Our latest roundup covers news from August 4 – 17, detailing upcoming ASX listings via IPO and RTO.
Consumer Discretionary and Staples
AuMake’s reverse takeover is nearing completion, with a listing expected next month. Executives behind the parent company, ITM International, are expected to retain a 40% stake in the business, with 31.4% being divested. The daigou retailer is aiming to increase its marketing and diversify further into tourism sales.
Ocean Grown Abalone embarked on a non-deal roadshow. With a $10m IPO listing due in September, Morgans is set to lead the deal. Ocean Grown has already raised $6m, including support from Wesfarmers chief Richard Goyder.
Ahead of its $20m IPO, the Managing Director of Franchise Retail Brands, Sean Corbin, stepped down. While no official comments were offered by the business, media sources reported concerns had been mulled by the board for some time. FRB is also believed to be eyeing an acquisition of the Lord of the Fries food chain.
Rounding out the consumer sectors, Accolade Wines was back in discussion. CHAMP private equity is said to be refinancing the business ahead of a possible second attempt at a float next year, depending on progress in China.
Resources and Energy
After recently appointing its lead managers, gold explorer Riversgold has received a firm commitment of $2.5m from Evolution Mining to participate in its $5m to $8m IPO.
In what is a prospective listing for the long term, controversial gold project Tujuh Bukit, once owned by Intrepid Mines, could turn towards the ASX when the project ramps up.
Elsewhere, multi resource explorer Mayur Resources commenced its $15.5m IPO. Mayur has over 12,000km2 of tenements in PNG, with resources including coal, high quality sand, copper, gold and limestone. While a definitive feasibility study is yet to be completed, the company is eyeing exports to China and Japan.
The ASX is also set to welcome its first initial coin offering, with peer to peer energy trader PowerLedger launching an uncapped raise. Using a blockchain platform, the company allows members to trade units of solar energy. PowerLedger plan to use proceeds to expand into emerging markets.
To finish, Windlab completed its IPO, confirming that major holders Lend Lease and Innovation Capital Partners would reduce their stake.
Telecoms and Information Technology
Back in the news again, agronomy tech business CropLogic confirmed its IPO was being underwritten for $5m by lead manager Hunter Capital. The company’s Managing Director is also believed to have been encouraged by the market’s response to the offer.
In what is a rarity among ASX listings, WA game business Stirfire Studios will pursue a September listing. The developer, who is hoping to target the virtual reality market, opened its IPO to investors, offering 35m shares at 20c each.
Registry Direct is hoping to join its peers on the ASX courtesy of a $2m to $6m IPO. The registry service provider, which has a primary focus on unlisted businesses, hopes to issue 10m to 30m shares at 20c each.
Yesterday, Telstra and News Corp announced plans to merge Foxtel and Fox Sports, with a new float beckoning.
Utilities, Materials and Industrials
Labour hire and residential construction business GO2 People is eyeing $12m. Funds will be used to expand geographically and also scale up building operations. GO2 has emphatically clarified that it will not be targeting the apartment market, and has agreed to take over 2 new businesses.
Mac Equity Partners is conducting a roadshow for the $5m IPO of bio fibre business Nanollose, a developer of plant free cellulose technology.
Financials, Funds and Real Estate
Fairfax reported in recent days that Domain‘s spin off listing is on track for late November. The real estate platform posted profits of $83.9m for the year. A scheme booklet is due late September.
Disruptive remittance and payments app Bux has kept the door open on an ASX listing. The fintech business has also appointed the former CEO of CBA, as it looks to continue its worldwide expansion and product development.
VGI Partners provided investors with an update on its IPO, exceeding its minimum raise target within a week of the offer opening. The fund is currently favouring short positions.
Magellan also launched its new multi-billion dollar IPO trust for its global stock portfolio. Several brokers are on board to help out. The fund manager is also offering investors loyalty units, an initiative it subsequently defended amid concerns over the impact on existing payouts. Magellan will also pay the IPO costs, with key terms of the trust including a target yield of 4% and a 5% DRP discount.
Some of the businesses that formally opened their books for an IPO or RTO include:
- Renewable energy developer and operator, Windlab Limited – $50m
- Australian corporate loan market trust, MCP Master Income Trust IPO – $100m-$500m
- Gold explorer, Riversgold – $5m-$8m
- Labour hire and construction business, The GO2 People – $10m-$12m
- Cold spray additive manufacturer, Titomic – $6.5m
Dual Track Sales
Having been confined to the IPO track since news began, Quadrant Energy could be opened up to a trade sale. With the business believed to be immune to the political fallout plaguing its east coast peers, sales activity may commence in the coming months. It comes as the energy business’ owners, Brookfield and Macquarie, could retain a majority stake.
Finally, Lattice Energy has been stung with a $357m impairment after Origin wrote down the difference between its book value and expected net divestment proceeds.
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