Good morning and welcome to this week's IPO Stream letter.
After a quiet stretch, the calendar finally has some size. We're looking at two traditional non-SPAC deals set to price Friday, September 18, plus two smaller names that have slipped into the week of September 24.
| Company | Ticker | Size | Price Range | Underwriter |
| Holtec Nuclear Corp. | HNUC | $825M | $15–$18 | J.P. Morgan, Guggenheim, Goldman |
| Orion180 Insurance Group | OIG | $320M | $15–$17 | RBC Capital Markets, UBS |
| BW Industrial Holdings | BWGC | ~$17.1M | $6–$7 | Eddid Securities USA |
| Web3Labs Global | MDAT | ~$28.1M | $4–$5 | Eddid Securities USA |
|
Holtec Nuclear Corp.
HNUC
|
Clean Energy / Nuclear |
|
Size / Price
$825M · $15–$18
|
Shares
50M shares
|
LTM Revenue
~$560M
|
Holtec is a Camden, New Jersey nuclear company founded in 1986. The cash engine is spent-fuel storage and plant services, with more than 90% of U.S. wet-storage share and about 75% dry-storage share.
The growth story is the Palisades restart in Michigan and the SMR-300 small modular reactor, backed by a potential $400 million DOE First Mover award. Dual-class stock leaves founders with roughly 99% of the vote after the deal.
It's interesting because AI data centers need 24/7 power, and nuclear is back in favor. This is a real operating company, not a concept stock — though the printed profits mix operating results with investment gains and accounting items, and the SMR buildout is capital-hungry.
|
Orion180 Insurance Group
OIG
|
Finance / Insurance |
|
Size / Price
$320M · $15–$17
|
Shares
20M shares
|
LTM Revenue
~$153M
|
This Melbourne, Florida specialty insurer writes coastal homeowners and private flood coverage. It's the No. 2 U.S. E&S homeowners writer by direct premium, with about $601 million in managed premiums over the last twelve months, across 14 states and more than 14,000 agents.
Net income for that period was about $27 million. The MY180 platform prices and administers policies in real time, and most risk is ceded to reinsurers.
It's interesting because traditional carriers have pulled back from Florida, Texas, and other coastal markets. The catch is catastrophe risk — one bad hurricane season can overwhelm even a good loss ratio.
|
BW Industrial Holdings
BWGC
|
Industrial / EPC |
|
Size / Price
~$17.1M · $6–$7
|
HQ
Houston, TX
|
A Houston EPC firm targeting about $17.1 million by offering 2.6 million shares at $6.00 to $7.00. Eddid Securities USA is the sole book runner — one of the two smaller names that keep slipping a week.
|
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, with Eddid Securities USA leading — the other name still slipping toward the week of September 24.
"That's the full non-SPAC lineup. Two real-size deals Friday, two small names next week. Terms can still shift. We could either see BWGC or MDAT actually move or we'll see another shift the following week. We will keep an eye on it and we will keep you updated. Have a good week."
Tim
IPO Stream
