Our latest roundup covers news from October 17 to November 5, detailing upcoming ASX listings via IPO and RTO.
Consumer Discretionary and Staples
Goat’s milk infant formula manufacturer Nuchev, which produces Oli6, has been considering its options for an IPO. The business currently has a strong pharmacy presence locally, as well as a significant quantity of sales into China.
Craveable Brands’ $300m debt refinancing is nearly complete after its float was pulled earlier this year.
Radiopharmaceutical biotech Telix Pharmaceutical has secured the backing of Fidelity with a 10 percent stake.
Medicinal cannabis still appears to be a popular investment theme, with Elixinol set to raise $25.6m at $1 per share for its IPO led by Bell Potter. A prospectus is due November 14, followed by a December listing.
Resources and Energy
Sheffield Resources will spin off gold and base metal assets into Carawine Resources via a $7m raise. The only other notable news from the sector came courtesy of Vintage Energy. The business, led by Beach Energy’s former MD and COO, will conduct a 2018 IPO to list its east coast gas assets.
Utilities, Materials and Industrials
Singapore listed, Australian engineering business Civmec hopes to complete a dual listing on the ASX, engaging PwC for help.
Morgans has valued Wagner Group at $472m to $512m, or 10.6x to 11.4x EBITDA. Meanwhile, Credit Suisse offered a valuation of its own, between $353m & $437m. A float is expected around Christmas, with research already distributed to funds.
Insecticide business Bio-Gene Technology opened its $7m IPO, led by Henslow. The company has appointed a number of high profile staff to its board.
National Tyre & Wheel, a tyre wholesaler and distributor, is looking to tap investors for $70m via Morgans.
Telecoms and Information Technology
In the technology space, numerous businesses made the headlines. First up, Unscriptd, a sports and athlete social media business, has hopes to raise $20m via Bell Potter. The company would have a valuation of $88m upon listing.
Telecoms contractor Tandem Corp began a marketing campaign for its $150m IPO, with the corporate valuation set at $288m-$339m. An institutional bookbuild is set for November 13, with IFM Investors selling down its stake ahead of a forecast surge in EBITDA for FY18.
Profitable online graphic design marketplace 99designs will relocate back to Australia, with an ASX listing deemed more “achievable” than a NASDAQ float despite US$60m in revenue.
Mobile ad startup Unlockd has been mulling a potential IPO next year. The company has already raised over $60m, led by several notable backers.
Elsewhere, Third Party Technologies hope to raise $7m. The interface app developer for online brokers has engaged Patersons and Philip Capital, with its sights set on growth in the US and Australia.
Financials, Funds and Real Estate
Netwealth has priced its IPO at the top end of the range supported by heavy subscription uptake from investors. The company is targeting a trading date of November 20, with founders set to retain 60 percent of the business.
New Energy Solar has engaged Morgan Stanley to market its listing. The US solar farm fund will raise up to $300m and tap into the renewable thematic, with growth set to come from new solar plants.
In the real estate space, Fairfax’s shareholders approved the demerger and float of real estate business Domain.
Some of the businesses that formally opened their books for an IPO or RTO include:
- Agtech insecticide business, Bio-Gene Technology – $7m-$8m
- Diamond explorer, Frontier Diamonds – $4m-$6m
- Radiopharmaceutical oncology business, Telix Pharmaceuticals – $50m
- Contracted staffing and workforce management provider, People Infrastructure – $25m
- Specialty equipment and services provider, Babylon Pump & Power Limited – $4m-$6m (RTO via IM Medical)
- Manufacturer and supplier of aftermarket carriage parts and components, China Track – $32m-$40m
- Colorectal cancer test provider, Rhythm Biosciences – $9m
- Gold and base metal explorer, AIC Resources – $7m-$10m
- Super and non-super investment management platform, Netwealth – $264m
- Death care services provider, Enter Propel – $131.2m
Dual Track Sales
Pork producer Rivalea is pushing for a December listing, with 60m shares set to be issued at $1.55 each.
CBA is leaning toward an IPO of Colonial First State Global Asset Management. If a public float does proceed, the offer is likely to be priced at a discount to peer BT.
All future funding options remain on the table for P2P lender SocietyOne. Although there are no immediate plans for a change in ownership, planning is expected to occur late 2018.
Finally, the last of the dual track nominees in the news was PEXA, who released data showing a surge in revenue, with transactions expected to climb. A valuation of $1.5bn to $2bn inside 2 years has not been ruled out.
Franchise Retail Brands cancelled its IPO aspirations due to an uncertain strategic direction and subsequent board spill.
Deferred payments fintech Openpay has raised $10m and abandoned plans for an ASX listing. The business is now poised to take on rival Afterpay across a broader number of industries.
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