IPO News Round-up, July 17 – August 3: Upcoming Listings

IPO News Round-up, July 17 – August 3: Upcoming Listings

Our latest roundup covers news from July 17 – August 3, detailing upcoming ASX listings via IPO and RTO.


IPO planning


Consumer Discretionary and Staples

Kicking off this edition of our upcoming IPO news, Online Liquor Group changed its business structure to enable crowdfunding. The move is designed to facilitate a bookbuild among investors who would likely support a future IPO in the next couple years.

Bell Potter has booked Propel Funeral Partners for an international roadshow with up to 25 fund managers. Having recently raised $10m in pre IPO funds, the nation’s second largest funeral services provider will now focus on a near-term acquisition


Resources and Energy

Back in the news after a short absence, Quadrant Energy began an ANZ roadshow by announcing it made $609m in EBITDA last year. If the deal is well received by fund managers, a second lead manager is likely to be appointed. The prospect of an IPO is set to be decided in the coming weeks.

In the renewables segment, wind energy developer Windlab announced a $50m float. With an international portfolio of wind farms in various stages of planning, the company is valued at $146.3m. Moelis will run the IPO, which is priced at $2 per share. Still in the renewable wind space, micro wind turbine developer WindTurbine will conduct a $4m RTO via Axxis Technology.

Next, focusing on resources, investors in Azonto voted in favour of an RTO into Calima Energy. The company’s new focus will be petroleum at the Montney Basin in Canada by way of a joint venture. So far, European investors have tipped in firm investments of $2.25m out of $4.5m.

Canadian coal play Riversdale Resources engaged Goldman Sachs and Deutsche Bank to scope out an IPO, embarking on a domestic roadshow. Last but not least, Jupiter Mines could return to the ASX via an IPO, as manganese ore prices rebound. Merrill Lynch is reviewing options.


Utilities, Materials and Industrials

Naomi Cotton will vote on an ASX listing in September after a bumper harvest period. Funds would be used to bulk, optimise and diversify the company’s operations. Currently structured as a co-operative, the business has long been talking of a restructure. Profits are expected to climb for the current year.

Building materials provider Wagner Group is mulling a $500m ASX listing. This would include a float upwards of $250m, with several banks vying for a lead role.


Telecoms and Information Technology

After recent cyber security events, Votiro is attracting interest once again. The cyber security tech firm, with over 1.5m users raised $11m in an oversubscribed pre IPO.

More details emerged on ASX hopeful CropLogic. The company is bidding to transform agronomy services through its IoT technology, with a particular emphasis on making further acquisitions.

Elsewhere, it might be some time before InfoTrack pursues an IPO. The SaaS platform provider for professional services looks likely to be tied up by legal practice management software company, Australian Technology Innovators. The new owner is raising $350m.


Financials, Funds and Real Estate

VGI Partners filed a prospectus for its $400m IPO fund. With the company set to cover the costs of the offer, the issue price and net asset value are both $2 per share.

After securing Redcape’s pub and gaming portfolio, Moelis is raising $393.5m and a separate debt package to fund the acquisitions. The round, which is seen as a pre IPO, is offering investors 8.75% free cash flow and distribution yield, based on a $1 security price.

Netwealth commenced an Asia Pacific non-deal roadshow in recent days, led by Credit Suisse and UBS. As part of the pitch, brokers are emphasising the industry size and thematic, as well as revenue and profit growth.

Continuing the finance theme, subprime lender PrimeCredit could appoint banks this year for an IPO in the next 18 months. Backed by Pepper Group, the company is currently hearing pitches in Asia from banks.

Finally, Powerwrap appointed ME Bank founding Chief Anthony Wamsteker as non-executive director. A second IPO lead manager is seen as likely to be appointed, while a search for a permanent managing director is also underway.


IPO raises

Some of the businesses that formally opened their books for an IPO or RTO include:

  • Tyre recycling products and services business, Pearl Global Ltd – $5m (RTO of Citation Resources Ltd)
  • Carbon black tyre recycling business, Pyrolyx – $35.3m
  • Diversified global real estate fund, Fat Prophets Global Property Fund – $27.5m-$220m
  • Agricultural technology business, CropLogic – $5m-$8m
  • Australian videogame, entertainment software and simulation company, Stirfire Limited – $5m-$7m
  • Mineral and energy explorer, Mayur Resources – $10.4m-$15.5m
  • Global Investment Fund, VGI Partners Global Investments Limited – $100m-$400m
  • Queensland coal explorer and developer, Bowen Coking Coal Limited – $4.6m-$5m (RTO of Cabral Resources Ltd)


Dual Track Sales

Leading pork producer Rivalea headlined the news, fronting fund managers about a potential IPO. With $400m in revenue and $35m profit last year, Rivalea is now eyeing exports, an increase in its range of higher margin products, and production plant expansion. Talk of a float comes at an interesting time as pork prices are well down, albeit the company’s Singaporean owner is also looking at a trade sale.

Lattice Energy once again featured in the media. Origin Energy was fronting banks for a $500m debt package ahead of trade decision due next month. Meanwhile, the company reported a large boost in its annual oil and gas revenue.

Weighing up its own options is poppy farming business Tasmania Alkaloids. The company is said to be looking at a possible sale or float after opiate peer TPI Enterprises raised funds. Moelis is seen as likely to help with any potential deal. The broker is also helping another dual track sale nominee, EGR Group. The car accessories manufacturer is looking at sale options north of $200m.

Ardent Leisure’s US Main Event business has attracted interest. Corporate raider Ariadne has suggested it could be an IPO or sale prospect.

After securing a debt for equity swap, logistic support solutions provider Bis Industries may review a second attempt at an ASX listing. Management has not commented on the matter, although a trade option remains possible.

Closing out this report is news that lending business Bluestone Group appointed Rothschild for a strategic review of its dual track sale options.

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IPO News Round-up, July 17 – August 3: Upcoming Listings
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