospectus, the VIE has developed a portfolio of cognitive intelligence technologies for businesses based on its natural language processing and AI implementation. This has led it to become a significant provider of customer service solutions in China.

The business offers a wide range of business services in AI, covering natural language processing, computer vision, machine learning and cloud computing.

Who is Leading the AIXI IPO?

Prime Number Capital and Guotai Junan International are underwriting this IPO.

AIXI IPO Use of Proceeds

Though it has not specified any figures, the company says it intends to use the net proceeds from this offering for the following purposes:

Research and development.
Investment in technology infrastructure, marketing and branding, and other capital expenditures.
Other general corporate purposes.