Good morning; welcome to this week’s IPO Stream.
The week of October 7 is thin. The only name with a firm date is Wednesday, October 7: AfterNext Acquisition I Corp. (AFNXU), a blank-check deal of 10 million units at $10.00, about $100 million, led by EarlyBirdCapital. That is a SPAC, not an operating company, so it is noted here and left out of the write-ups.
There is not a second operating IPO on that Wednesday. The non-SPAC names sit later in the month, and those dates are soft.
| Company | Ticker | Size | Price Range | Underwriter |
|---|---|---|---|---|
| Bitari Inc. | BIAI | $30.0M | $7.00 | US Tiger Securities |
| Web3Labs Global | MDAT | ~$28.1M | $4–$5 | Eddid Securities USA |
| BW Industrial Holdings | BWGC | ~$17.1M | $6–$7 | Eddid Securities USA |
| Primagrove | YHTE | ~$30.5M | $4–$6 | Eddid Securities USA |
Bitari Inc. BIAI | Crypto / Bitcoin Hosting |
Size / Price $30.0M · $7.00 | Shares 4.3M shares | LTM Revenue ~$11.1M |
Nearest operating deal, listed for the week of October 14. A $30.0 million IPO of 4.3 million shares at $7.00. US Tiger Securities. Proposed Nasdaq listing, and the closing is conditioned on exchange approval.
Bitari is a Texas bitcoin-mining host with sites in Wheeler and Dumas, plus a contracted site in Marion, Indiana. It racks machines, keeps power and network up, and handles maintenance.
Last twelve months revenue was about $11.1 million, with net income of about $0.5 million. Headcount is four. After the deal, the controlling holder is expected to keep about 86% of the stock.
The longer pitch is a denser workload at Wheeler. It is a small, power-price-sensitive host, not a scaled data-center operator.
Web3Labs Global MDAT | Web3 / Blockchain |
Size / Price ~$28.1M · $4–$5 | Shares 6.3M shares | HQ Hong Kong |
Week of October 19. About $28.1 million, 6.3 million shares at $4.00 to $5.00. Eddid Securities USA. Hong Kong Web3 services firm seeking Nasdaq under MDAT.
The date has already moved more than once.
BW Industrial Holdings BWGC | Industrial / EPC |
Size / Price ~$17.1M · $6–$7 | Shares 2.6M shares | HQ Houston |
Week of October 26. About $17.1 million, 2.6 million shares at $6.00 to $7.00. Eddid Securities USA. Houston engineering, procurement, and construction shop for process systems in manufacturing, battery, and energy.
This one has been sliding for weeks.
Primagrove YHTE | Tech / Software |
Size / Price ~$30.5M · $4–$6 | Shares 6.3M shares | 2025 Revenue ~$1.8M |
Also the week of October 26. About $30.5 million, 6.3 million shares at $4.00 to $6.00. Eddid Securities USA. Cayman holding company for a Hong Kong software and smart-office shop: custom systems, websites, and workspace hardware. 2025 revenue was about $1.8 million, with net income of about $1.1 million, and five employees.
“That’s the list. Wednesday is a blank check. The operating deals start the following week, and those dates can still move. Have a good week.”
