IPO Watch: Here’s how 15 floats have (not) performed over the last quarter
The ASX has had a difficult two months and newly listed companies have not escaped it.
There have been 15 IPOs since the start of October and only four of these have gained ground since listing.
Of these, three are in the funds industry — Tribeca Global Natural Resources Fund (ASX:TGF), Hearts and Minds Investments (ASX:HM1) and Qualitas Real Estate Income Fund (ASX:QRI).
The standout performer is technology company Security Matters (ASX:SMX).
It is one of only 12 companies in Intel’s Ingenuity Partner Program, which will allow it to safeguard and enhance its products through direct collaboration with Excel.
The remaining companies have generated modest returns.
Resource fund manager Tribeca has around $1 billion of investments in mining companies.
Although only 30 per cent of these are small caps and only 7.5 per cent are ASX-listed, it would seem these traits (especially the former) are a positive for investors rather than a negative.
The biggest loser is Perth-based tech company Nanoveu (ASX:NVU)
Having raised $6m, its shares now stand at half its IPO price.
The company produces and sells screen protectors and in spite of shipping beginning in the US and the UK, investors have still dumped the stock.
Nanoveu has not yet reported expected sales, promising them in its first quarterly .
Another prominent loser is gold, nickel and copper explorer Moho Resources (ASX:MOH).
Since its debut, the company has fallen 35 per cent to 13c.
As with most small cap mining companies, it listed before commencing exploration and Moho will be delayed by the wet season until April 2019.
Here’s a list of 15 IPOs this quarter showing how they’ve performed since their debut:
The picture is comparatively rosier for companies that listed in the first three quarters of this year, but not overall. Of 55 IPOs, 17 have gained since listing.
Overall, Keytone Dairy (ASX:KTD) has gained the most this year, listing at 20c and now sitting at 43.5c. It climbed as high as 78c in September.
The Kiwi dairy manufacturer and export company is using the majority of its IPO funds to build a second factory which will more than triple its capacity.
The biggest loser, meanwhile, was WhiteHawk (ASX:WHK).
The cyber security exchange firm is just over a quarter of its IPO price, at 5.5c.
Despite some client wins, most pertinently the US Department of Defence and Department of Homeland Security, it is only anticipating “an additional four sales” in the first quarter of 2019 — evidently too slow for some impatient investors.
Here’s a list of 56 IPOs in the first three quarters of this year showing how they’ve performed since their debut: