The start of 2019 has been a little subdued for resources plays, with just African Gold (ASX:A1G) so far successfully making its debut on the local bourse.

But it was some kind of entrance – A1G doubled its share price in the first eight minutes as a publicly listed company. It’s still trading at a 20 per cent premium to its 20c issue price.

Next, copper and gold explorer Canterbury Resources is aiming to light up the ASX boards. It has penned in an expected date of February 28, but has not yet been admitted to the “Official List”.

Canterbury, which has copper and gold exploration projects in Papua New Guinea and Queensland, was originally hoping to be listed by the end of October last year.

But the “headwinds of volatile markets” and “Donald Trump’s tweeting” made it a little challenging, director Grant Craighead told Stockhead last month.

Canterbury closed its reduced $6m IPO on December 28 and thought it might make its debut in the “latter part of January”.

The company had the cash, but just needed the spread of shareholders required by the ASX, so it extended the offer to February 20.

In the March quarter of 2018, there were a total of 20 new IPOs, but so far in the first quarter of this year we have only seen about five new IPOs, with another eight potentially to list before the end of the quarter.

Just three of those eight still to come this quarter are resources companies.

This might look a little gloomy for the resources sector, but Patersons Securities resources analyst Xavier Braud told delegates at the RIU Explorers Conference in Fremantle, WA last week that it looks like it could be the start of an uptick in the cycle, mimicking what happened between 1999 and 2003.

Resources ASX IPOs, Patersons Securities

There were just three resources floats in 1999, but that increased to 35 by 2003 – before continuing the run up to a record 117 new floats in 2007.

Of course the GFC hit in 2008 and the number of IPOs has dropped off substantially since then.

“The IPO market was not the flashest of all for last year,” Mr Braud said. “The beginning of the year was good. Unfortunately it started slowing down.

“It’s still growing a little bit, and when I look at this one I can’t help but think it looks very much like ’99 to 2002/2003.

“To me it looks like it could be the beginning of [a cycle].”

Right now the only other resources players still in the queue to list besides Canterbury are gold explorer Expose Resources, base and precious metals explorer XS Resources and Australian Industrial Minerals, which is developing the Harts Range mine that hosts garnet and hornblende.

Garnet is typically used in abrasive blast cleaning, waterjet cutting and water filtration applications, while hornblende is usually only used in abrasive blast cleaning.

Expose and XS Resources were hoping to be listed last year, but are now down for April 10 and March 4 respectively.

Manganese explorer Rolek Resources, meanwhile, is looking to be relisted by April.

The company’s goal since September last year has been to complete a backdoor listing through the shell of Shaw River Manganese (ASX:SRR).

Supply chain delivery technology company AltoStratos was penned in to make its debut next week — on March 5 — but has extended that to the end of April.

Software provider AXS Group  was looking to be listed by the end of February, but has pushed the deadline to March 15. 

irexchange, which describes itself as a “disruptive technology and next-generation business” aimed at improving “fairness, transparency and efficiency” to the retail sector, has withdrawn its IPO.

Here’s a table of upcoming floats:

Swipe or scroll to reveal full table. Click headings to sort

Company ASX code IPO status Focus Fund raising Issue price
AltoStratos ATO Listing extended to April 30 Supply chain delivery technology $16-$25m 40c
Australian Industrial Minerals AAM Offer opens Feb 18; Due to list Mar 28 Industrial minerals $5m 25c
Australian Nutrition & Sports AN1 Offer opened Feb 15; Due to list Apr 3 Dairy formula $5-$8m 20c
AXS Group AXS Due to list Feb 28 Software provider to the finance, insurance and funds sector $7m 25c
Canterbury Resources CBY Listing date extended to Feb 28 Copper, gold $7.8m 30c
Carnaby Resources - Prospectus not yet issued; Considering listing in 2019 Gold - -
Ecofibre Offer opens Feb 18; Due to list Mar 29 Hemp products $15-$20m $1
Expose Resources EXX Listing date extended to April 10 Gold $4.5m 20c
Frugl Pre-IPO funding; planning listing Grocery price comparison - -
irexchange IRX Withdrawn Retail tech $17.5m 90c
IXT IXT Was due to list Dec 21 Services and software $7m 20c
Jobstore Group JOB Was due to list Dec 5 AI-powered recruitment $6.6-8m 20c
Koligo Therapeutics KOL Offer opens Feb 18; Due to list Mar 29 Regenerative medicine $6-$7m 20c
Rolek Resources RLK Backdoor listing via Shaw River (ASX:SRR); Listing expected by April Manganese $5m 2c
Trigg Mining TMG Postponed until 2019 Potash -
XS Resources XS1 Listing extended to Mar 4 Precious, base metals $4.5m 20c
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Meanwhile, a large chunk of companies that made their debut in the past year haven’t done all that well.

Around 62 per cent have made no gains or have sunk lower than their IPO issue price.

A fair few resources companies are among the losers, including Bounty Mining (ASX:B2Y), Coolgardie Minerals (ASX:CM1), Podium Minerals (ASX:POD) and Tao Commodities (ASX:TAO).

Bounty has wiped off nearly 78 per cent since it listed mid-last year and is now trading at 7.8c, while Coolgardie is down 74 per cent to 5.2c, Podium slipped 72 per cent and Tao retreated nearly 56 per cent.

Payments provider Splitit (ASX:SPT) is still the best performing float over the past year, gaining 318 per cent to trade at 83.5c.

Splitit is the latest competitor in the buy-now, pay-later market with companies such as Afterpay and ZipCo.

