IPO News Round-up, July 3 – 16: Upcoming Listings

IPO News Round-up, July 3 – 16: Upcoming Listings

Our latest roundup covers news from July 3 – 16, detailing upcoming ASX listings via IPO and RTO.

 

IPO planning

 

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.


 

IPO raises

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.


 

IPO Cancellations

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).

 

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IPO Society
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IPO News Round-up, July 3 – 16: Upcoming Listings
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