Good morning, welcome to this week's IPO Stream.
This week's traditional non-SPAC calendar has one large insurance deal and one Australian metals cross-listing set for Wednesday, plus two small names listed for the week of September 24.
| Company | Ticker | Size | Price Range | Underwriter |
| Bamboo Insurance Services | BMB | $665M | $18–$20 | J.P. Morgan, Morgan Stanley |
| Amaero Inc. | AMRO | $52.7M | $7.06 | Stifel, Baird |
| BW Industrial Holdings | BWGC | ~$17.1M | $6–$7 | Eddid Securities USA |
| Encore Medical Inc. | EMI | $15.0M | $5.00 | Oak Ridge Financial |
| Web3Labs Global | MDAT | ~$28.1M | $4–$5 | Eddid Securities USA |
|
Bamboo Insurance Services
BMB
|
Finance / Insurance |
|
Size / Price
$665M · $18–$20
|
Shares
35M shares
|
2025 Revenue
~$246M
|
Bamboo is a Utah-based, AI-heavy homeowners managing general underwriter. It prices, underwrites, and handles claims while partner carriers put up the capital.
Revenue for 2025 was about $246 million with net income of about $46 million. The company sells itself on fast quoting and data-driven underwriting in a $189 billion homeowners market where traditional carriers have pulled back. J.P. Morgan and Morgan Stanley lead the syndicate, joined by Deutsche Bank Securities, Evercore ISI, and Wells Fargo Securities.
It is interesting because it is profitable and capital-light, but this is a full secondary sale, so the company is not raising growth money. Catastrophe risk still sits in the system even if most of it is ceded.
|
Amaero Inc.
AMRO
|
Defense / Materials |
|
Size / Price
$52.7M · $7.06
|
Shares
7.5M shares
|
LTM Revenue
~$12.5M
|
Amaero is a Nasdaq cross-listing, not a first-time IPO — it already trades in Australia as CDIs under 3DA. The Tennessee company makes high-purity titanium and refractory metal powders for additive manufacturing and large PM-HIP parts.
The only EIGA Premium atomizer in the United States sits in its plant. End markets include hypersonics, missiles, satellites, aerospace, and medical. Last-twelve-month revenue was about $12.5 million with a net loss of about $23.1 million. Stifel and Baird lead the deal, with Lake Street as co-manager.
It fits the defense-reshoring theme, but it is still a small, money-losing materials name priced off the Australian quote.
|
BW Industrial Holdings
BWGC
|
Industrial / EPC |
|
Size / Price
~$17.1M · $6–$7
|
HQ
Houston, TX
|
A Houston EPC shop targeting about $17.1 million by offering 2.6 million shares at $6.00 to $7.00, still on the calendar for the week of September 24 with Eddid Securities USA as sole runner — one of two smaller names that keep getting pushed back.
|
Encore Medical Inc.
EMI
|
Healthcare / MedTech |
|
Size / Price
$15.0M · $5.00
|
Shares
3.0M shares
|
On the calendar for Wednesday, September 30: 3.0 million shares at $5.00, about $15.0 million, with Oak Ridge Financial leading.
|
Web3Labs Global
MDAT
|
Web3 / Blockchain |
|
Size / Price
~$28.1M · $4–$5
|
HQ
Hong Kong
|
A Hong Kong Web3 services firm targeting about $28.1 million by offering 6.3 million shares at $4.00 to $5.00, also set for the week of September 24 with Eddid Securities USA as sole underwriter — the other name that keeps slipping.
"Keep in mind that dates on the small deals can still move. Have a good week."
Tim
IPO Stream
