Market Wrap-Up Q2 2025
This edition of my market recap covers the second quarter of 2025. For a review of November and December 2024 see HERE; for October 2024 see HERE; and for Q1 2025 see HERE.
Thirty-three small cap ($30,000,000 and under) IPOs priced in the second quarter of 2025 (20 in April, 5 in May and 8 in June) – a downtrend from Q1 2025. Below is a chart of relevant deal information for the second quarter IPOs.
| Exchange | Offer Amount | Domestic/Foreign Issuer | Banker(s) |
| Nasdaq Global | $30,000,000 | Foreign | Goldman Sachs (Asia) LLC, Citigroup, US Tiger Securities, CICC, Kingswood |
| Nasdaq Capital | $6,400,000 | Foreign | D. Boral Capital |
| Nasdaq Capital | $5,000,000 | Foreign | R.F. Lafferty & Co., Inc. |
| Nasdaq Capital | $7,200,000 | Foreign | Craft Capital Management |
| NYSE MKT | $10,075,000 | Foreign | Maxim Group, LLC |
| Nasdaq Capital | $6,000,000 | Foreign | Dominari Securities, LLC; Revere Securities LLC |
| Nasdaq Capital | $7,000,000 | Foreign | Craft Capital Management, LLC; Westpark Capital |
| Nasdaq Capital | $7,740,000 | Domestic | The Benchmark Company; Axiom Capital Management, |
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