IPO Watch: Fruit farmers and miners are poised at the ASX starting line
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As sewer smell eradicator Calix makes its ASX debut today, another nine hopefuls are warming up at the starting line with plans to list this month.
A number of junior resources businesses are pencilled in to list between now and the middle of August, while Calix will ring the bell this morning.
On the agriculture front, Vitalharvest (ASX:VTH) is planning to launch a $10 million initial public offering next week, offering exposure to leading Australian berry and citrus plays.
The Real Estate Investment Trust — basically an incoming-producing property portfolio — will be managed by goFARM Asset Management, which is half-owned by Costa Asset Management (CAM).
It’ll be headed up by chief executive Lisa Whitmore (who also runs CAM) and goFarm boss Liam Leneghan.
>> Scroll down for a list of upcoming ASX floats
The Vitalharvest IPO aims to raise $10 million by selling units at $1 each. Another $175 million has been raised via institutions and other sources.
Upon listing, the plan is to acquire four key berry projects and three citrus farms across Australia, giving investors access to assets valued at some $240 million, according to the prospectus.
The properties are owned by CAM and are tenanted by the Costa Group (ASX:CGC), which has a market cap of close to $2.5 billion and has leases on most of the properties to 2026.
Vitalharvest is pencilled to float on August 1.
Miners at the starting line
Three miners were set to hit the market this week but have not yet rung the bell: Rafaella Resources, Coolgardie Minerals and Kingwest Resources.
Rafaella was looking to raise $5 million at 20c a share and has been on the list of potential ASX debutantes since March.
Gold miner Kingswest was looking to raise $5 million for a July 19 listing, but did not hit the bourse yesterday. Stockhead has contacted the company for an update on their listing process.
Coolgardie Minerals told investors on Friday it had closed its $4 million raise, but was waiting approval from the ASX for listing “in the coming weeks”.
Elsewhere, Constellation Resources (ASX:CR1) is down for a prospective float date of July 24.
The business is owned by fellow listed minerals explorer Apollo Minerals (ASX:AON) and is being spun off as a separate listed business in an IPO worth $7 million.
According to the prospectus, $4 million of the funds would be used over the next four years to complete exploration work at the Orpheus nickel-copper project in WA.
AMD Resources (ASX:ADM) is pencilled in for August 6, having sought $22 million through an IPO for its gold and silver project portfolio.
Tempus Resources (ASX:TMR) is also down for July 30, having launched an IPO to raise $5 million at 20c per share.
The company is acquiring a 90 per cent interest in Montejinni Resources, which owns the Montejinni project in the Northern Territory and the Claypan Dam project in South Australia.