The IPO Buzz: Crypto, Whisky & SPACs

Fans of crypto, whisky and SPACs are in luck this week. The IPO Calendar sports a modest crypto deal along with a whisky wholesaler’s small IPO and a couple of SPACs. All have ties to Asia. This week’s volume is light. Bankers aim to price 11 deals to raise about $348 million combined. The slow traffic is occurring against the backdrop of the U.S. government’s shutdown entering its third week.

Bgin Blockchain  (BGIN Proposed) helped kick off this week’s calendar with plans to price its modest IPO tonight – Monday, Oct. 20, 2025. The profitable Singapore-based company, which makes cryptocurrency mining machines, is planning to raise about $30 million to $36 million, according to the terms in the prospectus. D. Boral Capital is the sole book-runner. About a year ago, D. Boral Capital took over the investment banking side of EF Hutton’s business.

The pricing of Bgin Blockchain’s IPO is occurring on the same day that Bitcoin jumped back to $111,000 after selling off last week in a crypto rout triggered by fear over the impact of U.S.-China tariffs.

Of the 11 IPOs likely to price this week, six involve D. Boral Capital as either the sole book-runner or a joint book-runner. Four other underwriters that specialize in small IPOs are represented in this week’s line-up with one deal apiece: Cathay Securities, Eddid Securities USA, Network 1 Financial and American Trust Investment Services. Revere Securities is involved in two IPOs – as the sole underwriter of one small IPO and as a joint book-runner on another deal.

Agencia Comercial  Spirits Ltd. (AGCC Proposed)  is a profitable Taichung City, Taiwan-based whisky wholesaler and distributor that aims to raise $9 million tomorrow night (Tuesday, Oct. 21, 2025) with its micro-cap IPO: The deal consists of just 1.8 million shares at a price range of $4.00 to $6.00. D. Boral Capital and Revere Securities are the joint book-runners.

Agencia Comercial plans to spend some of the IPO proceeds to expand its market presence in Japan, Hong Kong, Singapore, Malaysia and other Asia-Pacific countries. (If you prize fine whisky for its restorative qualities, this song’s for you.)

Miluna Acquisition (MMTXU) is a Taipei, Taiwan-based SPAC that intends to raise $60 million in its IPO. D. Boral Capital and ARC Group Securities are the joint book-runners. Miluna Acquisition’s SPAC IPO is expected to price tonight – Monday, Oct. 20, 2025 – to trade tomorrow – Tuesday, Oct. 21,2025 – on the NASDAQ.

Harvard Avenue Acquisition (HAVAU Proposed) is a Seoul, South Korea-based SPAC that plans to raise $180 million tomorrow night. – Tuesday night, Oct. 21, 2025.  Its SPAC IPO consists of 18 million units at $10.00 each. D. Boral Capital is the sole book-runner. 

(For more information about these companies, please check the IPO Calendar  and the individual IPO Profiles found on the IPOScoop.com  website.) 

Note: Never trade on proposed symbols. They have been known to change and you might buy something on the OTC Bulletin Board. 

To see what time the NASDAQ IPOs are expected to trade, please log in to: NASDAQTrader.com then scroll down to IPO Message. 

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