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:

Swipe or scroll for full table

CompanyASX codeIPO statusFocusFund raisingIssue price
AltoStratosATOListing extended to April 30Supply chain delivery technology$16-$25m40c
Australian Industrial MineralsAAMWithdrawnIndustrial minerals$5m25c
Australian Nutrition & SportsAN1Due to list Apr 3Dairy formula$5-$8m20c
AXS GroupAXSOffer date extended to April 19; Listing date extended to April 26Software provider to the finance, insurance and funds sector$7m25c
Carnaby Resources-Prospectus not yet issued; Considering listing in 2019Gold--
EcofibreEOFDue to list Mar 29Hemp products$15-$20m$1
Expose ResourcesEXXListing date extended to April 10Gold$4.5m20c
Frugl Pre-IPO funding; planning listingGrocery price comparison --
Gold Tiger ResourcesGRAOffer closing May 10; Listing planned for May 22Gold$4-$5m20c
irexchangeIRXWithdrawnRetail tech$17.5m90c
IXTIXTWas due to list Dec 21Services and software$7m20c
Jobstore GroupJOBWas due to list Dec 5AI-powered recruitment$6.6-8m20c
Koligo TherapeuticsKOLListing extended to April 5Regenerative medicine$6-$7m20c
Melior ResourcesSeeking ASX-listing in 2019Mineral sands$5m
Mont Royal ResourcesMRZOffer closing April 8; Listing set for May 15Gold$5m20c
Next ScienceNXSDue to list April 29Bacteria treatments$35m$1
RicegrowersSGLDue to list April 8Manufacturing of rice productsNo cash being raised-
Rolek ResourcesRLKBackdoor listing via Shaw River (ASX:SRR); Listing expected by AprilManganese$5m2c
Trigg MiningTMGPostponed until 2019Potash-
XS ResourcesXS1Listing extended to Mar 4Precious, base metals$4.5m20c

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:

Swipe or scroll for full table

Listing Date ASX CodeCompanyIPO PriceIntra-Day Price Mar 26Percentage Change
03/07/2019CBY Canterbury Resources 0.30.295-0.0166666666667
02/22/2019MPH Mediland Pharm 0.20.230.15
02/19/2019CLB Candy Club Holdings 0.20.155-0.225
02/14/2019A1G African Gold 0.20.240.2
02/13/2019UWL Uniti Wireless 0.250.40.6
01/29/2019SPT Splitit Payments 0.21.1054.525
12/28/2018AMS Atomos 0.411.061.58536585366
12/20/2018FIJ Fiji Kava 0.20.086-0.57
12/18/2018EX1 Exopharm 0.20.441.2
12/14/2018YRL Yandal Resources 0.20.2250.125
12/13/2018EMV EMvision Medical Devices 0.250.380.52
12/13/2018TYM Tymlez Group 0.220.250.136363636364
12/12/2018HMD HeraMED 0.20.260.3
12/05/2018CRS Caprice Resources 0.20.165-0.175
11/30/2018RDC Redcape Hotel Group1.131.05-0.070796460177
11/30/2018NVU Nanoveu 0.20.09-0.55
11/29/2018NWM Norwest Minerals 0.20.185-0.075
11/14/2018HM1 Hearts and Minds Investments2.52.80.12
11/08/2018GSM Golden State Mining 0.20.091-0.545
11/07/2018MOH Moho Resources 0.20.15-0.25
10/31/2018WWG Wiseway Group 0.50.35-0.3
10/23/2018CRN Coronado Global Resources 42.94-0.265
10/19/2018QEM QEM 0.20.12-0.4
10/17/2018ID8 Identitii 0.750.43-0.426666666667
10/15/2018SMX Security Matters 0.20.612.05
10/02/2018SGI Stealth Global Holdings 0.20.12-0.4
09/21/2018AGH Althea Group Holdings 0.20.370.85
09/21/2018AR9 Archtis 0.20.096-0.52
09/17/2018VEN Vintage Energy 0.20.165-0.175
09/13/2018ARN Aldoro Resources 0.20.13-0.35
09/12/201814D 1414 Degrees 0.350.305-0.128571428571
09/11/2018HLA Healthia 10.9-0.1
08/30/2018CM1 Coolgardie Minerals (suspended since Feb 5)0.20.052*-0.74
08/24/2018KWR Kingwest Resources 0.20.165-0.175
08/20/2018NIC Nickel Mines 0.350.430.228571428571
08/16/2018SLZ Sultan Resources 0.20.056-0.72
08/15/2018TMR Tempus Resources 0.20.2450.225
07/30/2018CR1 Constellation Resources 0.20.240.2
07/27/2018NSB NeuroScientific Biopharmaceuticals0.20.185-0.075
07/26/2018RFR Rafaella Resources 0.20.075-0.625
07/20/2018CXL Calix 0.530.750.415094339623
07/18/2018KTD Keytone Dairy 0.20.3750.875
07/13/2018VEA Viva Energy Group 2.52.49-0.004
07/09/2018PGX Primero Group 0.40.395-0.0125
07/06/2018WOA Wide Open Agriculture 0.20.185-0.075
07/05/2018RMY RMA Global 0.250.2-0.2
06/21/2018RZI Raiz Invest 1.80.56-0.688888888889
06/19/2018B2Y Bounty Mining 0.350.069-0.802857142857
06/13/2018VN8 Vonex 0.20.11-0.45
05/30/2018KRX Koppar Resources 0.20.17-0.15
05/29/2018GAL Galileo Mining 0.20.16-0.2
05/29/2018PYG PayGroup 0.50.750.5
05/25/2018CPV Clearvue Technologies 0.20.2350.175
05/16/2018S66 Star Combo Pharma 0.50.590.18
05/14/2018ED1 Evans Dixon 2.51.58-0.368
04/27/2018SIL Smiles Inclusive 10.18-0.82
04/18/2018JMS Jupiter Mines 0.40.34-0.15
04/16/2018MKG Mako Gold 0.20.14-0.3
04/11/2018DXN Data Exchange Network /The0.20.096-0.52

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.