IPO Outlook: ICG, NAVA, OPHV, SJA, NFTU

By Duncan Ferris

Feb 27, 2023

Upcoming IPOs include a Chinese chipmaker, a premium healthcare organization, agriculture specialist, solar aficionado and gaming NFTs outfit.

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Photo by Yogesh Phuyal on Unsplash

Are you searching for a good investment among the newest faces on the NASDAQ? Well, why not meet some of the companies that look set to join the index in the coming days? This week’s IPOs include:

Intchains Group

This company is offering 2.5 million Class A ordinary shares as part of its NASDAQ listing. This will see it join the index under the ticker symbol ‘ICG’. The expected stock price is between $7 and $9 each.

What is Intchains Group?

Intchains is a Chinese ASIC chip design company, which aims to focus on cutting-edge blockchain applications.

The business says that its Xihe Platform allows it to develop a wide range of ASIC chips with high efficiency and scalability. Intchains designs its ASIC chips in-house. The company argues this enables it to ensure the latest technological developments are implemented ahead of competitors.

Additionally, the business claims its strong commitment to advanced research and development. It says this has enabled it to innovate and create ASIC chips with a superior performance-to-power ratio at a reasonable cost.

Who is Leading the ICG IPO?

Maxim Group is heading this listing.

ICG IPO Use of Proceeds

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

  • 25% for the continuing development and enhancement of its Xihe and Wangshu platforms.

  • 25% for the establishment of research and development centers, as well as associated projects and the expansion of the research and development team.

  • 25% for the establishment of an overseas operating center in Singapore.

  • 15% to purchase wafers and other raw materials from qualified suppliers.

  • The remainder is for other working capital and general corporate purposes.

Nava Health

This business is joining the NASDAQ index with a listing of 1.35 million shares of common stock for an anticipated price of $6. It will join the index under the ticker symbol ‘NAVA’.

What is Nava Health?

Nava styles itself as a vertically integrated, tech-enabled integrative healthcare practice combining traditional, functional, holistic and regenerative medicine. The business uses a data-driven approach to provide patients with an individualized “wellness roadmap”.

Its facilities appear to be aimed at high-end customers, with the business claiming to offer a “premium client experience and luxurious, spa-like atmosphere”.

The business currently has four physical locations in the Baltimore/Washington Metro region. It plans to open eight additional locations by the end of 2023, subject to market conditions and anticipated demand for services.

The company also provides telehealth services via mobile devices, video, or phone in Alabama, Arizona, Colorado, Delaware, Illinois, Maryland, Michigan, New York, Pennsylvania, Texas, Vermont, Virginia and Washington, D.C.

Who is Leading the NAVA IPO?

This listing is being helmed by WestPark Capital Inc.

NAVA IPO Use of Proceeds

Nava has stated the proceeds will be split as follows:

  • $2,500,000 to open additional locations.

  • $400,000 to increase staffing of new locations.

  • $400,000 to purchase additional therapy equipment.

  • $400,000 to increase market communication.

  • $400,000 to further brand development.

  • $700,000 to invest in Nava Client.

  • $400,000 to expand services.

  • $400,000 to build talent infrastructure to support growth.

  • The remaining proceeds will be used for general corporate expenses and working capital.

Opti-Harvest

This business is offering 2 million shares of common stock for an expected price of between $3.50 and $4.50 each. It is joining the NASDAQ index under the ticker symbol ‘OPHV’.

What is Opti-Harvest?

Opti-Harvest is an agricultural innovation company which boasts a portfolio of patented and patent-pending technologies focused on solving challenges faced by agribusinesses. These include maximizing crop yield, speeding crop growth, optimizing land and water resources, reducing labor costs and mitigating negative environmental impacts.

The past six months have been tumultuous for the business, with its co-founder, former Chairman and CEO, Jonathan Destler, leaving the business being pursued by the Securities and Exchange Commission (SEC) for alleged securities fraud, along with former director Donald Danks.

Both individuals have denied the claims against them but left their respective roles at Opti-Harvest. Destler will retain a 61.9% stake in the company through his shares, although their corresponding voting rights have been transferred to the company’s board of directors. 

Who is Leading the OPHV IPO?

WestPark Capital is leading Opti-Harvest’s listing. 

OPHV IPO Use of Proceeds

The business says it currently intends to use the net proceeds from this offering as follows:

  • Up to $4,000,000 for the repayment of outstanding principal and interest accrued on Senior Convertible Promissory Notes.

  • Up to approximately $251,000 for the repayment of outstanding principal and interest accrued on Convertible Promissory Notes.

  • $2,000,000 to fund the sales and marketing, as well as research and development and field trial activities supporting ongoing commercialization, of its products.

  • The remainder for general corporate purposes.

SolarJuice

This outfit is listing on the NASDAQ under the ticker symbol ‘SJA’ with 3 million ordinary shares. These have an estimated initial public offering price of between $5.00 and $6.00 per share.

What is SolarJuice?

SolarJuice provides solar panel technology for residential and small commercial building markets in Australia and the US. It has three main business units, SJ Australia, SJ America and SJ Technology, through which it sells and distributes photovoltaic (PV) modules, solar energy inverters, batteries and storage devices, and more.

The business also resells and installs solar energy systems for residential and commercial customers in five states in the US, along with designing, manufacturing, and selling PV modules and related products to customers.

Who is Leading the SJA IPO?

Maxim Group is leading SolarJuice’s IPO.

SJA IPO Use of Proceeds

The company says it will use its IPO proceeds as follows:

  • $12.18m to expand US assembly factory capacity for solar modules.

  • $1.0m to expand its distribution business in Australia and other countries by funding the working capital needed to establish inventory levels that can support the growth.

  • $1.0m to expand its US roof and solar system installation business by hiring new sales staff and purchasing in bulk to lower material costs.

  • The remainder is for other general corporate purposes.

Ultimax Digital

This company is offering 1.875 million shares of common stock in its NASDAQ listing, which will see it join the index under the ticker symbol ‘NFTU’. The shares are expected to sell for between $4.00 and $5.00.

What is Ultimax Digital?

The business was formed in 2018 as Ultimas, with the intention of helping video game developers to implement in-game purchases in their titles.

2020 saw the business pivot to the publishing of video games. Then, 2021 saw the business increase its scope to include the development of a Non-Fungible Token marketplace and technology infrastructure to allow other video game developers the ability to add in-game NFT minting by game players.

The business says that it offers potential investors exposure to the rapidly growing and potentially transformative video game and NFT markets while mitigating downside risk via a diversified model.

However, the company had no revenue in 2020 and 2021. As a result, management and its auditors have concluded that historical recurring losses from operations and unstable cash flows from operations raise substantial doubt about the business’s ability to continue as a going concern.

What is a non-fungible token - NFTs explained.

Who is Leading the NFTU IPO?

WestPark Capital is heading Ultimax Digital’s IPO.

NFTU IPO Use of Proceeds

The business has offered no specific details on splitting the proceeds.

Ultimax has merely stated that it currently intends to use the net proceeds for general corporate purposes, including growth capital, working capital, operating expenses, hiring, potential acquisitions, repayment of the outstanding principal and interest of its 2018 promissory notes, repayment of those convertible notes which are not converted into common stock by holders, and capital expenditures.

Enjoyed this IPO coverage? Check out our preview of this week's earnings updates!

Important Notice And Disclaimer

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.