Manganese hopeful Rolek Resources hasn’t been able to raise the cash it needs to complete its backdoor listing through the shell of Shaw River Manganese (ASX:SRR).

The company was aiming to raise $5m through the issue of 250 million shares at 2c each.

But Rolek’s offer closed under-subscribed.

The company said it was disappointed with the outcome and that it would be giving investors their cash back.

Stockhead has contacted Rolek to find out what its plans are now.

The Australian market is still quite subdued in 2019.

According to recent ASX stats, there were only five new listings in February compared to six in the same month last year.

There were also more delistings, with six companies leaving the ASX compared to four a year earlier.

The amount of capital raised in February dropped 58 per cent year-over-year to $1.3 billion.

Who else’s hopes of listing are dashed

Australian Industrial Minerals has pulled its planned $5m IPO.

The company was raising the cash to fund the development of its Harts Range mine, which hosts garnet and hornblende.

These minerals are used in the industrial abrasive industry because they are low cost.

Garnet is typically used in abrasive blast cleaning, waterjet cutting and water filtration applications, while hornblende is usually only used in abrasive blast cleaning.

Stockhead is seeking comment from the company.

Grassroots Developments, a company that develops childcare centres and sells them to Think Childcare, is also no longer looking at a listing.

The AFR last year named the company as a potential ASX debutante, but Grassroots Developments has since decided not to go ahead with becoming a public company.

New ASX hopefuls

There is an influx of gold players looking to get themselves listed.

It’s not surprising given the gold price is still well above $1800 Aussie an ounce.

Here’s a list of upcoming floats:

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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Australian Industrial Minerals AAM Withdrawn Industrial minerals $5m 25c
Australian Nutrition & Sports AN1 Due to list Apr 3 Dairy formula $5-$8m 20c
AXS Group AXS Offer date extended to April 19; Listing date extended to April 26 Software provider to the finance, insurance and funds sector $7m 25c
Carnaby Resources - Prospectus not yet issued; Considering listing in 2019 Gold - -
Ecofibre EOF 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 - -
Gold Tiger Resources GRA Offer closing May 10; Listing planned for May 22 Gold $4-$5m 20c
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 Listing extended to April 5 Regenerative medicine $6-$7m 20c
Melior Resources Seeking ASX-listing in 2019 Mineral sands $5m
Mont Royal Resources MRZ Offer closing April 8; Listing set for May 15 Gold $5m 20c
Next Science NXS Due to list April 29 Bacteria treatments $35m $1
Ricegrowers SGL Due to list April 8 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
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Mont Royal Resources is paving its way to the ASX with a $5m IPO priced at 20c a share.

Mont Royal is starting life with two gold exploration assets – the Edjudina project located 170km north-west of Kalgoorlie in WA, and an option on the Yule River project about 40km from Port Hedland in WA’s Pilbara region.

One of the company’s directors is Michael O’Keeffe – the key man in Riversdale Mining, a coal explorer, sold to Rio Tinto for $4 billion, and more recently a key player in Riversdale Resources, a Canadian coal project developer acquired for $600m by Australia’s richest woman, Gina Rinehart.

READ Stockhead columnist Tim Treadgold’s take on Mont Royal

Newly formed explorer Gold Tiger Resources is also heading for the ASX after launching its own $5m IPO.

The company’s focus is the Credo gold project, about 50km from Coolgardie in the Goldfields region of WA.

Too many sinking

The still volatile market has been reflected in the share price performance of a large chunk of recent ASX debutantes.

Here’s a list of IPO performances over the past year:

