IPO Watch: 3 more companies joined the ASX boards today — here’s how they went
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There were three more IPOs on the ASX today, and all three debutantes rose on their opening day of trade.
The best performer was Alvo Minerals (ASX:ALV) which gained over 50% on its ASX debut.
ALV’s flagship project is the ‘Palma’ VMS project in Brazil, which has a resource of 4.6 million tonnes at 1.0% copper, 3.9% zinc, 0.4% lead and 20g/t gold.
The company says that with proceeds from the raise, it will soon begin a 10,000m diamond drill program.
“We believe our flagship Palma project has immense exploration potential and we are excited to be launching our maiden 10,000m drill program to test what has been confirmed to be a very prospective copper-zinc VMS system,” said managing director Rob Smakman.
“We look forward to growing shareholder value and exploring the full potential of the Palma project.”
Activeport also had a positive debut, although it was slightly more nuanced than Alvo.
This company is not the first ASX stock in the cloud software sector, but it is the first offering an exposure to the software defined wide area network (SD-WAN) technology and data orchestration space.
Activeport enables connections between offices, factories, sites and branches at the edge of enterprise networks to core computing services in the cloud.
The company used this morning to release a quarterly update reporting a 162% jump in annualised software-related revenue and a 65% jump in services revenue from the prior corresponding period.
“Listing on the ASX is an important milestone because it allows us to fund expansion and keep up with the amazing software sales growth we are experiencing with telcos, ISPs and MSPs at home and around the world,” said CEO Karim Nejaim.
Rounding out today’s list was the RAM Essential Services Property Fund (ASX:REP), and like Activeport it rose modestly on debut.
This company has a portfolio of medical and essential retail assets that adds up to $706.3 million.
Its assets include the Dubbo Private Hospital in central New South Wales and the North West Private Hospital near Burnie in Tasmania.
It raised $356.9 million as part of the IPO, which it says will help it add value to its existing assets and also to grow the portfolio through acquisitions.
The author held shares in ActivePort at the time of this article.