Welcome to this week's edition of IPO Stream. This is shaping up to be one of the more eclectic weeks we've seen in the first quarter of 2026.

 Nine offerings are set to debut — ranging from a cutting-edge cancer immunotherapy company using engineered bacteria to fight tumors, to a critical minerals royalty platform anchored in deep-sea mining, to a Japanese EV maker, restaurant operator, and an ESG consultancy.

 The combined estimated deal value across all nine companies tops $499 million, led by the landmark direct listing of Metals Royalty Co. (TMCR) at an estimated $275 million. Here's what you need to know.

 1. Salspera, Inc. (TKVA) — Nasdaq IPO

Sector: Biotech / Immuno-Oncology    Deal Size: ~$85M    Price Range: $14–$16 per share    Shares Offered: 5.67 million

S-1 Registration: View on SEC EDGAR (CIK: 0002084032)    Lead Manager: Kingswood Capital Partners, LLC

Cambridge, Massachusetts-based Salspera is a clinical-stage biotechnology company developing what it calls "live biopharmaceuticals" — living, genetically modified organisms designed to fight cancer from the inside. Its lead program, Saltikva, is an attenuated (non-toxic) strain of Salmonella Typhimurium that has been engineered to express interleukin-2 (IL-2), a potent immune-stimulating protein. The therapy is orally administered — a significant differentiator — and designed to travel to tumor sites where it amplifies the body's cancer-killing immune cells. Salspera is targeting Stage IV metastatic pancreatic cancer in its first Phase 3 program, with earlier-stage programs in osteosarcoma (bone cancer) and colorectal cancer.

Pancreatic cancer is one of the deadliest and hardest-to-treat malignancies, with a five-year survival rate below 13%. Current standard-of-care chemotherapy regimens offer limited efficacy. Salspera completed a Phase I safety study of Saltikva across multiple oncology indications, followed by a Phase 2 trial in Stage IV metastatic pancreatic cancer. In that Phase 2, Saltikva combined with FOLFIRINOX chemotherapy showed markedly improved survival versus historical controls (median OS approximately 20.3 months vs. ~11.5 months). Saltikva is now entering Phase 3, with a Type C FDA meeting already completed to establish the trial framework. The company also holds FDA Orphan Drug and Fast Track designations for pancreatic cancer. IPO proceeds of approximately $78 million (net) are earmarked for the Phase 3 trial, early-stage cancer programs, and general corporate purposes.

·        Pre-revenue, clinical-stage company — no approved products, no commercial operations

·        Phase 3 trials are expensive, time-consuming, and frequently fail

·        $859M enterprise value at the IPO midpoint with zero revenue is an aggressive ask

·        Sole book-runner (Kingswood Capital Partners, LLC) suggests limited institutional investor interest

·        Founders retain overwhelming voting control via dual-class share structure

Founded in 2017, Salspera was co-founded by Eddie Moradian, PhD (Chairman & CEO) and Daniel Saltzman, MD/PhD (CMO). Dr. Saltzman originated the technology platform during his tenure as Chief of Pediatric Surgery at the University of Minnesota.

Sector: Critical Minerals / Royalty Finance    Deal Size: $275.5M (direct listing, no new capital raised)    Reference Price: $5.00 per share

F-1 Registration: View on SEC EDGAR (Filed Feb. 27, 2026)    Financial Advisor: Stifel

The Metals Royalty Company is a London-based, purpose-built royalty financing platform focused on U.S. critical mineral security. Unlike traditional mining companies, TMCR does not operate mines or bear production costs. Instead, it acquires royalty interests — rights to receive a percentage of revenue from mineral production — giving it exposure to commodity price upside with limited downside from operational risk. Its cornerstone asset is a 2.0% gross overriding royalty on the NORI polymetallic nodule deposit, operated by TMC the metals company (Nasdaq: TMC) in the Clarion-Clipperton Zone of the Pacific Ocean. This deposit contains nickel, copper, cobalt, and manganese — all critical to U.S. defense and clean energy supply chains.

·        Direct listing means no new capital is raised — existing shareholders sell shares, no dilution to the company

·        Critical minerals narrative is among the strongest investment themes of 2025-2026

·        Royalty model is capital-light and high-margin once production begins — but production has not yet started

·        Deep-sea mining faces regulatory uncertainty; TMCR filed a NOAA permit application covering 65,000 km² in January 2026

·        No revenue currently; investment thesis is entirely forward-looking and long-duration

Stifel is acting as financial advisor for the opening trade process. Because this is a direct listing, price discovery on day one will be entirely market-driven — expect elevated volatility.

Sector: Industrials / Engineering, Procurement & Construction    Deal Size: ~$21M    Price Range: $7–$9 per share

S-1 Registration: View S-1 on SEC EDGAR    Lead Manager: Eddid Securities USA

Houston-based BW Industrial Holdings is an engineering, procurement, and construction (EPC) company that designs and builds critical process systems for advanced manufacturing facilities. Its projects span semiconductor fabrication, battery and energy storage manufacturing, electronics production, automotive parts, and renewable energy infrastructure. The company is incorporated in Delaware but operates primarily in the U.S. and China. BW Industrial is targeting facility construction services in the booming advanced manufacturing sector — a tailwind from the CHIPS Act and domestic re-industrialization efforts.

