Our latest roundup covers news from October 2 to 16, detailing upcoming ASX listings via IPO and RTO.
Consumer Discretionary and Staples
Regional funeral provider Enter Propel released further details surrounding its IPO. The business will raise $131.4m via 98.2m shares at $2.70 each, a forecast earnings multiple of 25.5.
Another services business in the spotlight is Janison Education. The learning and digital assessment business, which is already profitable, will list on the ASX via a reverse takeover and with the help of Bell Potter. After the transaction, Janison’s valuation could approach $40m.
Resources and Energy
The ASX’s first ICO from PowerLedger closed recently, with a total of $34m raised to broaden the company’s blockchain technology across other apps.
Rounding out what was a quiet period for resources floats, IPO hopeful Cygnus Gold has secured $750k from WA greenfields explorer Gold Road Resources, and Ebony Energy plan to raise $50m in 2018 to develop a coalmine and gas plant that will contribute to energy security.
Utilities, Materials and Industrials
Building services business Johns Lyng was back in the news, opening its IPO. The institutional component of the deal was four times oversubscribed, with the likes of Wilson Asset Management and Ellerston Capital supporting the deal. Meanwhile, the company appointed KPMG’s former chairman, Peter Nash, and is priced at 18x earnings with a dividend yield of 2.2-3.3%.
Continuing the construction theme, WA residential property builder Nicheliving will raise $12m via 24m shares, hoping to enhance its growth prospects.
Elsewhere, People Infrastructure has commenced a roadshow for its $25m float. Morgans and Ords Minnett are leading the deal, which is set to lower debt, drive growth, and provide scope for acquisitions. None of the existing owners of the business will sell down their stake.
Procurement startup Think remains a long term option to list on the ASX. The business has just finalised the recruitment of Asciano’s former CFO and closed a $7.5m funding round.
Telecoms and Information Technology
Goldman Sachs and Credit Suisse are working to secure roles on a Foxtel float in 2019 after the integration of Fox Sports. The merger, which is said to improve the value of the business by offering live sports, will be reviewed by the ACCC.
Data collaboration firm IXUP will raise $12.5m via IPO, with the business characterised by its high profile board and top tier clients.
HR technology startup intelliHR hopes its analytics platform can win clients from existing peers. The company has just closed its $2.2m pre IPO, confident its staff happiness platform represents a “complete”, all-in-one option for clients. An IPO has not yet been locked in but may be early next year for a suggested amount of $7.8m.
Facing a setback, payments and transactions business Tyro has been left further away from its ongoing plans for an IPO, after another senior level departure from management.
Financials, Funds and Real Estate
Following recent valuations by key brokers, Netwealth has set a price range of $3.10 to $3.70 for its float. The range is favoured by the high multiple of its peer in the investment platform space, Hub 24. The company is looking to allocate nearly half of its IPO stock to retail investors, with a bookbuild due in the coming days.
P2P disruptive broker Selfwealth opened its $7.5m IPO, hoping funds can be used to target SMSF operators via a direct marketing approach.
Finally, among upcoming funds, Magellan closed the IPO for its latest LIC after raising a total of $1.55bn, and small cap LIC Spheria released the prospectus for its $250m IPO which sees $400m in funds under management.
Some of the businesses that formally opened their books for an IPO or RTO include:
- Agricultural technology business, Roots Sustainable Agricultural Technologies – $5m
- Online brokerage trading platform, SelfWealth – $5m-$7.5m
- Abalone sea ranching business, Ocean Grown Abalone – $10m
- Cloud, data and communications over internet provider, Spreedbox Holdings – $4.2m-$4.95m
- Lithium explorer, Jadar Lithium – $5m (RTO via South East Asia Resources)
- Online eSports platform, Emerge Gaming – $5m (RTO via Arrowhead Resources)
- Small cap equities LIC, Spheria Emerging Companies – $250m
- Integrated building services group, Johns Lyng – $95.7m
- Data insights coordinator, IXUP – $12.5m
- Residential property developer, Nicheliving – $12m
Dual Track Sales
Morgans helped leading pork producer Rivalea undertake site visits, as the company’s Singapore owner confirmed it would retain a near majority stake in a potential IPO.
Colonial First State Global Asset Management made a pair of key appointments ahead of a possible IPO, although a divestment is still on the cards.
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