(Pic: Getty Images)
IPO Watch
Australia’s dealmakers are staying busy as the end of the year approaches, with three more companies joining the ASX boards so far in November.
That brings the total number of IPOs in 2019 to 45, with another 16 still in the pipeline at the time of publishing.
Among the more high-profile November listings was Cronos Australia (ASX:CAU), the pot stock which listed publicly in the midst of a cannabis bear market.
It’s been a less than auspicious start for Cronos, which forms the Australian arm of a joint venture with NASDAQ-listed cannabinoid company Cronos Group.
The stock fell by 30 per cent on day one after raising $20m from investors at 50c a share. At the time of publishing, Cronos Australia shares were trading at 26c — a 42 per cent decline from the offer price.
Speaking with Stockhead last week, Cronos CEO Rodney Cocks said the company wasn’t phased by intra-day trading in the early going and remained committed to its asset-light strategy as it sought distribution partnerships in the Asia-Pacific region.
Property group Primewest (ASX:PWG) had a steadier start to listing, up 16 per cent since raising $100m at $1 per share on November 8.
The company counts John Bond, son of former business tycoon Alan Bond, as a major shareholder, and its shift to the public markets is part of a strategy to move beyond its Perth-centric property portfolio.
Across the board, the 44 companies to list on the ASX so far in 2019 have generated a robust average return of 55 per cent from their initial listing date.
Those gains have been driven by 31 winners, while just 13 companies are in negative territory for the year.
Here’s a performance rundown of this year’s ASX entrants:
Scroll or swipe to reveal table. Click headings to sort
| Listed date | ASX Code | Company | Funds raised ($M) | IPO Price | Price Nov 19 | % change |
|---|---|---|---|---|---|---|
| 13/02/2019 | UWL | Uniti Group Ltd | 13.1811 | 0.25 | 1.705 | 624% |
| 23/09/2019 | OSX | Osteopore Ltd | 5.25 | 0.2 | 0.87 | 310% |
| 29/01/2019 | SPT | Splitit Payments Ltd | 12 | 0.2 | 0.785 | 285% |
| 29/03/2019 | EOF | Ecofibre Ltd | 20 | 1 | 3.55 | 253% |
| 7/06/2019 | VVA | Viva Leisure Ltd | 20 | 1 | 2.86 | 183% |
| 18/04/2019 | NXS | Next Science Ltd | 35 | 1 | 2.49 | 164% |
| 21/06/2019 | VGI | VGI Partners Ltd | 75.0002 | 5.5 | 14.25 | 159% |
| 22/08/2019 | OPC | OptiComm Ltd | 42.3518 | 2 | 4.25 | 113% |
| 12/06/2019 | PBH | PointsBet Holdings Pty Ltd | 75 | 2 | 4.08 | 106% |
| 11/07/2019 | QFE | QuickFee Ltd | 13.5 | 0.2 | 0.39 | 98% |
| 5/07/2019 | IXC | Invex Therapeutics Ltd | 12 | 0.4 | 0.775 | 90% |
| 30/07/2019 | SZL | Sezzle Inc | 43.5714 | 1.22 | 2.33 | 89% |
| 27/08/2019 | APV | Appsvillage stralia Ltd | 5 | 0.2 | 0.3825 | 68% |
| 22/02/2019 | MPH | Mediland Pharm Ltd | 12.5527 | 0.2 | 0.3 | 50% |
| 30/08/2019 | IMR | Imricor Medical Systems Inc | 13 | 0.83 | 1.12 | 40% |
| 7/05/2019 | MRZ | Mont Royal Resources Ltd | 5 | 0.2 | 0.24 | 22% |
| 16/10/2019 | DTC | Damstra Holdings Pty Ltd | 49.3215 | 0.9 | 1.095 | 21% |
| 30/04/2019 | PE1 | Pengana Private Equity Trust | 157.371 | 1.25 | 1.475 | 20% |
| 17/04/2019 | RDY | ReadyTech Holdings Ltd | 50 | 1.51 | 1.765 | 19% |
| 14/10/2019 | HMC | Home Consortium | 325 | 3.35 | 3.89 | 16% |
| 14/06/2019 | VOL | Victory Offices Ltd | 30 | 2 | 2.3 | 16% |
| 8/11/2019 | PWG | Primewest Group Ltd | 100 | 1 | 1.16 | 16% |
| 28/05/2019 | IAP | Investec Australia Property Fund | 101.538 | 1.32 | 1.51 | 16% |
| 17/06/2019 | RF1 | Regal Investment Fund | 281.778 | 2.5 | 2.77 | 12% |
| 1/10/2019 | MAD | Mader Group Ltd | 50 | 1 | 1.075 | 9% |
| 11/10/2019 | MHH | Magellan High Conviction Trust | 861.814 | 1.5 | 1.64 | 8% |
| 19/06/2019 | WSP | Whispir Ltd | 47 | 1.6 | 1.66 | 5% |
