IPO Watch: Mixed investor reaction to resources floats sees one ASX wannabe take the backdoor in
IPO Watch
IPO Watch
Gold hopeful Carnaby Resources has decided a better way for it to get to the ASX is by teaming up with an already listed explorer that needed good projects.
Carnaby, led by former Beadell Resources executives Peter Bowler and Robert Watkins, was looking to list on the ASX in its own right after last year reaching separate deals with Diatreme Resources (ASX:DRX) and Syndicated Metals (ASX:SMD) to buy their gold projects.
But now it is going down the reverse takeover route, which is probably a better option given the mixed reactions recent resources floats have been fronted with on debut this year.
So far just two resources IPOs have made it.
You can read all about what happened with recent debutantes Canterbury Resources (ASX:CBY) here and African Gold (A1G) here.
Carnaby now plans to tie the knot with Berkut Minerals (ASX:BMT), which will be the listed shell picking up the Tick Hill gold project in northwest Queensland from Diatreme and its partner Superior Resources (ASX:SPQ).
Berkut, which will change its name to Carnaby Resources, will also take ownership of Syndicated Metals’ (ASX:SMD) 82.5 per cent stake in the Southern Hub copper and gold tenements in north Queensland.
Diatreme chief Neil McIntyre told Stockhead the reverse takeover was a much better option for Carnaby, and Diatreme came out of it with a much simpler deal.
“It was a more direct route rather than going the IPO route. It was much faster and more efficient to use an existing listed entity,” he said.
“It’s a much cleaner and neater way for us to do it. You get listed stock straight away, although we have agreed to a 12-month escrow period.”
The deal is expected to give Diatreme a stake in Berkut of more than 5 per cent, making it a substantial shareholder and allowing it to retain its exposure to the Tick Hill mine – which was one of Australia’s highest grade and most profitable mines.
Syndicated would also have around a 5 per cent interest in Berkut.
Swipe or scroll for full table
Company | ASX code | IPO status | Focus | Fund raising | Issue price |
---|---|---|---|---|---|
AltoStratos | ATO | Listing extended to April 30 | Supply chain delivery technology | $16-$25m | 40c |
Australian Industrial Minerals | AAM | Offer opens Feb 18; Due to list Mar 28 | Industrial minerals | $5m | 25c |
Australian Nutrition & Sports | AN1 | Offer opened Feb 15; Due to list Apr 3 | Dairy formula | $5-$8m | 20c |
AXS Group | AXS | Listing date extended to Mar 15 | Software provider to the finance, insurance and funds sector | $7m | 25c |
Carnaby Resources | - | Prospectus not yet issued; Considering listing in 2019 | Gold | - | - |
Ecofibre | EOF | Offer opens Feb 18; Due to list Mar 29 | Hemp products | $15-$20m | $1 |
Expose Resources | EXX | Listing date extended to April 10 | Gold | $4.5m | 20c |
Frugl | Pre-IPO funding; planning listing | Grocery price comparison | - | - | |
irexchange | IRX | Withdrawn | Retail tech | $17.5m | 90c |
IXT | IXT | Was due to list Dec 21 | Services and software | $7m | 20c |
Jobstore Group | JOB | Was due to list Dec 5 | AI-powered recruitment | $6.6-8m | 20c |
Koligo Therapeutics | KOL | Offer opens Feb 18; Due to list Mar 29 | Regenerative medicine | $6-$7m | 20c |
Next Science | NXS | Offer opens Mar 15; Due to list April 29 | Bacteria treatments | $35m | $1 |
Ricegrowers | SGL | Listing slated for early April | Manufacturing of rice products | No cash being raised | - |
Rolek Resources | RLK | Backdoor listing via Shaw River (ASX:SRR); Listing expected by April | Manganese | $5m | 2c |
Trigg Mining | TMG | Postponed until 2019 | Potash | - | |
XS Resources | XS1 | Listing extended to Mar 4 | Precious, base metals | $4.5m | 20c |
High-tech recruitment platform Jobstore has been trying to get itself listed since launching its $8m IPO in September last year.
