Our latest roundup covers news from March 17 – April 2, detailing upcoming ASX listings via IPO and RTO.
As Dixon Hospitality prepares for life on the ASX, Evans & Partners as well as Morgans have slapped valuations on the sized-up pub business. The valuation range is $198m-$246m. In the meantime, advisors continue to search for 10-15 key institutional investors to back the offer.
Bank South Pacific was valued by Morgan Stanley and UBS in the range of 5.3-9.2 times earnings. As well as targeting developing markets funds, the company has landed a 5 year escrow investment from Kumul Consolidated. Analysts expect growth via LNG developments.
Meanwhile, Bingo’s valuation of $693.6m-816m has been viewed by some as expensive, with concerns also surrounding the selldown. Nonetheless, the company’s management are emphasising operational efficiencies, growth via new business, increasing infrastructure expenditure, and a differentiated market leading position.
Having already appointed UBS, Barminco’s attention turned towards debt refinancing. The business has also divided banks by making their involvement conditional upon debt provision.
Although investor interest has been reported as muted, Oceania Healthcare lodged a prospectus for its $250m dual listing in early May. 41.4% of the company will be divested, with pricing set to fall between NZ$0.76-1.04. The business has talked up its development economics and an aging population thematic.
Once again, the tech space drew notable attention, with numerous ASX prospects progressing. CyberGym for instance, detailed its operations and multi-revenue streams that will support a $30m IPO and $80m valuation. The Israeli cyber security firm is likely to be joined by its peer Votiro, currently raising $10m in pre IPO funds.
AccuVein will price its IPO at $1.63 per share as it attempts to raise $62.6m. The business has appointed Medibank’s former CEO as a non-executive director to provide experience.
Meanwhile, Aquabotix released a prospectus for its underwater drone business. UUV is spruiking a sales record spanning 45 countries and highlighting aspirations for Asia-Pacific growth.
Geospatial business Takor has materialized as another IPO hopeful. Valued at $18m, the company will raise $8m to drive growth in Europe, Asia and the US.
Rideshare app GoCatch, and NBN alternative provider Uniti both continue to mull IPOs, with the latter raising $3m in pre IPO funds and eyeing a listing next year.
Fintech offers are also keeping investors occupied courtesy of developments from:
- Broking aggregators Finsure Group ($11m pre IPO) and Arch Finance
- Online registrar Registry Direct (50 clients)
- Stockbroking compliance and systems provider Complii, who will soon appoint lead managers
- Latitude Financial Services, who are set to hire an independent advisor
- Wealth and asset management business Moelis, who intend to invest more into tech plays
Listing plans also emerged for building products supplier Big River (eyeing $17m); LIC Benjamin Hornigold (run by John Bridgeman of last year’s Henry Morgan float); pharmaceutical distributor First Pharma ($5m RTO via Navigator Resources); and gold miner Calidus Resources (Pharmanet Group to acquire Keras Gold Australia and raise $7.62m).
Some of the businesses that opened their books for an IPO or RTO include:
- Underwater drones and smart tech provider, Aquabotix – $5.1-7m (retail offer)
- Lithium and iron ore explorer, Macarthur Minerals – $5-10m
- Wealth and asset management business, Moelis – $58.8m
- Telecommunications and cloud host provider, Field Solutions (RTO via Freshtel) – $3-4m
- Geospatial tech business, Takor Group – $6-8m
- Diversified conviction-focussed LIC, Benjamin Hornigold – $15.6-20m
- Silver producer, Manuka Resources – $10-13m
- Building products and timber manufacturer and distributor, Big River – $17m
Trade sale and Private Equity interest
Zip Industries recently talked up its prospects as a market leader in a sector expected to see strong growth until 2021.
Super Amart has been valued at over $800m. The IPO is to be run by Credit Suisse, Macquarie and Goldman Sachs. A trade sale will be conducted by Deutsche Bank.
Despite some trade interest, Officeworks’ IPO prospects are increasing as private equity look unwilling to match a public market valuation.
With both a trade sale and IPO an option, QSR will restructure $200m in debt for the IPO route while also seeking independent directors. The business has been touring the Asia Pacific region to gauge interest.
Uncertain IPOs, setbacks and cancellations
While 1414 Degrees intend to accelerate plans for its $10m IPO, questions have been asked about alternative energy solutions via Tesla and the Snowy Hydro. The business also remains locked in a patent dispute with fellow SA renewable energy provider & tender competitor, CCT.
Last but not least, Woolworths has dismissed speculation its liquor business could float on the ASX.
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