IPO Watch: Here’s how 83 ASX floats have performed over the past year
IPO Watch
Investors are showing strong belief in the small cap sector with the majority of IPOs in the first half of the year hitting 100 per cent of their fund raising targets.
While the number of ASX initial public offerings in the first half was down to 39 from 57 last year, there was still plenty of activity in the small caps space with 31 new companies coming onto the bourse between January and July, reports business advisory HLB Mann Judd.
Of those floats, the majority were able to easily raise 100 per cent of their cash targets, the firm says.
Businesses looking to raise between $24 million and $50 million struggled slightly more than other raise targets, but only slightly – with companies hitting their IPO targets 93 per cent of the time.
>> Scroll down for a table showing how 83 ASX floats have performed in the past year
Here are three reasons for the current strength of small cap floats:
Miners continue to drive listings
The materials sector accounted for 16 of the 39 new entrants to the ASX so far this year.
Fourteen of these companies were small caps, which raised a total of $92 million to list on the ASX. However, thats’ half the number of small cap miners that listed in the same period last year, then raising $300 million.
Smaller software companies find the ASX
Six software and services companies hit the boards in the first six months of the year, having raised $113 million. Every tech play was able to hit its fund raising targets, HLB Mann Judd reported.
Small caps hit their targets more frequently across all sectors
Overall a total of 39 companies raised $2.5 billion in the first half. On average, the local market raised 88 per cent of the funds they sought from investors, while small cap companies raised 98 per cent of their required capital, on average.
“This indicates strong support by investors for small cap companies, and we have seen a considerable number of small cap entrants to the market in 2018,” HLB Mann Judd partner Marcus Ohm said.
IPO raise doesn’t guarantee performance
However, hitting your IPO cash target doesn’t guarantee share price gains after the bell rings.
Some, like waste water treatment business Calix (ASX:CXL), have seen immediate share price gains. The business raised $8 million issuing shares at 53c each and while it’s only been on the boards three days, the share price is sitting up more than 50 per cent at 83c.
Meanwhile, drone parachute maker Parazero (ASX:PZO) is down 12.5 per cent on its offer price of 20c, sitting at 17.5c on Tuesday.
On the whole, companies that listed last year were more likely to be down 12 months later than ahead. As the following table shows, of the 83 companies that listed last year, 37 came out ahead.
