IPO Watch: APM Human Services becomes the latest $1bn+ stock to list on the ASX
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While 2021 has had dozens of solidly performing IPOs, larger companies haven’t fared as well and APM Human Services (ASX:APM) continued the trend.
APM Human Services began in 1994 and provides human services including matching of job seekers and employers, vocational education and workplace injury prevention.
The Perth based company listed on the ASX earlier today at $3.55 per share – valuing the company at over $1 billion and it fell over 5% in the first two hours of trading.
2021 has been a bumper year for IPOs with over 150 listing, an average gain of 25% and the largest number of companies worth over $1 billion listing.
But most of the largest have retreated upon listing including Pexa (ASX:PXA), GQG Partners (ASX:GQG), Latitude Financial (ASX:LFS) and Pepper Money (ASX:PPM) – although 29 Metals (ASX:29M) has been one exception.
APM Human Services hailed the IPO as a success, having raised nearly $1 billion and allowed over 4,000 of its 7,000+ employees to become shareholders.
It has slowly expanded its services over time into 800 sites across 10 countries – serving over one million people all up.
And the company’s founder Megan Wynne promised shareholders that more growth is ahead.
“We will continue to deliver on our purpose of enabling better lives by partnering with our stakeholders and supporting more clients each year to positively change their lives,” she said.
“We believe that everyone, regardless of their means or circumstances, should have access to high quality human services.”
“This approach fosters equity and social cohesion which in turn contributes to the welfare of communities as a whole.”