Our latest roundup covers news from July 3 – 16, detailing upcoming ASX listings via IPO and RTO.
Consumer Discretionary and Staples
The only news to come out of the consumer sector in the last fortnight was courtesy of a pre IPO round for Optimax Eyewear. The Israeli ecommerce business will raise US$30m in a Series B funding round, while an IPO is expected within a year. After 2016 brought in $US30.1m in sales, the company’s revenue is set to double this year.
Resources and Energy
With the second half of June quiet on the resources front, things have turned around in July. On the back of lead prices surging, news came through that Galena will look to optimise a potential high grade core at its well-known Abra deposit. Meanwhile, gold and copper explorer Bryah Resources has already commenced exploration work ahead of a $5-6m raise.
In other news, despite no broker American Pacific Borate & Lithium raised $15m with the backing of Terra Capital, and Condamine has acquired the Sams Creek gold project from MOD Resources ahead of a potential float.
Telecoms and Information Technology
Agricultural tech business CropLogic opened its IPO. Marketed as an agricultural monitoring and solutions technology, the company is spruiking the time and money savings for crop growers. Currently the technology is being used in over 24,000 hectares of high value US crops. CropLogic will raise up to $8m and is eyeing an August 31st listing.
Elsewhere, video and AI analytics technology business SenSen will raise $6.5m via a reverse takeover of Orpheus Energy. The company recently concluded an international roadshow and is now drumming up support along the east coast of Australia. Some of the company’s key clients include the NSW government, Singapore government and Abu Dhabi airport.
Also eyeing a rebirth by way of an ASX listing is GeoOp. The management app developer, who generates the majority of its sales in Australia, plans to switch from the NZAX to the ASX.
In the telecoms sector, ISP MyRepublic will now become a mobile virtual network operator and pursue a listing in 2018. At this stage the company is undecided whether it will opt to list in Singapore, Hong Kong or Australia.
Financials, Funds and Real Estate
After Fairfax’s private equity suitors walked away, the media business has signalled it intends to proceed spinning off real estate listings provider Domain via an ASX listing.
Also in the Real Estate industry, APN is wrapping up the roadshow for its convenience retail REIT, having finished presenting to investors overseas. With a decline in A-REITs in recent weeks, brokers are looking into underwriting the IPO instead of repricing the float.
VGI Partners intend to release a prospectus for its fund within 2 to 3 weeks. The IPO will be led by CBA, NAB, Crestone, Ords, Wilsons and several others. Another LIC which may hit the boards is from Magellan Financial Group. The specialist investment management business is lining up brokers including Taylor Collison and Morgans. If a float does eventuate, analysts are tipping it to exceed $1bn.
Finally, Credit Suisse and UBS continue to prepare investment solutions business Netwealth for an IPO tipped to raise $150m. Baillieu Holst has been appointed to lead the float for financial services company Powerwrap, with a listing expected in the coming months.
Some of the businesses that formally opened their books for an IPO or RTO include:
- Gold explorer, Okapi Resources – $4.5m-$5m
- Tin & tungsten explorer, TNT Mines Ltd – $5.5m
- Oil & gas explorer, Calima Energy Ltd – $2.25m-$4.5m (RTO of Azonto Petroleum)
- Cobalt explorer, Northern Cobalt – $5m-$6m
- Base metal explorer, Symbol Mining – $5.6m-$7.6m(RTO of Swala Energy)
- Pharmaceutical researcher, manufacturer and distributor, Haixi Pharmaceutical International, $25m-30m
Dual Track Sales
In what was a quiet time for progress among dual track sales, the only news to emerge was that ANZ’s trade sale valuation for its wealth management division has analysts baulking. This adds further weight to the possibility of an IPO.
Another IPO was shelved in early July. Resources explorer Macarthur Minerals cited a ‘decline’ in capital markets as the deciding factor. For now, Macarthur will continue making progress with its lithium projects in Australia and the US (Nevada).
Join IPO Society to receive invitations to participate in upcoming IPO opportunities, research and news.
The team at
The information contained on this website in no way reflects the opinions of IPO Society. It is provided for informational services only. It does not constitute an offer to sell or a solicitation to buy any security or other financial instrument. The information is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a financial adviser. Detailed information may be needed to make an investment decision, for example: financial statements; a business plan; information about ownership of intellectual or industrial property; or expert opinions including valuations or auditors’ reports. The information contained on this website is not intended to be the only information on which an investment decision is made and is not a substitute for a disclosure document, product disclosure statement or any other notice that may be required under the Act, as the Act may apply to the investment.