For those that have flown, though, the gains have been significant: top performer and business software play Cape Range (ASX:CAG) is up 475 per cent on its IPO, sitting at $1.10 this week.
Cape Range’s shares have soared this month — though it’s told the ASX it doesn’t know why.
Here’s a table showing how 83 ASX floats have performed in the past year:
Scroll or swipe to reveal full table. Click on headings to sort
ASX code | Company | Price change since IPO | Price Jul 24 (intraday) | IPO price | Market cap | Listing date | Raised | Focus |
---|---|---|---|---|---|---|---|---|
CAG | CAPE RANGE | 4.75 | 1.15 | 0.2 | $100.4m | Nov 2017 | $5.6m | Fintech |
TNO | TANDO RESOURCES | 2.83720930233 | 0.165 | 0.043 | $26.6m | Nov 2017 | $4.5m | Resources - vanadium, copper, zinc |
AU8 | AUMAKE | 2.3125 | 0.265 | 0.08 | $68.9m | Oct 2017 | $6m | China-focused retailer |
RCL | READCLOUD | 1.6 | 0.52 | 0.2 | $44.0m | Feb 2018 | $6m | Tech - education |
ADT | ADRIATIC METALS | 1.25 | 0.45 | 0.2 | $61.5m | Apr 2018 | $10m | Resources - lead, silver, copper, gold |
5GN | 5G NETWORKS | 1.2 | 0.55 | 0.25 | $26.1m | Nov 2017 | $4m | Tech - broadband |
EM2 | EAGLE MOUNTAIN | 0.9 | 0.38 | 0.2 | $35.2m | Mar 2018 | $8m | Resources - copper |
MRL | MAYUR RES | 0.875 | 0.75 | 0.4 | $111.8m | Sep 2017 | $15.5m | Resources - mineral sands |
S66 | STAR COMBO PHARMA | 0.8 | 0.9 | 0.5 | $72.5m | May 2018 | $5.8m | Health - vitamins |
GAL | GALILEO MINING | 0.8 | 0.36 | 0.2 | $40.9m | May 2018 | $15m | Resources - cobalt, nickel |
KTD | KEYTONE DAIRY | 0.7 | 0.34 | 0.2 | $53.3m | Jul 2018 | $15m | Dairy |
PPE | PEOPLE INFRASTRUCTURE | 0.65 | 1.65 | 1 | $106.0m | Nov 2017 | $25m | Workforce management |
CPV | CLEARVUE TECH | 0.6 | 0.32 | 0.2 | $32.8m | May 2018 | $5m | Tech - power-generating glass |
ROO | ROOTS SUSTAINABLE | 0.6 | 0.32 | 0.2 | $20.5m | Dec 2017 | $5m | AgTech |
CXL | CALIX | 0.566037735849 | 0.83 | 0.53 | $100.6m | Jul 2018 | $8m | Water treatment |
SP3 | SPECTUR | 0.525 | 0.305 | 0.2 | $14.7m | Aug 2017 | $4.5m | Tech - security cameras |
EXL | ELIXINOL GLOBAL | 0.5 | 1.5 | 1 | $153.4m | Jan 2018 | $20m | Cannabis |
PYG | PAYGROUP | 0.45 | 0.725 | 0.5 | $37.5m | May 2018 | $8.5m | Tech - finance |
OKR | OKAPI RESOURCES | 0.425 | 0.285 | 0.2 | $9.6m | Sep 2017 | $5m | Resources - gold |
PVS | PIVOTAL SYSTEMS | 0.424731182796 | 2.65 | 1.86 | $293.0m | Jul 2018 | $53.5m | Computer chip software |
CWX | CARAWINE RES | 0.4 | 0.28 | 0.2 | $15.9m | Dec 2018 | $7m | Resources - copper, gold |
RCW | RIGHTCROWD | 0.366666666667 | 0.41 | 0.3 | $54.7m | Sep 2017 | $10m | Tech - cyber security |
IXU | IXUP | 0.325 | 0.265 | 0.2 | $41.2m | Nov 2017 | $12.5m | Tech - Collaboration software |
