IPO Watch: Startup Whispir heads for the ASX as tech once again dominates
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Melbourne-based tech startup Whispir is trying its luck at an ASX listing with the launch of a $47m IPO.
It’s probably well-timed too, with the tech guys – be it straight up tech, fintech or biotech – dominating the gains of successful ASX debuts over the past year.
The company is aiming for a June 19 debut on completion of its IPO, which is priced at $1.60 per share.
Whispir is a software-as-a-service company that has developed a cloud-based “low code-no code” platform that can be implemented and managed with no IT developer or designer skills.
It is a communications workflow platform that automates interactions between businesses and people.
Whispir currently has over 500 customers in several industries across Australia, New Zealand, Asia and the US, including Virgin Australia, Disney, AGL and several government departments and institutions.
Chairman Brendan Fleiter said Whispir estimates the total global addressable Workflow Communications as-a-Service (WCaaS) market could reach $US8 billion by 2024.
“We forecast annualised recurring revenue [compound annual growth rate] of 27.6 per cent from FY18A to FY20F on a stabilising cost base, driven by product development, growth in use by our existing customers and the acquisition of new customers across the globe,” he said.
Whispir expects to have a market cap of $163m on listing.
Meanwhile, rare earths explorer Navigator Resources (ASX:NAV) has successfully completed its shift into family law and hopes to light up the boards this week.
The company, now known as AF Legal Group, has raised just under $6m and anticipates it will be reinstated to trading on or around June 7.
Navigator revealed in December last year that it planned to exit the mining world by way of a reverse takeover.
AF Legal is an Australian law firm that practices family and relationship law.
In FY18, the business opened about 593 files and reported annual revenue of $4.2m – over double what it made in FY17.
On the resources front, actual IPOs are a bit thin right now with only Gold Tiger Resources and Trigg Mining still vying for a spot on the ASX.
This is Trigg Mining’s second go at an ASX debut, and this time around it is hoping to light up the boards before the end of June.
Gold Tiger was aiming to be trading by May 22 but is a bit delayed.
Here’s a list of upcoming ASX floats:
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Finally, Stockhead can name someone other than buy now pay later play Splitit (ASX:SPT) as the leader.
After a stellar run of gains since listing at the end of January this year, Splitit has been pipped at the post by wireless internet provider Uniti Wireless (ASX:UWL), which is up 360 per cent since it lit up the boards in mid-February.
After a rocky start, it seems to have made headway.
Uniti listed on February 13 after raising only 73 per cent of the $18m it was chasing in its IPO. The next day, it announced that it had sacked co-founders Sasha Baranikov, also the chief operating officer, and Che Metcalfe, also the chief technical officer.
The ASX was kind of curious as to why the company had not disclosed the firings in the lead-up to listing.
Splitit takes second spot with a 255 per cent run up to trade at 71c, followed by bacteria-killing biotech Next Science (ASX:NXS), which has climbed 236 per cent to $3.36 since it broke onto the ASX in April.
Pot stocks are also doing well, with Althea Group (ASX:AGH) jumping 235 per cent to 67c and Ecofibre (ASX:EOF) more than doubling its price to $2.13.
Here’s a list of IPO performances over the past year:
Swipe or scroll for full table