Unfortunately, it’s hit a few road bumps along the way – a major one being it was only able to raise $100,000 of the minimum $6.6m it was targeting, as reported by Stockhead back in mid-November.
Jobstore isn’t giving up though, extending its offer to March 15 and pushing its planned listing date out to April 5.
Stockhead has contacted Jobstore to find out if it’s managed to get any more cash.
Also in the queue to list is fintech AXS Group, which had to cut the size of its initial public offering in half and again push out its date for listing.
The company said in the latter part of February that it still hadn’t raised the new minimum of $3m it was hoping to but pencilled in a new expected listing date of March 15.
Here’s a list of IPO performances over the past year:
Swipe or scroll for full table
Listing Date | ASX Code | Company | IPO Price | Intra-day Price Mar 12 | Percentage Change |
---|---|---|---|---|---|
01/29/2019 | SPT | Splitit Payments | 0.2 | 1.675 | 7.375 |
10/15/2018 | SMX | Security Matters | 0.2 | 0.635 | 2.175 |
12/28/2018 | AMS | Atomos | 0.41 | 1.055 | 1.57317073171 |
12/18/2018 | EX1 | Exopharm | 0.2 | 0.475 | 1.375 |
07/18/2018 | KTD | Keytone Dairy Corp | 0.2 | 0.385 | 0.925 |
09/21/2018 | AGH | Althea Group Holdings | 0.2 | 0.345 | 0.725 |
05/25/2018 | CPV | Clearvue Technologies | 0.2 | 0.305 | 0.525 |
12/12/2018 | HMD | HeraMED | 0.2 | 0.305 | 0.525 |
12/13/2018 | EMV | EMvision Medical Devices | 0.25 | 0.38 | 0.52 |
07/20/2018 | CXL | Calix | 0.53 | 0.805 | 0.518867924528 |
05/29/2018 | PYG | PayGroup | 0.5 | 0.72 | 0.44 |
12/13/2018 | TYM | Tymlez Group | 0.22 | 0.27 | 0.227272727273 |
05/16/2018 | S66 | Star Combo Pharma | 0.5 | 0.61 | 0.22 |
02/14/2019 | A1G | African Gold | 0.2 | 0.24 | 0.2 |
07/30/2018 | CR1 | Constellation Resources | 0.2 | 0.235 | 0.175 |
08/15/2018 | TMR | Tempus Resources | 0.2 | 0.235 | 0.175 |
08/20/2018 | NIC | Nickel Mines | 0.35 | 0.4 | 0.142857142857 |
11/14/2018 | HM1 | Hearts and Minds Investments | 2.5 | 2.84 | 0.136 |
03/07/2019 | CBY | Canterbury Resources | 0.3 | 0.34 | 0.133333333333 |
02/22/2019 | MPH | Mediland Pharm | 0.2 | 0.225 | 0.125 |
12/14/2018 | YRL | Yandal Resources | 0.2 | 0.22 | 0.1 |
07/09/2018 | PGX | Primero Group | 0.4 | 0.41 | 0.025 |
07/13/2018 | VEA | Viva Energy Group | 2.5 | 2.535 | 0.014 |
05/30/2018 | KRX | Koppar Resources | 0.2 | 0.2 | 0 |
09/11/2018 | HLA | Healthia | 1 | 0.99 | -0.01 |
11/29/2018 | NWM | Norwest Minerals | 0.2 | 0.19 | -0.05 |
11/30/2018 | RDC | Redcape Hotel Group | 1.13 | 1.0375 | -0.0818584070796 |
05/29/2018 | GAL | Galileo Mining | 0.2 | 0.18 | -0.1 |
07/06/2018 | WOA | Wide Open Agriculture | 0.2 | 0.18 | -0.1 |
12/05/2018 | CRS | Caprice Resources | 0.2 | 0.18 | -0.1 |
07/05/2018 | RMY | RMA Global | 0.25 | 0.22 | -0.12 |
06/22/2018 | WGB | WAM Global | 2.2 | 1.92 | -0.127272727273 |
09/12/2018 | 14D | 1414 Degrees | 0.35 | 0.305 | -0.128571428571 |
04/18/2018 | JMS | Jupiter Mines | 0.4 | 0.34 | -0.15 |
