IPO Watch: Playside and Westar both climb after their ASX listing
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Westar was the first of these, listing on the ASX at 10.30am (AEDT).
The company is a gold explorer with a portfolio of assets in WA which it is hoping to commence new exploration campaigns on in the new year.
Some of its projects would be familiar to ASX investors. For instance, its Gidgee South project in the Sandstone district was bought from Rafaella Resources (ASX:RFR) earlier this year.
It also has projects in the Southern Cross district, Mt Finnerty and Parker Dome, which is the subject of a farm-in agreement with established gold miner Ramelius Resources (ASX:RMS).
Under the agreement, Ramelius can earn a 75% interest in each project by spending $2 million on exploration across both, with Westar free carried on its 25% interest to a decision to mine.
Westar raised $5 million at 20 cents per share and shares rose by 20 per cent – to 24 cents as trading commenced.
Melbourne-based digital gaming developer Playside followed in listing on the ASX only half an hour later.
While Playside is far from the only digital gaming stock on the ASX, it is the only one to develop its games in Australia.
The company makes income via its suite of mobile games, with revenue generated through advertising and in-app purchases.
PlaySide made $7 million in revenue in FY20 and total game downloads of 4.6 million.
It produces games for Hollywood studios such as Nickelodeon and Disney, in connection with franchises such Cars and Spongebob Squarepants.
Playside completed its ASX listing having raised $15 million at 20 cents per share. At market open, shares climbed to 33 cents – a 65 per cent gain on its IPO price.