IPO Watch: New prospectuses, upcoming listings and a fragile looking float
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The ASX is continuing to experience a busy period for floats with seven IPO prospectuses launched over the past three weeks — together seeking just over $100 million.
Over the next month seven other companies are due to list — though one, Metals 479, is looking fragile.
The ASX hosted 19 floats in the March quarter — making it the world’s fourth busiest stockmarket for IPOs so far this year.
That number will be much bigger this quarter.
The outlook for micro, small and mid-cap listings up to about $500 million market cap is “very, very healthy”, the ASX’s general manager of listings Max Cunningham told Stockhead recently.
The latest companies to start IPO campaigns include a shark deterrent; a coal miner shucking off a former life as a gold explorer; an Asia-focused payroll business on its third IPO attempt; and a potash play from WA.
Metals 479 was supposed to list on May 1. But a source told Stockhead the company has had to go back and lower its valuation before attempting a public offer.
Joining the hustings is Wide Open Agriculture.
Ex-mining executive Anthony Maslin, chairman of the “four returns” WA wheatbelt business, opens that prospectus with a very personal account of why he launched the business:
“Wide Open Agriculture Limited (WOA) originates from my quest for meaning and positive change embarked upon following the death of my three children, Mo, Evie and Otis Maslin on Flight MH17.
“This led to the formation of WOA in March 2015, with a vision to deliver new hope and inspiration to communities in which the company operates.”
1414 Degrees is launching an ambitious project at Australian investors: a thermal energy system that takes in electricity from any source — be it coal or renewables — and stores it as latent heat in molten silicon at 1414 degrees celsius.
Investors with long memories will likely hark back to another very high tech ASX energy play, Geodynamics (now ReNu Energy).
It wanted to harness energy from hot rocks deep underground but after much investment, switched into general renewables in 2016.
Keytone Dairy is one of the latest campaigners for an ASX listing.
The kiwi dairy farmer is aiming for an Aussie listing in order to milk — specifically — the Chinese market for its heavy demand for down under infant formula.
This month’s ASX debutantes
Over the coming month at least six companies — not including Metals 479 — hope to list.
Parachutes-for-drones business Parazero from Israel is hoping to unlock the potential of commercial drones by making them safer.
Wealth advisor Evans Dixon will be hoping the financial advice scandals coming out of the Royal Commission into banking have quieted down before it joins the bourse in two weeks.
Galileo Mining has name dropped several famous people on its spartan, WordPress-based website.
The managing director has been “working directly for” mining legend Mark Creasy since 2010 and the technical director is currently an employee of Tawana Resources (ASX:TAW) and a director at Birimian (ASX:BGS).
Koppar Resources is channeling Scandinavia design, asking for funds to explore old Norse projects for copper, zinc and “other mineral opportunities”.
The intriguingly named Star Combo Pharma will soon (it hopes) be backing its health supplements and natural beauty products with an ASX reputation. They are down on the ASX’s list to join the bourse on May 11.
And Steven Lowy’s Westfield-except-online mall OneMarket, allegedly supposed to revolutionise shopping.
OneMarket’s tech will monitor all of your purchases and searches, log your car’s number plate and where it is in the mall, and then pass that data on to the retailers of the mall you were in.