IPO Watch: 2 new IPOs hit the ASX today, and here’s how they went
After a few days without any new listings, the ASX welcomed two new IPOs this morning.
The first of these is TEK-Ocean Group (ASX:T3K), which services the offshore energy market providing services including engineering and project management, logistics as well as decommissioning and rehabilitation services.
It was founded in 2007 and has grown its revenues to $23 million by FY20.
The company raised $6.6 million at 50 cents a share, well ahead of the $5 million it was initially seeking.
Speaking earlier this week, non-executive chairman Brendan Brown said his industry was an exciting space to be and the company would be using the fund to expand the business and pursue new opportunities.
“We are looking in particular to grow our business further in the areas of the decommissioning and rehabilitation of offshore energy projects in Australasia as well as the emerging offshore renewable energy market in Australia,” he said.
“We are extremely pleased to have completed this important milestone and having received such an enthusiastic response from both current and new retail and institutional investors.”
Shares commenced trading at 11am (AEST) and in the first half hour they fluctuated between 49 cents and 51 cents.
Rubicon Water (ASX:RWL) – the second of today’s two new IPOs – followed just half an hour later.
This company has irrigation automation technology that aims to help with water scarcity and improve the supply of water to farmers.
It was founded in 1995 and has implemented its products and solutions in 17 countries ranging from India to Costa Rica.
— Rubicon Water (@RubiconWater) August 19, 2021
The company also told shareholders the deal would help it execute its growth strategies and opportunities. It raised $42.6 million at $1 per share.
On debut, the company’s shares rose by over 55%.