·        Revenue fell approximately 70% in the most recent reporting period — a significant red flag for a public market debut

·        Customer concentration is extreme: two clients represented approximately 83–97% of revenue across reported periods

·        Project-based business model means revenue is lumpy and unpredictable by nature

·        Cayman Islands holding company structure limits shareholder rights

·        Competing against larger, better-capitalized EPC firms for contracts

Sector: Recycling / Sustainability    Deal Size: ~$18.8M    Price Range: $4–$6 per share

F-1 Registration: View on SEC EDGAR    Lead Manager: Cathay Securities

Headquartered in Tokyo, Japan and incorporated in the British Virgin Islands, Seahawk Recycling is an international recycling company operating across East Asia and Southeast Asia. The company focuses on scrap metal recycling (copper wires, aluminum wires, old appliances) and waste paper trading. It generated $65.4 million in revenue for the fiscal year ended March 31, 2025, with net income of $1.22 million — implying very thin margins (~1.9%). The ESG/circular economy narrative is its primary public market angle. The main risks are a BVI/Japan holding structure, thin profitability, and limited moat in a commodity recycling business.

Sector: Electric Vehicles / Light Commercial    Deal Size: ~$16.6M    Price: $4.00 per ADS

F-1 Registration: View on SEC EDGAR    Joint Managers: American Trust Investment Services / WestPark Capital

Tokyo-based HW Electro Co. was the first company in Japan to obtain a license plate number for imported electric light commercial vehicles, and is one of only three companies selling electric light commercial vehicles in Japan. It sells ELEMO-brand electric light commercial vehicles — including ELEMO, ELEMO-K, and ELEMO-L (a van model) — manufactured by its partner Cenntro in Hangzhou, China. Founded in 2019, HW Electro generated approximately $1.83 million in revenue in 2024, up 27% year-over-year, though it reported a $6 million net loss. This is a highly speculative, pre-profitability offering at a proposed $169 million market cap — an elevated valuation for a company of its current scale. Note: This is a new filing — HW Electro previously withdrew a registration statement in May 2025.

Sector: Luxury Vehicle Export    Deal Size: ~$18.8M    Price Range: $4–$6 per share

S-1 Registration: View S-1 on SEC EDGAR    Lead Manager: Cathay Securities

Diamond Bar, California-based Hillhouse Frontier Holdings is a luxury vehicle export company. Through its subsidiary Hillhouse Capital Group, it sources premium vehicles from U.S. dealers and authorized dealerships, then exports them primarily to international markets. In 2024, the company completed 67 vehicle transactions. Founded in 2022, Hillhouse generated approximately $7.19 million in revenue for the trailing 12 months ended March 31, 2025, with net income of $320,000. Key concerns include a dual-class stock structure that gives founder Fenglong Ma 20 votes per Class B share, a 3-year-old company with thin earnings, and heavy founder control.

Sector: Restaurants / Food & Beverage    Deal Size: ~$11.3M    Price Range: $4–$6 per share

F-1 Registration: View on SEC EDGAR    Lead Manager: Eddid Securities USA

Toronto-based Riku Dining Group operates and franchises Japanese-themed restaurant concepts across Canada and Hong Kong. In Canada, it holds the exclusive franchise for Ajisen Ramen, operating four locations directly and sub-franchising nine others across Ontario. In Hong Kong, it operates seven restaurants under three brands: Yakiniku Kakura, Yakiniku 802, and Ufufu Café. Revenue for the 12 months ended March 31, 2025 was approximately $18.74 million, with net income of $1.04 million. The company was incorporated in the Cayman Islands and founded in 2025.

Sector: Marketing Services / SME    Raise: $6M (1.5M shares at $4.00)    Note: This is an OTC-to-Nasdaq UPLISTING, not a fresh IPO

S-1 Registration: View S-1 on SEC EDGAR    Lead Manager: WestPark Capital

Rosemead, California-based Hartford Creative Group specializes in marketing solutions for small and medium-sized enterprises. Founded in 2008, the company generated approximately $2 million in revenue and $1.1 million in net income for the trailing twelve months. It is uplisting from the OTC Markets Group to Nasdaq Capital Market. This is a very small deal ($6 million) and the company's $106 million market cap seems elevated relative to its scale — investors should exercise caution. The last reported OTC price was $4.50 per share as of December 12, 2025.

Sector: ESG Consulting / Corporate Advisory (UAE & Hong Kong)    Deal Size: ~$26.3M    Price Range: $5.00–$5.50 per share

F-1 Registration: View F-1 on SEC EDGAR    Lead Manager: American Trust Investment Services

DT House is a Cayman Islands holding company with operations through subsidiaries in the UAE (Masdar City) and Hong Kong. It provides ESG consulting services to enterprises, as well as travel-related services. Subsidiaries include UHAD, UHHK, and UFox. Founded in 2020, the company generated approximately $1.33 million in revenue and $920,000 in net income for the trailing twelve months — making this one of the smallest-revenue companies in this week's crop. With a proposed market cap of $68 million, the valuation premium is significant. Investors should note the foreign holding structure and limited operating history.

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