KRX | KOPPAR RESOURCES | 0.325 | 0.265 | 0.2 | $8.7m | May 2018 | $4.5m | Resources - copper, zinc |
TGO | TRIMANTIUM | 0.28 | 1.28 | 1 | $121.4m | Mar 2018 | $70m | Marketing |
JLG | JOHNS LYNG GROUP | 0.25 | 1.25 | 1 | $276.4m | Oct 2017 | $96m | Builder |
BC8 | BLACK CAT | 0.25 | 0.25 | 0.2 | $13.7m | Jan 2018 | $6m | Resources - gold |
ABR | AMERICAN PACIFIC | 0.2 | 0.24 | 0.2 | $41.7m | Jul 2017 | $15m | Resources - lithium |
NTD | NATIONAL TYRE | 0.185 | 1.185 | 1 | $119.7m | Dec 2017 | $59m | Auto - tyre and wheel seller |
DXN | DATA EXCHANGE | 0.175 | 0.235 | 0.2 | $42.8m | Apr 2018 | $16m | Tech - cloud computing |
TAO | TAO COMMODITIES | 0.15 | 0.23 | 0.2 | $5.3m | Apr 2018 | $4.75m | Resources - zinc, gold |
TIN | TNT MINES | 0.15 | 0.23 | 0.2 | $6.4m | Nov 2017 | $5.5m | Resources - tungsten |
PFP | PROPEL FUNERAL | 0.12962962963 | 3.05 | 2.7 | $294.5m | Nov 2017 | $131.2m | Funeral services |
DBF | DUXTON BROADACRE | 0.04 | 1.56 | 1.5 | $67.6m | Feb 2018 | $21.1m | Grain industry |
B2Y | BOUNTY MINING | 0.0285714285714 | 0.36 | 0.35 | $145.5m | Jun 2018 | $18m | Resources - coking coal |
N27 | NORTHERN COBALT | 0.025 | 0.205 | 0.2 | $9.4m | Sep 2017 | $4.2m | Resources - cobalt |
PGX | PRIMERO GROUP | 0.025 | 0.41 | 0.4 | $60.5m | Jul 2018 | $25m | Engineering |
BAH | BOJUN AGRICULTURE | 0 | 0.3 | 0.3 | $36.5m | Dec 2017 | $7.7m | Beverages |
RHY | RHYTHM BIOSCIENCES | 0 | 0.2 | 0.2 | $20.2m | Dec 2017 | $9m | Health - cancer diagnostics |
STN | SATURN METALS | 0 | 0.2 | 0.2 | $11.2m | Mar 2018 | $7m | Resources - gold |
VEA | VIVA ENERGY | 0 | 2.5 | 2.5 | $4.9B | Jul 2018 | $2.6bn | Energy |
NES | NELSON RESOURCES | -0.025 | 0.195 | 0.2 | $9.4m | Dec 2017 | $5m | Resources - gold |
A1C | AIC RESOURCES | -0.05 | 0.19 | 0.2 | $14.3m | Nov 2017 | $10m | Resources - gold |
JAY | JAYRIDE GROUP | -0.06 | 0.47 | 0.5 | $35.5m | Jan 2018 | $1.5m | Tech - share-ride |
SIL | SMILES INCLUSIVE | -0.07 | 0.93 | 1 | $52.4m | Apr 2018 | $35m | Health - dental chain |
CP1 | CANNPAL ANIMAL | -0.075 | 0.185 | 0.2 | $17.2m | Oct 2017 | $6m | Cannabis |
MKG | MAKO GOLD | -0.075 | 0.185 | 0.2 | $12.0m | Apr 2018 | $6m | Resources - gold |
MMM | MARLEY SPOON | -0.09154929577460001 | 1.29 | 1.42 | $149m | Jul 2, 2018 | $70m | Dinner delivery |
PKD | PARKD | -0.1 | 0.18 | 0.2 | $13.5m | Dec 6, 2017 | $6m | Construction - car parks |
PRZ | PARAZERO | -0.125 | 0.175 | 0.2 | $15.4m | Jun 18, 2018 | $5m | Tech - drones |
P2P | P2P TRANSPORT | -0.136363636364 | 1.14 | 1.32 | $89.7m | Dec 13, 2017 | $29.2m | Fleet mangement |
IHR | INTELLIHR | -0.15 | 0.255 | 0.3 | $26.5m | Jan 23, 2018 | $4.5m | Tech - HR |
G1A | GALENA MINING | -0.15 | 0.17 | 0.2 | $55.5m | Sep 7, 2017 | $6m | Resources - base metals |
SCT | SCOUT SECURITY | -0.15 | 0.17 | 0.2 | $17.3m | Aug 25, 2017 | $5m | Tech - home security |
