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The IPO Buzz: Cariloha Tops Small-Cap Menu

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Bamboo bedding and clothing company Cariloha (ALOHA proposed) is the best-known brand on this week’s IPO Calendar, which consists of a handful of small-cap deals and a few SPACs. Bankers expect to raise about $525.5 million, if every deal gets done.

Cariloha markets and sells merchandise – bedding and towels as well as women’s and men’s underwear and leisure wear – “made of eco-friendly viscose from bamboo,” the prospectus says. The company, based in Sandy, Utah, markets and sells its merchandise on its own website and in its showrooms as well as at resorts and ports-of-call through its partnerships with major cruise lines.

The IPO consists of 2.3 million shares at $12 to $14 each to raise $29.9 million, if priced at the $13 mid-point. The deal is expected to price Thursday night to trade Friday, Feb. 11, on the NASDAQ.

Roth Capital Partners and Oppenheimer & Co. are the joint book-runners.

Cariloha, founded in 2007, is not yet profitable. The company had a net loss of $850,000 on revenue of $48.64 million for the last 12 months.

For a look at other small-cap IPOs and uplistings expected to price this week, please see the IPO Calendar.

SPACs Eye Asia and Mexico

The IPO market got under way this morning with a SPAC. Aurora Technology Acquisition Corp. (ATAKU) announcing that it had priced its IPO of 20 million units at $10 each to raise $200 million. The units – stock and warrants – started trading today (Monday, Feb. 7, 2022) on the NASDAQ. This SPAC is focused on Asian or Asian-American entrepreneurs and their businesses, based in either the United States or Asia, excluding China. Maxim Group LLC was the sole book-runner.

LIV Capital Acquisition Corp. II (LIVBU proposed) is expected to price its SPAC IPO tonight (Monday, Feb. 7) – 10 million units at $10 each – to trade Tuesday on the NASDAQ. This SPAC, backed by LIV Capital, a private investment firm based in Mexico, will search for a high-growth business based in Mexico or with a significant presence there. EarlyBirdCapital is the sole book-runner.

Week of Feb. 14

The IPO Calendar for the week of Feb. 14 contains just a few small-cap IPOs and uplistings so far. But that could change as the week goes along and more deals flow in through the SEC’s filing window.

Stay tuned.

(Never trade on proposed symbols. You might wind up owning something on the OTC Bulletin Board.)

Disclosure: Nobody on the staff has a position in any stocks mentioned above, nor do they trade or invest in IPOs. The staff does not issue advice, recommendations or opinions.

Disclaimer: A SCOOP Rating (Wall Street Consensus of Opening-day Premiums), is a general consensus taken, at press time, from Wall Street and investment professionals concerning how well an IPO might perform when it starts trading. The SCOOP Rating does not reflect the opinions of anyone associated with The SCOOP ratings should not be taken as investment advice. The rating merely reflects the opinion of the professionals at the time of publication and is subject to last-minute change.


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