IPO Watch: Ag-biotech Terragen begins ASX journey with $20m float
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Queensland-based agricultural biotech Terragen has made public its ambitions to join the ASX with the launch of a $20m IPO.
Terragen has developed and commercialised biological products using live microbes to address soil health and productivity of farm production animals.
It’s designed to reduce the reliance of farmers on chemical-based fertilisers, pesticides and antibiotics.
Terragen has two products on the market in Australia and New Zealand — soil conditioner Great Land and microbial feed supplement Mylo.
The company is also developing veterinary medicines Lactolin, a teat conditioner to maintain and improve the udders of lactating production animals, and Halo, an anti-inflammatory product to assist dairy cattle with mastitis and companion animals such as dogs with mobility impairments.
Under its IPO, which opened yesterday and closes November 21, Terragen is offering 80 million shares at 25c apiece.
The IPO is fully underwritten by Bell Potter Securities and Evans Dixon Corporate Advisory.
The cash raised will be used to further commercialise Terragen’s Great Land and Mylo products in Australia and New Zealand as well as further develop and market Mylo, Lactolin and Halo in the US and Europe.
Terragen is aiming to light up the local boards before Christmas, with listing pencilled in for December 11.
Here’s a list of upcoming IPOs:
Scroll or swipe to reveal table. Click headings to sort
|Company||ASX Code||Expected listing date||Industry||Issue price||Fund raising|
|KKR Credit Income Fund||KKC||21-Nov-19||Listed investment trust||$2.50||$330m|
|VGI Partners Asian Investments Ltd||VG8||13-Nov-19||Listed investment company||$2.50||$1bn|
|360 Capital Digital Infrastructure Fund||TDI||4-Nov-19||Digital infrastructure||$2.00||$65m|
|Cronos Australia Limited||CAU||7-Nov-19||Medicinal cannabis||$0.50||$20m|
|Nemex Resources Limited||NXR||TBA||Mineral exploration||$0.20||$5m|
|Tartana Resources Limited||TNA||TBA||Mining exploration||$0.20||$6m|
|Macarthur Minerals Limited||MIO||6-Dec-19||Mining exploration||$0.25||$7.5m|
|Primewest||PWG||8-Nov-19||Real estate funds management||$1.00||$100m|
|Terragen Holdings Limited||TGH||11-Dec-19||Agrigultural biotech||$0.25||$20m|
|Latitude Financial Group Limited||LFS||TBA||Digital payments||$2-$2.25||$1.4bn|
Meanwhile, about 74 per cent of the companies that have floated in 2019 are enjoying gains of between 2 per cent and 543 per cent.
Wireless internet provider Uniti Group (ASX:UWL) is still top of the list with a 543 per cent gain since listing in mid-February.
The company is followed by ‘buy now, pay later’ competitor Splitit (ASX:SPT), which has surged 398 per cent since its late January debut, and 3D bone implant printer Osteopore (ASX:OSX), which sits 373 per cent higher than when it listed in September.
Pot stock Ecofibre (ASX:EOF) is also still in the top five with a 242 per cent spike since late March.
New resources floats, however, are still struggling to gain traction with investors, with potash explorer Trigg Mining (ASX:TMG) sliding 55 per cent since it debuted at the start of October and copper-gold explorer Canterbury Resources (ASX:CBY) down 12 per cent since March.
But it’s US-based subscription sweets business Candy Club (ASX:CLB) at the bottom of the IPO performers with a 69 per cent drop.
Here’s a performance rundown of this year’s ASX entrants:
Scroll or swipe to reveal table. Click headings to sort
|Listed date||ASX Code||Company||Funds raised ($M)||IPO Price||Price Oct 22||% change|
|02/19/2019||CLB||Candy Club Holdings Ltd||5.024||0.2||0.078||-61.0%|
|10/03/2019||TMG||Trigg Mining Ltd||4.500||0.2||0.1||-50.0%|
|08/27/2019||APV||Appsvillage Australia Ltd||5.000||0.2||0.115||-42.5%|
|05/24/2019||TIP||Teaminvest Private Group Ltd||3.970||1||0.82||-18.0%|
|03/07/2019||CBY||Canterbury Resources Ltd||6.147||0.3||0.25||-16.7%|
|06/06/2019||PKS||PKS Holdings Ltd||16.130||0.2||0.19||-5.0%|
|10/11/2019||MHH||Magellan High Conviction Trust||861.814||1.5||1.49||-0.7%|
|06/11/2019||PGL||Prospa Group Ltd||109.756||3.78||3.76||-0.5%|
|09/26/2019||PGG||Partners Group Global Income F||550.000||2||2.04||2.0%|
|04/29/2019||MOT||MCP Income Opportunities Trust||300.000||2||2.06||3.0%|
|05/14/2019||PCI||Perpetual Credit Income Trust||440.000||1.1||1.135||3.2%|
|05/07/2019||MRZ||Mont Royal Resources Ltd||5.000||0.2||0.21||5.0%|
|02/14/2019||A1G||African Gold Ltd||4.500||0.2||0.21||5.0%|
|10/01/2019||MAD||Mader Group Ltd||50.000||1||1.05||5.0%|
|06/17/2019||RF1||Regal Investment Fund||281.778||2.5||2.7||8.0%|
|05/28/2019||IAP||Investec stralia Property Fu||101.538||1.32||1.55||17.4%|
|06/14/2019||VOL||Victory Offices Ltd||30.000||2||2.43||21.5%|
|04/30/2019||PE1||Pengana Private Equity Trust||157.371||1.25||1.52||21.6%|
|08/16/2019||FCL||Fineos Corp Holdings PLC-CDI||210.975||2.5||3.05||22.0%|
|10/16/2019||DTC||Damstra Holdings Pty Ltd||49.322||0.9||1.16||28.9%|
|04/17/2019||RDY||Readytech Holdings Ltd||50.000||1.51||1.95||29.1%|
|07/05/2019||IXC||Invex Therapeutics Ltd||12.000||0.4||0.54||35.0%|
|06/14/2019||2BE||Tubi Pty Ltd||5.760||0.2||0.275||37.5%|
|08/30/2019||IMR||Imricor Medical Systems Inc||13.000||0.83||1.21||45.8%|
|02/22/2019||MPH||Mediland Pharm Ltd||12.553||0.2||0.305||52.5%|
|06/12/2019||PBH||PointsBet Holdings Pty Ltd||75.000||2||4.5||125.0%|
|06/07/2019||VVA||Viva Leisure Ltd||20.000||1||2.35||135.0%|
|04/18/2019||NXS||Next Science Ltd||35.000||1||2.75||175.0%|
|06/21/2019||VGI||VGI Partners Ltd||75.000||5.5||16.46||199.3%|
|01/29/2019||SPT||Splitit Payments Ltd||12.000||0.2||0.86||330.0%|
|02/13/2019||UWL||Uniti Group Ltd||13.181||0.25||1.535||538.9%|