Our latest roundup covers news from February 17 – March 2, detailing upcoming ASX listings via IPO and RTO.
Manuka Resources could present investors a scarce opportunity to invest into a new silver mining play, with the debt-free business chasing $12.5m to make a public listing.
Yume, a surplus food marketplace, may consider IPO plans in the future as it seeks to salvage some 9m tonnes of food waste produced in Australia each year.
Also considering a longer term IPO is lending fintech Prospa. The company first wants to release new products courtesy of capital raised from a recent $25m funding drive.
The publicity surrounding Israel’s prime minister visiting Australia could see a flood of Israeli tech IPOs head to the ASX, including cyber security business CyberGym. Playing in the same space as CyberGym, US-based WhiteHawk has met fund managers to plan a $2m pre IPO and later target $10m via a second half listing.
The Domain property business could be spun off from ASX listed Fairfax later this year, with a $2bn valuation speculated.
Moelis’ IPO will only be open to institutional investors, with 20% of the company set to be floated for $58.8m in April. The raise will be conducted at $2.35 per share.
Advisers have also been active for several prospective listings.
- Alinta is being marketed at 8.4-10x FY18 EBITDA ahead of an April float;
- APN property group is set to appoint advisers for its Puma Energy IPO;
- Aged-care business Oceania Healthcare is conducting a non-deal roadshow;
- Morgans will run Dixon Hospitality Group’s $300m listing;
- Virtual Gaming Worlds recently met fund managers to raise $5m for a March debut
Some of the businesses that opened their books for an IPO or RTO include:
- SaaS provider, Bigtincan -$12m
- Gold, copper and base metals explorer, Magmatic Resources – $4-6m
- Gold explorer, E2 Metals Limited -$6-8m
- Contact lense manufacturer, Visioneering Technologies – $33.3m
- Listed investment company, URB – $75-300m
- Nutritional products business, Eagle Health Limited – $15-22m
Trade sale and Private Equity interest
Following the appointment of Goldman Sachs as an adviser, LeasePlan is increasingly likely to turn towards a trade sale. Suitors include UDF Finance, SG Fleet, McMillan and Smartgroup.
Interest in Origin Energy’s oil and gas assets continues to attract a growing audience, with Senex and Beach Energy the latest contenders. If an IPO does proceed, it is believed assets won’t be split.
Market analysts continue to speculate whether Zip Industries will opt for a trade sale to one of several interested parties, or instead proceed with an IPO where a higher sale price of US$600m is being touted. A non-deal roadshow was recently confirmed for investors.
Wesfarmers is set to part ways with two of its subsidiary businesses. A $1.5bn float or trade sale of Officeworks is likely to see a third advisory party invited to help Macquarie and Gresham. The other transaction under the microscope includes the company’s coal assets on the east coast.
Among other businesses attracting interest from both the trade and investor channel, developments include:
- Online conveyancing biz, PEXA, which believes activity could transpire within 18 months
- Pub business Redcape, which has seen subdued interest from trade parties
- Powerwrap attracting 3 trade buyers including HUB24 and Praemium
- Managerial changes at QSR Holdings suggest an IPO could be back in play instead of a trade sale
Uncertain IPOs, setbacks and cancellations
The postponement of Accolade Wines IPO has been extended well into 2018, as the company instead looks to optimise its business through price negotiations with current UK retailers, and growth via acquisitions.
Crown Resorts meanwhile, has pulled the pin on its REIT float.
Lastly, a decision from Latitude Financial Services about the prospect of an IPO is likely to be deferred until the business has separated itself from GE – estimated to be in H2.
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