Our latest roundup covers news from April 3 – 17, detailing upcoming ASX listings via IPO and RTO.
Despite speculation Oceania was struggling to capture investor interest, the company completed an “oversubscribed” bookbuild at NZ$0.79. With an EV of NZ$585.3m, and a ‘unique’ funding model, Oceania will look to dual list on the ASX and NZX May 5.
With analyst valuations recently put on Bingo Industries, the company moved to shore up a float price via bookbuild. In the end, a spread of bids including three $50m+ institutional bids covered the book at $1.85. In an unusual move, the company settled on pricing at a slightly lower level of $1.80, giving a $630m market cap. Bingo’s earnings are expected to quadruple between 2015 and 2018.
Shaw and Partners were appointed to help fruit and vegetable producer Nutrano with plans for an IPO. The east coast business has dismissed concerns about the recent cyclone in Queensland and is keen to continue its push into Asia. The business currently exports to 15 countries and is undertaking a non-deal roadshow.
Fronting brokers, People Infrastructure conducted interviews to help launch a second half float of its labour hire business AWX, and the possible integration of a separate workforce management firm.
Ahead of its May listing, medicinal marijuana firm Cann Group confirmed it has the high profile backing of Canada’s Aurora Cannabis via a 19.9% stake.
Zenith Energy, a power supplier to remote resources projects, hopes to raise $25m to expand offshore and pay off debt.
Among the more long-term prospects, Adobe software rival Nitro raised $19.7m in early funding. The funds will help the company hire staff and improve its product.
Also in the news were Arch Finance, who recently met with fund managers to discuss a $100m IPO; Franchise Retail Brands, with plans for a $20m float to expand its quick service restaurant network; and CyberGym, who announced it will move its global headquarters to Melbourne.
Some of the businesses that opened their books for an IPO or RTO include:
- Cosmetics/therapeutic biopharmaceutical firm, Biomics Biopharma – $13-16m
- Global SaaS provider, MSL Solutions – $15m
- Medicinal cannabis producer, Cann Group – $13.5m
- Remote power producer, Zenith Energy – $25m
Trade sale and Private Equity interest
Analysts placed their valuations on dual track nominee Zip Industries. Citi, Macquarie and UBS each offered their thoughts and highlighted the company’s predominantly commercial presence in 70+ countries. The valuation range spans $435m-$555m
Meanwhile, QSR has its sights set on increasing the uptake of home delivery at Red Rooster to grow sales.
Although an IPO remains most likely, Origin’s oil & gas spin-off, renamed Lattice Energy, could swing to a trade suitor in the event of a “very attractive” offer. Also leaning towards an ASX float is ANZ’s wealth division, however a trade sale remains an active option.
The latest dual track sale candidate to emerge is National Patient Transport Group. It is understood the private equity owned non-emergency transport provider is considering an IPO through the help of Morgans’ Brisbane office.
Uncertain IPOs, setbacks and cancellations
After setting a $2.20 price for a mooted ASX float, Dixon Hospitality pulled the pin on its IPO as trade suitors emerged. The company believes this avenue will afford shareholders better value.
Amaysim sought to diversify its operations by acquiring Click Energy, thus putting an end to the electricity retailer’s IPO ambitions.
Barminco refinanced US$350m of debt, lowering its payable bond yield. While UBS and Goldman Sachs were tipped as front runners to lead the IPO, news came in just before Easter that plans for a listing have been postponed for at least another year or two
Also dashing plans for a public listing was Bank South Pacific. Citing an upcoming election in PNG, as well as issues over the company’s structure, a near-term IPO has been shelved.
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