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It’s getting harder to list, raise money and stay on the ASX
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With one quarter remaining for the 2019 financial year, the outlook is not good for successful IPOs, raised capital and de-listings, according to the ASX’s latest monthly figures.
In the year to date 92 new entities have been admitted to the ASX, and only 11 since the start of the calendar year. That’s compared with 113 listings this time last year.
Meanwhile, there have been 109 companies removed from the ASX, compared with 73 de-listings at this time last year.
And while $73.7 billion in capital has been raised for the year to date — a 14 per cent improvement on the $64.4 billion of the prior year — capital raised in April slid 39 per cent year-on-year, dropping by more than $3 billion.
Several experts Stockhead spoke with last year predicted that life on the ASX would get tougher in the 2019 calendar year.
Of the 11 companies to successfully make their debut on the ASX thus far in 2019, seven have seen their share prices grow. In fact, average share price growth is sitting pretty at 73 per cent, but that is largely thanks to a few big winners.
Here is a table of stocks admitted to the ASX in 2019:
| Listing Date | ASX Code | Company | IPO Price | Last close | Percentage Change | Sector |
|---|---|---|---|---|---|---|
| 04/30/2019 | PE1 | Pengana Private Equity Trust | 1.25 | 1.24 | -0.01 | Financial |
| 04/29/2019 | MOT | MCP Income Opportunities Trust | 2 | 2.08 | 0.03 | Financial |
| 04/18/2019 | NXS | Next Science Ltd | 1 | 1.81 | 0.65 | Consumer, Non-cyclical |
| 04/17/2019 | RDY | Readytech Holdings Ltd | 1.51 | 1.7 | 0.13 | Technology |
| 03/29/2019 | EOF | Ecofibre Ltd | 1 | 2.03 | 1.19 | Consumer, Non-cyclical |
| 03/07/2019 | CBY | Canterbury Resources Ltd | 0.3 | 0.3 | -0.04 | Basic Materials |
| 02/22/2019 | MPH | Mediland Pharm Ltd | 0.2 | 0.33 | 0.73 | Consumer, Non-cyclical |
| 02/19/2019 | CLB | Candy Club Holdings Ltd | 0.2 | 0.11 | -0.45 | Consumer, Non-cyclical |
| 02/14/2019 | A1G | African Gold Ltd | 0.2 | 0.2 | -0.02 | Consumer, Non-cyclical |
| 02/13/2019 | UWL | Uniti Wireless Ltd | 0.25 | 0.585 | 1.38 | Communications |
| 01/29/2019 | SPT | Splitit Payments Ltd | 0.2 | 1.09 | 4.4 | Financial |
Payments provider Splitit (ASX:SPT) has had an outrageously successful few months, with shares trading 440 per cent above their offer price.
Wireless internet company Uniti Wireless (ASX:UWL) isn’t too far behind, its shares up 138 per cent on their offer price, despite some back-and-forth with the ASX about its fired co-founders.
Shares in cannabis stock Ecofibre (ASX:EOF) have also seen three-figure percentage gains, up 119pc.
At the other end of the scale, US lolly seller Candy Club (ASX:CLB) has had a sour start to its ASX days, down 45 per cent.
Here is a table of stocks purported to be listing in coming months:
| Company | ASX code | IPO status | Focus | Fund raising | Issue price |
|---|---|---|---|---|---|
| AltoStratos | ATO | Withdrawn | Supply chain delivery technology | $16-$25m | 40c |
| Australian Family Lawyers | AFL | Offer closes April 29; Listing set for May 10 | Law firm | $4-$6.5m | 20c |
| Australian Industrial Minerals | AAM | Withdrawn | Industrial minerals | $5m | 25c |
| Australian Nutrition & Sports | AN1 | Was due to list Apr 3; ASIC has issued an interim stop notice | Dairy formula | $5-$8m | 20c |
| AXS Group | AXS | Offer date extended to April 19; Listing date extended to April 26 | Software provider to the finance, insurance and funds sector | $7m | 25c |
| Carnaby Resources | - | Prospectus not yet issued; Considering listing in 2019 | Gold | - | - |
| Expose Resources | EXX | Listing date extended to April 10 | Gold | $4.5m | 20c |
| Frugl | Pre-IPO funding; planning listing | Grocery price comparison | - | - | |
| Gold Tiger Resources | GRA | Offer closing May 10; Listing planned for May 22 | Gold | $4-$5m | 20c |
| irexchange | IRX | Withdrawn | Retail tech | $17.5m | 90c |
| Jobstore Group | JOB | Was due to list Dec 5 | AI-powered recruitment | $6.6-8m | 20c |
| Koligo Therapeutics | KOL | Closing date extended to April 23; Listing date extended to May 7 | Regenerative medicine | $6-$7m | 20c |
| Life360 | 360 | Offer due to close May 8; Listing penned in for May 17 | Location-based services applications | $145.43m | $4.79 |
| Melior Resources | Seeking ASX-listing in 2019 | Mineral sands | $5m | ||
| Mont Royal Resources | MRZ | Listing set for May 15 | Gold | $5m | 20c |
| Powerwrap | PWL | Offer closes May 3; Due to list May 23 | Investment software platform | $17.4m | 35c |
| Rolek Resources | RLK | Backdoor listing cancelled | Manganese | $5m | 2c |
| Trigg Mining | TMG | Postponed until 2019 | Potash | - |
Five companies have withdrawn their IPOs: AltoStratos, Australian Industrial Minerals, Irexchange, Cadence Opportunities and PVW Resources.
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