IPO Watch: Here's how today's ASX deb duo - Resource Base and Aerison - performed

It looks set to be another busy week of IPOs on the ASX with two companies listing today.

Joining the ASX were Resource Base (ASX:RBX) and Aerison (ASX:AE1). The pair take July’s total of new listings to 22.

Both companies were flat with Resource Base shedding 15 per cent while Aerison gaining a modest 2.5 per cent.

Resource Base (ASX:RBX) and Aerison (ASX:AE1) share price chart

Resource Base

Resource Base is a copper explorer which owns the Black Range project in Victoria.

Until earlier this year Black Range was held by Navarre Resources (ASX:NML) which had owned it since 2008 but decided to divest of the project and increase its focus on its gold assets.

Navarre received 7.6 million in Resource Base shares upon settlement of the transaction.

It will receive 2.5 million shares when it announces a JORC compliant mineral resource of at least 100,000 tonnes as well as 6 million shares when it completes a definitive feasibility study indicative of a net present value above $250 million.

“The quality of the Resource Base team is clear from the support they have received from investors in the IPO and they are now well-funded to execute on their plans,” said Navarre managing director Ian Holland this morning.

Resource Base told shareholders it has has imminent exploration activity planned and is targeting an inferred JORC resource by the end of this year.

Aerison

Aerison meanwhile is a Perth-based company which provides industrial services to the resources, energy, utilities and non-process infrastructure sectors.

The company began in 1988 but has endured particularly strong growth in the last five years from revenues of approximately $30 million to over $130 million and it possesses an order book totalling over $300 million.

Aerison told shareholders, in its prospectus, the proceeds will help fund future growth opportunities. One aspiration of the company is penetrating the east coast infrastructure and resources sectors.

“An ASX listing will provide Aerison with access to capital markets and enhance Aerison’s reputation throughout the engineering, procurement, construction, mining and energy industries,” said the company’s chair Bronwyn Barnes.

“The board has the belief that this will improve Aerison’s financial and competitive position and will underpin its brand and growth.”

Aerison is the fourth industrial company with at least some clientele in the resources sector to list in the past 12 months capitalising off the back of the commodities boom in Western Australia.

The others are pure-plays MLG (ASX:MLG), DDH1 Limited (ASX:DDH) and Dynamic Drill & Blast (ASX:DDB).