Our latest roundup covers news from December 4 to January 1, detailing upcoming ASX listings via IPO and RTO.
Consumer Discretionary and Staples
South African private equity firm Coast2Coast Capital is readying homewares business Marlin Brands for an IPO in 2018. The business is the parent company for brands such as Décor, Albi, and Independence Studios. Coast2Coast is eyeing 2 more acquisitions as part of the portfolio, with annual revenue already delivering a combined total of $150m.
Nuchev has raised $7m after adding its Oli6 product into Chemist Warehouse stores. The CEO argues there are “compelling reasons” for an IPO. Buoyed by China growth, FY18 sales already surpassed all FY17.
Resources and Energy
Gold, copper and cobalt explorer Accelerate Resources, with its projects in Tasmania and WA, launched a $5m IPO.
Ausroc Metals will complete a $7m RTO of Woomera Exploration. The explorer’s focus will be lithium brine among WA tenements, plus nickel and copper sulphides in SA.
BlackEarth Minerals received a vote of confidence from Lithium Australia investors regarding its graphite spin off, with 4m entitlement shares taken up.
Tao Commodities raised its IPO size by a small amount to meet ASX regulatory requirements.
Elsewhere, after buying back $100m in shares, Jupiter Mines may relist within 4 months to provide investors liquidity. The company has tripled production since 2014.
Eyeing a first quarter float, Riversdale Resources has hired DLA Piper. The coal explorer is nearing completion of regulatory work for its key project, and a listing would mark a long road to the ASX after initial attempts began several years ago and were pulled due to market conditions.
MetalsTech will offer existing shareholders a 1 for 5 pro rata entitlement and guaranteed subscription rights to a minimum of 10000 shares as it spins off iCobalt via a $4.5m raise in April.
Rounding out the sector, 1414 Degrees has opened a new 3000 sq. m factory and will build its first commercial system and grid scale systems. A min. $30m IPO is likely around March/April, after the SA government reviews its funding applications.
Utilities, Materials and Industrials
Carbonxt Group is eyeing $10m for its tech to remove mercury from waste water and flue gas. The IPO, valuing the company at $51.1m, includes 14.3m shares at 70c each, with the backing of Lang Walker and no owner sell down. Carbonnxt’s focus is expanding production in the US.
Ahead of an ASX float that has been downsized and is thus far struggling to raise funds, residential property developer Nicheliving unveils a $10m share settlement with a WA project investor.
With its own IPO pushed out, Trimantium‘s merger of businesses is set to offer presence across 14 offices throughout Australasia and deliver combined revenue of $61.3m.
Telecoms and Information Technology
Foxtel received the all clear for a merger with Fox Sports, paving the way for a long term ASX listing.
Super-fast internet provider Uniti Wireless met investors as part of pre-IPO efforts, with an ASX float due this year.
Vodafone NZ pitched to fund managers as a growth and income company. The $4bn listing is on track for 2018, underlined by $NZ 2bn revenue in FY17. The company’s capital structure will be reviewed in coming months.
Following news of Westfield’s mooted sale, the property business has plans to list its retail tech arm, OneMarket, via the ASX in early 2018. The move is an effort to reposition Westfield as a digital player.
Ahead of a public listing this year, PrimeQ has acquired Oracle solutions partner CRMNow to boost its growth profile.
Finally, ANZ’s largest payroll provider Ascender received $100m pre-IPO backing from a major private equity investment manager. The investment provides an underlying valuation on the business of $250m.
Financials, Funds and Real Estate
Credit fund Gryphon Capital Investments will raise $350m via an IPO trust in early 2018. It will offer monthly distributions, targeting five percent. On the same theme, Nikko Asset Management is also looking to list its equity income fund to bring in around $500m.
Meanwhile, Macquarie and JP Morgan secured lead manager roles for the IPO of Investec Australia’s property trust valued at up to $600m
Latitude asked bankers to submit concise IPO proposals, with lead manager roles awarded to Goldman Sachs, UBS and Deutsche Bank. The listing is shaping up as the biggest ASX offer since Medibank.
The former CEO of digital payments firm Tapp alleges the business failed to secure funding, owed staff salaries, and details a story which crosses over with the former CEO of failed funds manager MFS.
Prospa, an online lender, received pitches from banks ahead of a 2018 float. UBS is favoured to lead. In the meantime, lending volumes surged throughout 2017.
Some of the businesses that formally opened their books for an IPO or RTO include:
- Tyre and wheel wholesaler, National Tyre & Wheel – $59m
- Minerals explorer, Black Cat Syndicate – $6m
- ICT managed service provider, Commschoice Group – $7.5m
- Industrial hemp and medicinal cannabis provider, Elixinol – $20m
- Kiwifruit producer and wholesaler, Eden Health Industry Holdings – $15.625m-$20m
- Mineral explorer, Accelerate Resources – $4.5m-$5m
- Professional services firm with focus on Asian in-bound capital, JYG Australia – $3.4m
- Organic and sustainable oyster producer, Angel Seafoods – $6m-$8m
- Global disruption fund, Evans & Partners Global Disruption Fund – $13.25m
- Precious and base metal explorer, Roman Kings – $5m-$7m (RTO via Wakenby)
- Mineral deposit and lithium explorer, Woomera Mining – $4m-$7m (RTO via Ausroc Metals)
- Ecommerce marketplace for ground transport passengers, Jayride – $1m-$1.5m
- Digital e-Reading solutions provider, ReadCloud – $5m-$6m
- SaaS business and resource management provider, Simble Solutions – $6.5m-$7.5m
- Gold and copper explorer, Raiden Resources – $5m (RTO via Subzero Group)
- Developer and financier for renewable energy projects, PowerAsia – $9m
Dual Track Sales
Avoka Tech, an SaaS customer acquisition services provider for banks, raised $16m with revenue and staff numbers on the rise. The business is targeting the key US market, with either an ASX listing or private equity buy-out possible mid-2018.
With oil prices rising, and IPO transaction talk all but absent, Quadrant Energy is being tipped to pursue a trade sale in 2018.
Owner of Ticketek ANZ and other event businesses, TEG, may be in line for an IPO after Goldman Sachs failed to drum up trade sale interest. Alternatively, Affinity may retain the company.
ANZ joined its peers in selling off its Wealth Division, putting an end to the prospect of a public float.
To end with, international fund managers have been brought into discussions surrounding CBA’s potential IPO of Colonial First State Global Asset Management. By opting for a float, CBA could leverage its retail investor network. UBS and JP Morgan are thought to be headlining what could be a chorus of lead managers.
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