| 6/06/2019 | RLT | Renergen Ltd | 10 | 0.8 | 0.82 | 4% |
| 29/04/2019 | MOT | MCP Income Opportunities Trust | 300 | 2 | 2.05 | 2% |
| 14/05/2019 | PCI | Perpetual Credit Income Trust | 440 | 1.1 | 1.13 | 2% |
| 26/09/2019 | PGG | Partners Group Global Income Fund | 550 | 2 | 2.02 | 1% |
| 13/11/2019 | VG8 | VGI Partners Asian Investments | 556.55 | 2.5 | 2.32 | -6% |
| 31/10/2019 | TDI | 360 Capital Digital Infrastruc | 65 | 2 | 1.83 | -9% |
| 24/05/2019 | TIP | Teaminvest Private Group Ltd | 3.9698 | 1 | 0.85 | -15% |
| 6/06/2019 | PKS | PKS Holdings Ltd | 16.13 | 0.2 | 0.175 | -15% |
| 7/03/2019 | CBY | Canterbury Resources Ltd | 6.1472 | 0.3 | 0.23 | -23% |
| 14/02/2019 | A1G | African Gold Ltd | 4.5 | 0.2 | 0.185 | -25% |
| 11/06/2019 | PGL | Prospa Group Ltd | 109.756 | 3.78 | 2.73 | -26% |
| 14/06/2019 | 2BE | Tubi Pty Ltd | 5.76 | 0.2 | 0.13 | -35% |
| 10/05/2019 | 360 | Life360 Inc | 145.428 | 4.79 | 3.18 | -35% |
| 23/05/2019 | PWL | Powerwrap Ltd | 17.4319 | 0.35 | 0.195 | -41% |
| 7/11/2019 | CAU | Cronos Australia Ltd | 20 | 0.5 | 0.26 | -42% |
| 3/10/2019 | TMG | Trigg Mining Ltd | 4.5 | 0.2 | 0.091 | -53% |
| 19/2/2019 | CLB | Candy Club Holdings Ltd | 5.024 | 0.2 | 0.061 | -70% |
On the pending list, no less than 16 companies have announced plans to list publicly in the coming weeks.
Among them is Amaero International, which will be the latest 3D-printing company in the industrial tech space to seek capital from Australia’s public markets.
Founded in 2013 and borne out of a Monash University research program, Amaero has patents pending to licence two new “super” materials — a high-strength titanium alloy and a new aluminium-scandium alloy.
Its client base includes Raytheon and Boeing, and the company specialises in additive manufacturing techniques for the defence and aerospace sectors. Pre-IPO, Amaero has closed an oversubscribed funding round of $8m from institutional investors, on a pre-money valuation of $23.2m.
Here’s a list of upcoming IPOs:
Scroll or swipe to reveal table. Click headings to sort
| Company | ASX Code | Expected listing date | Industry | Issue price | Fund raising |
|---|---|---|---|---|---|
| KKR Credit Income Fund | KKC | 21 November 2019 | Listed investment trusts | $2.50 | $330m |
| Elanor Commercial Property Fund | ECF | 6 December 2019 | Commercial real estate | $1.25 | $173m |
| Carbon Revolution Limited | CBR | 29 November 2019 | Carbon fibre wheels | $2.60 | $90m |
| Aerometrex Limited | AMX | 10 December 2019 | Aerial mapping | $1.00 | $25m |
| Terragen Holdings Limited | TRG | 11 December 2019 | Agricultural biotech | $0.25 | $25m |
| M8 Sustainable Limited | M8S | 12 December 2019 | Waste management | $0.20 | $19.5m |
| Happy Valley Nutrition Ltd | HML | TBA | Milk formula and nutrition | $0.20 | $15m |
| Nicheliving Holdings | NLH | TBA | Residential developer | $0.50 | $12m |
| Godolphin Resources Limited | GRL | 20 December 2019 | Gold and base metals | $0.20 | $8m |
| OpenLearning Limited | OLL | 6 December 2019 | Online learning platform | $0.20 | $8m |
| Amaero International Ltd | 3DA | 25 November 2019 | Additive manufacturing | $0.20 | $8m |
| Macarthur Minerals Limited | MIO | 6 December 2019 | Iron ore, gold and lithium exploration | $0.25 | $7.5m |
| Tartana Resources Limited | TNA | TBA | Mining exploration | $0.20 | $6m |
| Nemex Resources Limited | NXR | TBA | Mineral exploration | $0.20 | $5m |
| Metal Hawk Limited | MHK | 12 December 2019 | Gold and nickel exploration | $0.20 | $5.5m |
| Virgo Resources Ltd | VIR | 20 December 2019 | Copper and gold exploration | $0.20 | $5.5m |
Health & Biotech
Health & Biotech
News
Mining
Mining
Mining
Get the latest Stockhead news delivered free to your inbox.
