If there's one IPO to watch this week, BitGo's is definitely at the top of the list. Founded in 2013 in Palo Alto, California, this company has built a solid reputation in the digital asset infrastructure space over the years. And when I say solid, I mean really solid: we're talking about a platform that manages approximately $90.3 billion in assets under custody.

As a tech enthusiast, I have to admit that BitGo's business model fascinates me greatly. The company isn't a traditional crypto exchange aimed at retail customers, but positions itself as a B2B infrastructure provider for the institutional sector. Specifically, it offers qualified custody solutions, multi-signature wallets, settlement, staking, and trading services to institutional investors, hedge funds, banks, and governments. The multi-signature technology they developed has become an industry standard for secure digital asset storage.

The numbers speak for themselves: in the first half of 2025, BitGo generated revenue of $4.19 billion, nearly quadrupling the $1.12 billion in the same period the previous year. Profitability has certainly contracted somewhat, with net income falling to $12.6 million versus $30.9 million in the first half of 2024, but this is understandable considering the investments required to sustain such explosive growth.

One aspect investors should consider is the dual-class share structure. CEO and co-founder Michael Belshe will retain control through Class B shares, which carry 15 votes per share, compared to just one vote for the publicly traded Class A shares. This makes BitGo a "controlled company" under NYSE rules, which means it will be exempt from certain governance standards. It's a common model in tech, but it's worth noting.

The underwriting is handled by a highly respected consortium with Goldman Sachs as lead bookrunner and Citigroup as co-manager, supported by Deutsche Bank Securities, Mizuho, Wells Fargo, and others. The firm also recently obtained an extended license from BaFin, the German regulator, to operate in Europe under the MiCA framework, which could open up interesting expansion opportunities in Europe.

Let's move on to something completely different. Aigo Holding is a company founded in 2011 that operates in the consumer lifestyle products sector. Its headquarters are in China's Fujian province, but the company has built a particularly strong global commercial presence in Southern Europe, with operations spanning approximately 40 countries across four continents .

Aigo's product portfolio is quite extensive and focuses on four main categories: lighting, electrical products, household appliances, and pet products. Since 2019, they have also begun developing IoT products for the smart home. They have three proprietary brands: AIGOSTAR for the mainstream market, nobleza for the pet segment, and Taylor Swoden for the premium segment.

What struck me about this company is its hybrid distribution model. On the one hand, they serve the traditional offline channel through supermarkets, boutiques, and distributors who order through proprietary apps developed in-house. On the other, they have a direct presence on e-commerce marketplaces and a proprietary app called AigoSmart. With an R&D team of 115 and a total of 660 employees, they appear to have the resources to continue innovating.

The financial numbers reveal a profitable company, but with limited growth. In the last fiscal year, they generated revenues of $184.7 million with a net income of $3.9 million. We're not talking about a growth rocket, but rather a consolidated business seeking capital for further expansion.

The IPO is being handled by Eddie Securities USA as the sole underwriter, which speaks volumes about the size of the operation. With a deal size of just $10 million, this is a micro-cap that may appeal primarily to investors with a long-term horizon and a good tolerance for the volatility typical of this segment.

This week's final IPO takes us into the world of Japanese restaurants, a sector I personally find interesting for the growth potential it can offer when the model is right. Riku Dining Group is a Cayman Islands-incorporated company that operates Japanese restaurants in Canada and Hong Kong through a mix of company-owned and franchised locations.

The business is structured across two geographic markets with different brands. In Canada, they operate under the Ajisen Ramen brand, a chain specializing in Japanese ramen, where they directly operate four restaurants and have nine franchised locations in the province of Ontario. In Hong Kong, they operate three franchised brands: Yakiniku Kakura and Yakiniku 802, which focus on Japanese yakiniku barbecue, and Ufufu Cafe for the coffee shop segment, for a total of seven locations.

Let's be clear: with revenues of $18.74 million and net income of just over $1 million, this is a very small operation. The implied valuation of around $101 million brings the price/sales multiple to over 5x, which is decidedly high for a restaurant business. The company was incorporated in 2025, meaning it's a very young legal entity that has consolidated pre-existing operations.

With 169 employees and a hybrid management-plus-franchise model, Riku appears to be replicating the successful playbook of other ethnic restaurant chains that have made their fortunes through rapid expansion. The risk, as always in these cases, is that the expansion will burn through cash faster than the market is willing to tolerate.

Once again, the underwriter is Eddie Securities USA, confirming the small-cap nature of the deal. For those interested, I recommend carefully examining the SEC filings to understand the expansion plans and the intended use of the IPO proceeds.