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Listing Date ASX Code Company IPO Price Intra-Day Price Mar 26 Percentage Change
03/07/2019 CBY Canterbury Resources 0.3 0.295 -0.0166666666667
02/22/2019 MPH Mediland Pharm 0.2 0.23 0.15
02/19/2019 CLB Candy Club Holdings 0.2 0.155 -0.225
02/14/2019 A1G African Gold 0.2 0.24 0.2
02/13/2019 UWL Uniti Wireless 0.25 0.4 0.6
01/29/2019 SPT Splitit Payments 0.2 1.105 4.525
12/28/2018 AMS Atomos 0.41 1.06 1.58536585366
12/20/2018 FIJ Fiji Kava 0.2 0.086 -0.57
12/18/2018 EX1 Exopharm 0.2 0.44 1.2
12/14/2018 YRL Yandal Resources 0.2 0.225 0.125
12/13/2018 EMV EMvision Medical Devices 0.25 0.38 0.52
12/13/2018 TYM Tymlez Group 0.22 0.25 0.136363636364
12/12/2018 HMD HeraMED 0.2 0.26 0.3
12/05/2018 CRS Caprice Resources 0.2 0.165 -0.175
11/30/2018 RDC Redcape Hotel Group 1.13 1.05 -0.070796460177
11/30/2018 NVU Nanoveu 0.2 0.09 -0.55
11/29/2018 NWM Norwest Minerals 0.2 0.185 -0.075
11/14/2018 HM1 Hearts and Minds Investments 2.5 2.8 0.12
11/08/2018 GSM Golden State Mining 0.2 0.091 -0.545
11/07/2018 MOH Moho Resources 0.2 0.15 -0.25
10/31/2018 WWG Wiseway Group 0.5 0.35 -0.3
10/23/2018 CRN Coronado Global Resources 4 2.94 -0.265
10/19/2018 QEM QEM 0.2 0.12 -0.4
10/17/2018 ID8 Identitii 0.75 0.43 -0.426666666667
10/15/2018 SMX Security Matters 0.2 0.61 2.05
10/02/2018 SGI Stealth Global Holdings 0.2 0.12 -0.4
09/21/2018 AGH Althea Group Holdings 0.2 0.37 0.85
09/21/2018 AR9 Archtis 0.2 0.096 -0.52
09/17/2018 VEN Vintage Energy 0.2 0.165 -0.175
09/13/2018 ARN Aldoro Resources 0.2 0.13 -0.35
09/12/2018 14D 1414 Degrees 0.35 0.305 -0.128571428571
09/11/2018 HLA Healthia 1 0.9 -0.1
08/30/2018 CM1 Coolgardie Minerals (suspended since Feb 5) 0.2 0.052* -0.74
08/24/2018 KWR Kingwest Resources 0.2 0.165 -0.175
08/20/2018 NIC Nickel Mines 0.35 0.43 0.228571428571
08/16/2018 SLZ Sultan Resources 0.2 0.056 -0.72
08/15/2018 TMR Tempus Resources 0.2 0.245 0.225
07/30/2018 CR1 Constellation Resources 0.2 0.24 0.2
07/27/2018 NSB NeuroScientific Biopharmaceuticals 0.2 0.185 -0.075
07/26/2018 RFR Rafaella Resources 0.2 0.075 -0.625
07/20/2018 CXL Calix 0.53 0.75 0.415094339623
07/18/2018 KTD Keytone Dairy 0.2 0.375 0.875
07/13/2018 VEA Viva Energy Group 2.5 2.49 -0.004
07/09/2018 PGX Primero Group 0.4 0.395 -0.0125
07/06/2018 WOA Wide Open Agriculture 0.2 0.185 -0.075
07/05/2018 RMY RMA Global 0.25 0.2 -0.2
06/21/2018 RZI Raiz Invest 1.8 0.56 -0.688888888889
06/19/2018 B2Y Bounty Mining 0.35 0.069 -0.802857142857
06/13/2018 VN8 Vonex 0.2 0.11 -0.45
05/30/2018 KRX Koppar Resources 0.2 0.17 -0.15
05/29/2018 GAL Galileo Mining 0.2 0.16 -0.2
05/29/2018 PYG PayGroup 0.5 0.75 0.5
05/25/2018 CPV Clearvue Technologies 0.2 0.235 0.175
05/16/2018 S66 Star Combo Pharma 0.5 0.59 0.18
05/14/2018 ED1 Evans Dixon 2.5 1.58 -0.368
04/27/2018 SIL Smiles Inclusive 1 0.18 -0.82
04/18/2018 JMS Jupiter Mines 0.4 0.34 -0.15
04/16/2018 MKG Mako Gold 0.2 0.14 -0.3
04/11/2018 DXN Data Exchange Network /The 0.2 0.096 -0.52
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Over 64 per cent of the companies that made their ASX debut in the past 12 months are trading underwater.

Smiles Inclusive (ASX:SIL) is still the worst performing stock, having depreciated 82 per cent to trade at 18c since it lit up the boards in late April last year.

In November last year, the dental practice operator told investors that it would book a $2.3m profit in FY19, but by the end of February the company had updated that figure to an expected loss of up to $1m.

Very few resources players have found themselves in the top performers. About half of the companies that listed in the past year and have lost ground are in the resources sector.

Gold explorer Bounty Mining (ASX:B2Y) has slid over 80 per cent to 6.9c, while gold producer Coolgardie Minerals (ASX:CM1) is down 74 per cent at 5.2c and cobalt hopeful Rafaella Resources (ASX:RFR) has tumbled 62.5 per cent to 7.5c.

Coolgardie only listed on the ASX at the end of August last year but has already gone into administration.

The junior had started mining at its Geko gold project in Western Australia, but encountered issues that resulted in a budget blowout.

Coolgardie appointed administrators at the start of March and is now considering all its options, including selling the Geko mine, to get cash fast.

The outliers

On a more positive note, newly-listed payments provider Splitit (ASX:SPT) remains uncontested as the top performing IPO over the past year.

While it has retraced some of its gains — it was a 10-bagger at one point — Splitit is still over 450 per cent higher than when it listed in late January. It is trading at around $1.10.

Security Matters (ASX:SMX) is also an outlier, with a 205 per cent spike since it listed in mid-October last year to reach 61c.

The company revealed last week that the Perth Mint will leverage Security Matters’ blockchain-based tracking technology to protect its gold, from mining to minting.

Nickel Mines (ASX:NIC) leads the miners with a 23 per cent climb to 43c. The company made its debut in August last year.

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