Nickel Mines (ASX:NIC) is the best performing resources company, adding 24 per cent to its share price to reach 43.5c.

Here’s a list of IPO performances over the past year:

Swipe or scroll to reveal full table. Click headings to sort

Listing Date ASX Code Company IPO Price Intra-day Price Feb 26 Percentage Change
01/29/2019 SPT Splitit Payments 0.2 0.835 3.175
12/18/2018 EX1 Exopharm 0.2 0.5 1.5
09/21/2018 AGH Althea Group Holdings 0.2 0.415 1.075
07/18/2018 KTD Keytone Dairy Corp 0.2 0.4 1
12/28/2018 AMS Atomos 0.41 0.75 0.829268292683
05/25/2018 CPV Clearvue Technologies 0.2 0.355 0.775
10/15/2018 SMX Security Matters 0.2 0.355 0.775
12/13/2018 EMV EMvision Medical Devices 0.25 0.425 0.7
07/20/2018 CXL Calix 0.53 0.83 0.566037735849
12/13/2018 TYM Tymlez Group 0.22 0.335 0.522727272727
05/29/2018 PYG PayGroup 0.5 0.72 0.44
08/20/2018 NIC Nickel Mines 0.35 0.435 0.242857142857
07/30/2018 CR1 Constellation Resources 0.2 0.245 0.225
08/15/2018 TMR Tempus Resources 0.2 0.245 0.225
05/16/2018 S66 Star Combo Pharma 0.5 0.605 0.21
12/14/2018 YRL Yandal Resources 0.2 0.24 0.2
02/14/2019 A1G African Gold 0.2 0.24 0.2
02/22/2019 MPH Mediland Pharm 0.2 0.225 0.125
05/11/2018 1752 HK Top Education Group 0.33 0.37 0.121212121212
11/14/2018 HM1 Hearts and Minds Investments L 2.5 2.76 0.104
07/09/2018 PGX Primero Group 0.4 0.43 0.075
12/12/2018 HMD HeraMED 0.2 0.215 0.075
05/29/2018 GAL Galileo Mining 0.2 0.2 0
07/27/2018 NSB NeuroScientific Biopharmaceuti 0.2 0.2 0
09/11/2018 HLA Healthia 1 1 0
09/12/2018 14D 1414 Degrees 0.35 0.35 0
02/19/2019 CLB Candy Club Holdings 0.2 0.2 0
10/12/2018 TGF Tribeca Global Natural Resources 2.5 2.42 -0.032
05/30/2018 KRX Koppar Resources 0.2 0.19 -0.05
11/29/2018 NWM Norwest Minerals 0.2 0.19 -0.05
07/13/2018 VEA Viva Energy Group 2.5 2.36 -0.056
11/30/2018 RDC Redcape Hotel Group 1.13 1.04 -0.0796460176991
03/09/2018 STN Saturn Metals 0.2 0.18 -0.1
12/05/2018 CRS Caprice Resources 0.2 0.18 -0.1
10/23/2018 CRN Coronado Global Resources 4 3.51 -0.1225
06/22/2018 WGB WAM Global 2.2 1.925 -0.125
10/17/2018 ID8 Identitii 0.75 0.64 -0.146666666667
08/24/2018 KWR Kingwest Resources 0.2 0.17 -0.15
09/17/2018 VEN Vintage Energy 0.2 0.17 -0.15
07/05/2018 RMY RMA Global 0.25 0.21 -0.16
04/18/2018 JMS Jupiter Mines 0.4 0.33 -0.175
10/31/2018 WWG Wiseway Group 0.5 0.4 -0.2
03/16/2018 EM2 Eagle Mountain Mining 0.2 0.16 -0.2
02/13/2019 UWL Uniti Wireless 0.25 0.19 -0.24
09/13/2018 ARN Aldoro Resources 0.2 0.15 -0.25
10/02/2018 SGI Stealth Global Holdings 0.2 0.15 -0.25
04/16/2018 MKG Mako Gold 0.2 0.135 -0.325
05/14/2018 ED1 Evans Dixon 2.5 1.65 -0.34
03/16/2018 TGO Trimantium GrowthOps 1 0.655 -0.345
07/06/2018 WOA Wide Open Agriculture 0.2 0.13 -0.35
10/19/2018 QEM QEM 0.2 0.13 -0.35
11/07/2018 MOH Moho Resources 0.2 0.13 -0.35
11/08/2018 GSM Golden State Mining 0.2 0.13 -0.35
06/13/2018 VN8 Vonex 0.2 0.12 -0.4
04/11/2018 DXN Data Exchange Network /The 0.2 0.115 -0.425
09/21/2018 AR9 Archtis 0.2 0.11 -0.45
04/30/2018 MAM Microequities Asset Management 0.8 0.42 -0.475
12/20/2018 FIJ Fiji Kava 0.2 0.096 -0.52
11/30/2018 NVU Nanoveu 0.2 0.09 -0.55
04/16/2018 TAO Tao Commodities 0.2 0.089 -0.555
07/26/2018 RFR Rafaella Resources 0.2 0.085 -0.575
08/16/2018 SLZ Sultan Resources 0.2 0.079 -0.605
06/21/2018 RZI Raiz Invest 1.8 0.66 -0.633333333333
04/27/2018 SIL Smiles Inclusive 1 0.29 -0.71
02/28/2018 POD Podium Minerals 0.2 0.056 -0.72
08/30/2018 CM1 Coolgardie Minerals 0.2 0.052 -0.74
06/19/2018 B2Y Bounty Mining 0.35 0.078 -0.777142857143
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