Our latest roundup covers news from November 6 to December 3, detailing upcoming ASX listings via IPO and RTO.
Consumer Discretionary and Staples
Vitex, a large scale producer for the big vitamin companies, is said to be considering a public listing in the future as it scales up operations and experiences exponential revenue growth.
Medtech 4Dx is running a $5m Series B funding round, with an IPO expected in 2019. The lung imaging business has already lined up deals with major US hospitals.
Rong Yu Pharmaceuticals is looking to become the first traditional Chinese medicine company listing on the ASX courtesy of a $20m raise. The business hopes an ASX listing will help with local regulatory approval for its products.
Resources and Energy
Opening its IPO, Frontier Diamonds flagged the potential for profit upside post listing, as well as acquisition opportunities.
Coal explorer Bounty Mining raised $17m ahead of a potential IPO early next year. The Queensland business is buying assets from Glencore and Caledon Coal. Also in the coal space, BHP offshoot S32 may look to divest its South African coal business via an ASX float.
The IPO for graphite business BlackEarth Minerals will include a priority allocation of shares for Lithium Australia investors as part of its $6m float.
Eyeing a potential ASX listing is Wave Swell Energy, a developer of ocean wave energy generation technology. Wave Swell is currently performing viability trials and may ask investors for $8.3m.
Utilities, Materials and Industrials
Building materials supplier Wagners priced its IPO at the top end of its price range, settling on $2.71 per share. Owners are set to retain 55 per cent of the business, which appointed the CEO of GWA to its board as an executive, as well as other notable faces.
Independent fleet manager for passenger transport operators, P2P Transport, will raise $30m via IPO. The company met fund managers and submitted a prospectus, detailing $13m annual earnings and a notable board line-up.
Elsewhere, Morgans are underwriting the $59m raise for National Tyre & Wheel, as existing investors sell out of the highly profitable international tyre wholesaler.
The cofounder of Parkd talked up the company’s post IPO prospects, as well as the role of disruption in the construction space, including other target markets.
Business transformation services firm Trimantium launched a $70m float to acquire eight service oriented businesses.
Telecoms and Information Technology
IntelliHR completed a $4m pre IPO raise. The company now intend to focus on comms, customer and technology development.
B2B ecommerce security business WhiteHawk opened its $4.5m IPO, buoyed by a US government contract worth up to $1m.
CommsChoice, a business designed to consolidate ICT service providers, will raise $7.5m at 25c per share. A prospectus was released in the final days of November.
Bright Innovations, an Israeli technology company specialising in ‘smart’ city applications, will raise $1.5m via pre IPO. An ASX float is pencilled in for 2018, while solutions are currently being tested in Singapore.
SaaS HR software management developer PageUp has kept an IPO on the table. PageUp counts numerous blue chip companies among its clients, tallying over $30m in revenue, albeit not yet in profit.
Another HR software provider, PeoplesHR, is eyeing $15m for sales, marketing and merger costs to transform into a SaaS biz. The company is conducting an international merger between business process outsourcer PayAsia, and human capital management software provider hSenid. With over 11 years of operations, the proposed entity considers a sizable portion of its revenue as recurrent.
Financials, Funds and Real Estate
Consumer finance marketplace Credible Labs priced its float at $1.21 per CDI. Credible Labs is set to raise $67.8m to develop its technology, while a roadshow was recently undertaken.
Profitable fintech lender MoneyMe received a $100m investment from Fortress Investment Group ahead of a 2019 IPO. Another fintech, Tapp Group, is looking ahead to an ASX listing next year. The digital payments company is expanding its Asia presence, currently raising $2m to $3m through a pre IPO round, before a potential $10m to $15m IPO.
IPO Wealth Fund raised $10m, providing investors means to back a range of small cap, international businesses completing IPOs.
After institutional investors turned their backs on its IPO, New Energy Solar turned to retail investors for its fund, raising $205m at $1.50 per share.
Duxton Capital will list their second ASX entity courtesy of Duxton Broadacre Farms, a portfolio of crop farm operations.
As an IPO draws ever closer, Latitude Financial Services appointed independent financial advisors, Lazard and Insight Capital. A potential $2bn IPO is forecast for 2018 if market conditions facilitate a listing.
Some of the businesses that formally opened their books for an IPO or RTO include:
- Gold explorer, Tietto Minerals – $5m-$7.5m
- Gold, copper and base metals explorer, Carawine Resources – $5m-$7m
- Renewable Energy Investment Fund, New Energy Solar Fund – $100m-$300m
- Graphite explorer, Blackearth Minerals – $4.5m-$6m
- Online broker dealer and API suite developer, Third Party Technologies – $5m-$7m
- Marine transport project operator for compressed natural gas, Global Energy Ventures – $4m
- Cyber security firm, Whitehawk – $4m-$4.5m
- Online learning and digital assessments business, Janison – $10m (RTO via HJB Corporation)
- Business transformation services provider, Tirmantium GrowthOps – $70m
- Broadacre farms operator, Duxton Broadacre Farms – $12m-$22m
- People technology and human capital management business, intelliHR – $4.5m
- SaaS Human Capital Management software and business process outsourcer, PeoplesHR – $15m
- Building materials supplier, Wagners – $196.8m
- Credit and student loans fintech, Credible Labs – $67m
- Recycling and waste management business, Zaide Waste Management Holding Group – $14m-$20m
- Gold explorer, Cygnus Gold – $5m-$6m
- Integrated fleet management company, P2P Transport – $29.2m
- Activated carbon products provider, Carbonxt – $10m
Dual Track Sales
PEXA‘s second largest shareholder, Link Group, could be stalking the company for a takeover according to market analysts. The rumour is based on Link’s project delivery record in the IT space.
Nature’s Care commenced a dual track sale, sending out marketing material to potential bidders suggesting the business is third in its market, with strong sales growth and development capabilities. Meanwhile, the firm hired its CEO from Swisse, with news circulating that UBS may lead a mooted $800m float in 2018.
Thermostat startup Zen Ecosystems opted to begin raising $10m in private funding to push sales, with a liquidity event expected within 3 years and yet to be established.
There were two businesses which pulled their respective IPOs throughout November. First, Rivalea cancelled its IPO plans due to differing price expectations between key stakeholders. Next, it was Tandem Corp that abandoned an ASX listing after institutional demand was below expectations. Tandem may review the matter again next year.
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