Good morning and welcome to this week’s IPO Stream.
The calendar is all small deals this week. No large traditional IPOs are set to price. The one new name is VME Companies, a Tyler, Texas offshore oil and gas equipment maker that just filed terms on October 13. The rest are the familiar small names that keep sliding.
| Company | Ticker | Size | Price Range | Underwriter |
|---|---|---|---|---|
| VME Companies | VME | ~$18M | $4–$5 | Kingswood Capital Partners |
| 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 |
VME Companies VME | Energy / Offshore Equipment |
Size / Price ~$18M · $4–$5 | Shares 4M shares | LTM Revenue ~$37M |
This is the freshest filing on the board. VME is targeting about $18 million by offering 4 million shares at $4.00 to $5.00, for a market value of roughly $311 million at the midpoint.
Kingswood Capital Partners is the sole bookrunner. Expected on Nasdaq, date still to be announced.
VME designs, fabricates, and delivers engineered process modules and packaged equipment for offshore and onshore energy projects.
Its EPC and Modular Solutions segment covers separation, produced water treatment, and gas compression on FPSOs, mobile offshore production units, and fixed platforms, and accounts for about 80 to 90 percent of sales.
The Separation Technologies segment supplies internals, pressure vessels, and packaged pump units. The company has supplied modules to more than 60 FPSOs.
Founded in 1985, it booked $37 million in revenue for the twelve months ended June 30, 2026, with net income of about $12.6 million.
It is interesting because it is a profitable, decades-old industrial name in a sector that has been out of favor, and the IPO would give public investors a pure-play on offshore energy infrastructure without buying a supermajor. The catch is that 2025 revenue fell 72 percent year over year from a very large 2024, so the run-rate is coming off a peak.
Bitari Inc. BIAI | Crypto / Bitcoin Hosting |
Size / Price $30.0M · $7.00 | Shares 4,285,715 | LTM Revenue ~$11.1M |
Week of October 19 on Nasdaq. A $30.0 million deal of 4,285,715 shares at a fixed $7.00.
US Tiger Securities is sole bookrunner. The latest S-1 amendment was filed October 14, locking the price and signaling pricing is close. Closing is conditioned on Nasdaq Global Market 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-month revenue was about $11.1 million, with net income of about $0.5 million. Headcount is four. After the deal, AI Power X Inc. is expected to keep about 86 percent of the stock, making it a controlled company.
The longer pitch is a denser AI workload at the Wheeler site, with an interconnection in process targeting 30 to 60 megawatts by early 2027. 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.
Same small-deal profile as the last few weeks, and 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 that builds process systems for manufacturing, battery, and energy customers.
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. Cayman holding company for a Hong Kong software and smart-office shop: custom systems, websites, and workspace hardware such as smart lockers.
2025 revenue was about $1.8 million, with net income of about $1.1 million, and five employees.
One caution from the filings: despite the profit, year-end cash was only about $17,000 after heavy financing outflows.
“That’s what we have this week. VME is the only name with fresh terms, Bitari looks closest to pricing, and the rest can still move. Have a good week.”