07/27/2018 | NSB | NeuroScientific Biopharmaceuticals | 0.2 | 0.17 | -0.15 |
08/24/2018 | KWR | Kingwest Resources | 0.2 | 0.165 | -0.175 |
09/17/2018 | VEN | Vintage Energy | 0.2 | 0.165 | -0.175 |
02/19/2019 | CLB | Candy Club Holdings | 0.2 | 0.16 | -0.2 |
11/07/2018 | MOH | Moho Resources | 0.2 | 0.155 | -0.225 |
10/31/2018 | WWG | Wiseway Group | 0.5 | 0.375 | -0.25 |
10/23/2018 | CRN | Coronado Global Resources | 4 | 2.98 | -0.255 |
09/13/2018 | ARN | Aldoro Resources | 0.2 | 0.145 | -0.275 |
10/02/2018 | SGI | Stealth Global Holdings | 0.2 | 0.14 | -0.3 |
02/13/2019 | UWL | Uniti Wireless | 0.25 | 0.17 | -0.32 |
03/16/2018 | EM2 | Eagle Mountain Mining | 0.2 | 0.13 | -0.35 |
05/14/2018 | ED1 | Evans Dixon | 2.5 | 1.58 | -0.368 |
04/16/2018 | MKG | Mako Gold | 0.2 | 0.125 | -0.375 |
10/19/2018 | QEM | QEM | 0.2 | 0.11 | -0.45 |
10/17/2018 | ID8 | Identitii | 0.75 | 0.4 | -0.466666666667 |
06/13/2018 | VN8 | Vonex | 0.2 | 0.105 | -0.475 |
09/21/2018 | AR9 | Archtis | 0.2 | 0.105 | -0.475 |
04/30/2018 | MAM | Microequities Asset Management | 0.8 | 0.405 | -0.49375 |
11/08/2018 | GSM | Golden State Mining | 0.2 | 0.1 | -0.5 |
12/20/2018 | FIJ | Fiji Kava | 0.2 | 0.1 | -0.5 |
11/30/2018 | NVU | Nanoveu | 0.2 | 0.094 | -0.53 |
04/11/2018 | DXN | Data Exchange Network /The | 0.2 | 0.085 | -0.575 |
07/26/2018 | RFR | Rafaella Resources | 0.2 | 0.08 | -0.6 |
06/21/2018 | RZI | Raiz Invest | 1.8 | 0.685 | -0.619444444444 |
08/16/2018 | SLZ | Sultan Resources | 0.2 | 0.07 | -0.65 |
08/30/2018 | CM1 | Coolgardie Minerals | 0.2 | 0.052 | -0.74 |
06/19/2018 | B2Y | Bounty Mining | 0.35 | 0.07 | -0.8 |
04/27/2018 | SIL | Smiles Inclusive | 1 | 0.17 | -0.83 |
Meanwhile, newly-listed payments provider Splitit (ASX:SPT) still retains its spot as the top performing IPO over the past year.
Since it listed in late January, it has surged nearly 740 per cent to trade around $1.68.
On Monday Splitit received a query from the ASX as to why its share price leapt to nearly $2 from 93.5c a week earlier.
The company said there were no announcements yet to drop that could’ve explained the sudden spike, but added that perhaps it was because of several recent news articles explaining the company’s business model.
“The publication of these articles may explain the recent increase in share price and trading volumes,” Splitit said.
Canterbury Resources has managed to cure its first-day blues and gain 13.3 per cent to trade at 34c.
It wasn’t a warm welcome for the copper and gold junior last week when it lit up the boards, with shares opening 10 per cent lower than the 30c issue price before falling further to close its first day out at 26.5c.
At the other end of the scale, Smiles Inclusive (ASX:SIL) has continued its downward spiral after recently revealing it would now be likely booking a $1m loss instead of a $2.3m profit for FY19.
The dental practice operator has watched its share price tumble 83 per cent since it listed in late April last year to 17c.