IPO Watch: ASX investors rushed to ‘get some’ of Step One, Judo and Dominion Minerals
Link copied to
The ASX welcomed three companies today – two new IPOs Step One (ASX:STP) and Judo (ASX:JDO), and a reverse takeover of Factor Therapeutics (ASX:FTT). It will now be known as Dominion Minerals (ASX:DLM).
The latter was the first company to list and in doing so bought an end to a torrid three years for shareholders.
In November 2018, it plunged 97% after its wound-dressing drug VF001 failed a clinical trial. Ever since, it had been looking for a new venture with potential candidates ranging from veterinary imaging to hedge funds.
But it has finally settled on calcium limestone exploration in the American state of Georgia.
The commodity is used in a number of spaces including in agriculture as a soil nutrient but it is also used in glass manufacturing and gas emission control.
While the project is still only at an exploration stage, the company has told shareholders discussions have gotten under way with potential end users and commodity traders.
Shares in Dominion grew by over 70% this morning.
Step One (ASX:STP) came next, completing its ASX IPO at 11.30am and it too rose by over 70%.
It raised $81.3 million and hopes to expand its customer base in Australia and the UK as well as in the USA. It says the global underwear market is worth over $150 billion.
Step One began in 2017 and boasts of being sustainably and ethically produced as well as avoiding riding up and trapping sweat.
Following its ASX IPO, Step One will continue to be headed by founder Greg Taylor and chaired by former rugby league and football executive David Gallop.
“I am very excited that today Step One has listed on the ASX. I’m looking forward to continuing to build the Step One brand as we expand offshore,” he said.
Judo rounded out today’s new listees, joining the bourse at 12.30pm (AEDT).
The company is one of Australia’s so-called neobanks and one of the few to be focused on business as well as to have survived COVID-19.
In joining the ASX it is the first fully licensed bank to list since the 1990s – a feat achieved just two-and-a-half years after being granted a full banking licence. It raised $657 million at $2.10 per share and slightly rose on its debut.
“Judo Bank’s IPO will mean more SMEs will have access to a relationship bank that listens, understands and boldly backs their businesses,” declared co-founder and CEO Joseph Healy.
“This is an important milestone for our business as we continue to deliver against our purpose and build a truly world class SME business bank.”