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IPO Watch
This morning saw four new companies list on the ASX as the pre-Christmas rush continues.
Listing first at 10.30am (AEDT) was Live Verdure (ASX:LV1) which climbed just over 30 per cent at market open having raised $5 million at 20 cents per share.
Live Verdure is a gourmet foods stock specialising in both plant-based food and hemp.
It owns Tasmanian consumer brand 13 Seeds and has 22 products across its various product ranges.
Shares rose as high as 27 cents today but settled at 25 cents which is 25 per cent higher than its IPO price.
The second company to IPO this morning, at 11am, was cloud infrastructure and cybersecurity stock Sovereign Cloud Holdings (ASX:SOV).
This company is a provider of Infrastructure as a Service (IaaS) facilities and privately trades as AuCloud.
Sovereign Cloud Holdings targets the Australian government, the Defence Force and critical national industries.
It is hoping to capitalise on the government’s increasing ICT and cybersecurity spending.
Sovereign Cloud Holdings is backed by Wilson Asset Management and tech entrepreneur Bevan Slattery.
The company raised $20 million at 75 cents per share and on debut this morning rose over 43 per cent to $1.07.
Next up at 12pm was GenusPlus (ASX:GNP), which provides power and telecommunications.
The company is based and has operations in WA but hopes to use the IPO proceeds to expand onto the East Coast.
In FY20 it made $170 million in revenues and a normalised net profit after tax of $17.3 million.
GenusPlus raised $32.8 million at 96 cents per share. In the opening minutes of trading, shares rose to $1.06 – a 10 per cent gain.
Rounding out the list of ASX IPOs this morning is Errawarra Resources (ASX:ERW) which started trading at 12.30pm.
The company is WA based and was spun off from Hannans (ASX:HNR) in 2012 and had brief stints in manganese and potash technology but pivoted back to gold, nickel and copper
Errawarra has three projects in its home state – Binti Binti, Fraser Range and Errabiddy.
Of these, Fraser Range is the most noteworthy, lying 30km southwest of the Nova-Bollinger mine owned by IGO (ASX:IGO) – yes, the same one discovered by Sirius back in 2012 that led to its $1.8b takeover in 2015.
Errawarra raised $6 million at 20 cents per share and reported there was $20 million worth of demand for its shares.
Upon debut, shares rose by 20 per cent to 24 cents.
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