WOA | WIDE OPEN AGRICULTURE | -0.15 | 0.17 | 0.2 | $12.0m | Jul 6, 2018 | $5m | AgTech |
GAS | STATE GAS | -0.175 | 0.165 | 0.2 | $21.6m | Oct 10, 2017 | $5.2m | Resources - gas |
WND | WINDLAB | -0.1975 | 1.605 | 2 | $107.9m | Aug 23, 2017 | $50m | Energy - wind farmer |
AS1 | ANGEL SEAFOOD | -0.2 | 0.16 | 0.2 | $20.1m | Feb 21, 2018 | $8m | Seafood |
SIS | SIMBLE SOLUTIONS | -0.2 | 0.16 | 0.2 | $14.4m | Feb 22, 2018 | $7.5m | Tech - Internet of Things |
BGT | BIO-GENE TECH | -0.25 | 0.15 | 0.2 | $19.2m | Nov 29, 2017 | $7.1m | Health - bug killer |
BEM | BLACKEARTH | -0.275 | 0.145 | 0.2 | $8.5m | Jan 2018) | $5.4m | Resources - graphite |
AX8 | ACCELERATE RES | -0.3 | 0.14 | 0.2 | $6.4m | Feb 14, 2018 | $5m | Resources - cobalt gold, copper |
LRM | LUSTRUM MINERALS | -0.3 | 0.14 | 0.2 | $5.6m | Nov 15, 2017 | $5m | Resources - coal |
RGL | RIVERSGOLD | -0.3 | 0.14 | 0.2 | $13.3m | Oct 10, 2017 | $6.1m | Resources - gold |
NC6 | NANOLLOSE | -0.325 | 0.135 | 0.2 | $10.1m | Oct 16, 2017 | $5m | Tech - plant-free fibre |
CRD | CREDIBLE LABS | -0.330578512397 | 0.81 | 1.21 | $202.6m | Dec 8, 2017 | $67m | Online loans |
OGA | OCEAN GROWN ABALONE | -0.34 | 0.165 | 0.25 | $28.7m | Nov 14, 2017 | $10m | Seafood |
CG1 | CARBONXT GROUP | -0.392857142857 | 0.425 | 0.7 | $33.1m | Jan 23, 2018 | $10m | CleanTech |
BYH | BRYAH RESOURCES | -0.4 | 0.12 | 0.2 | $6.8m | Oct 17, 2017 | $5m | Resources - copper, gold, manganese |
CCG | COMMSCHOICE | -0.42 | 0.145 | 0.25 | $15.8m | Dec 21, 2017 | $7.5m | IT services |
SWF | SELFWEALTH | -0.425 | 0.115 | 0.2 | $13.6m | Nov 23, 2017 | $7.3m | Broker |
RZI | RAIZ INVEST | -0.438888888889 | 1.01 | 1.8 | $61.6m | Jun 21, 2018 | $15.1m | Microinvesting |
TIE | TIETTO MINERALS | -0.45 | 0.11 | 0.2 | $23.9m | Jan 18, 2018 | $6m | Resources - gold |
GO2 | GO2 PEOPLE | -0.475 | 0.105 | 0.2 | $12.4m | Oct 31, 2017 | $10m | Tech - HR |
EN1 | ENGAGE:BDR | -0.5 | 0.1 | 0.2 | $26.4m | Dec 14, 2017 | $10m | Marketing |
NUS | NUSANTARA RESOURES | -0.535714285714 | 0.195 | 0.42 | $24.6m | Aug 2, 2017 | $16.2m | Resources - gold |
CY5 | CYGNUS GOLD | -0.54 | 0.092 | 0.2 | $6.4m | Jan 15, 2018 | $6m | Resources - gold |
POD | PODIUM MINERALS | -0.625 | 0.075 | 0.2 | $7.2m | Feb 28, 2018 | $5.5m | Resources - Platinum metals |
SDX | SIENNA CANCER | -0.64 | 0.072 | 0.2 | $13.0m | Aug 3, 2017 | $4.6m | Health - cancer |
FDX | FRONTIER DIAMOND | -0.67 | 0.066 | 0.2 | $13.3m | Jan 5, 2018 | $4m | Resources - diamond |
WHK | WHITEHAWK | -0.7 | 0.06 | 0.2 | $4.4m | Jan 24, 2018 | $4.5m | Tech - cyber security |
CLI | CROPLOGIC | -0.775 | 0.045 | 0.2 | $5.5m | Sep 12, 2017 | $8m | AgTech |
RD1 | REGISTRY DIRECT | -0.92 | 0.016 | 0.2 | $1.5m | Nov 1, 2017 | $2m | Tech - Company registry |