IPO Watch: The ASX welcomed 3 new IPOs today, here’s how they all performed
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The IPO market shows no signs of slowing down with 3 companies newly listing on the ASX, and here’s how they performed.
Listing first was Barton Gold (ASX:BGD) and it did not get off to a good start, retreating 14 per cent in the first couple of hours of trade.
BGD is focused on South Australia’s Gawler Craton with two projects – Tarcoola and Tunkillia – where it plans to undertake initial exploration activity at in the coming quarter.
“With the benefit of a total attributable 1.1 million ounce JORC Mineral Resources platform and 100 per cent ownership of the region’s only gold mill, our objectives are to demonstrate the true scale potential of this asset package and pursue maximum long-term value creation,” said managing director Alexander Scanlon.
Up next was Wilson Asset Management‘s latest Listed Investment Company (LIC) WAM Strategic Value (ASX:WAR) and as at 2pm it performed the best of today’s new ASX IPOs.
This company is only the second LIC to list since COVID-19 following Salter Brothers’ listing earlier this month but is the eight to be managed by Wilson.
Wilson says it will take advantage of opportunities mispriced by the market.
“WAM Strategic Value aims to deliver strong risk-adjusted returns derived from a portfolio primarily composed of discounted asset opportunities selected using the proven market-driven investment process we have developed over more than two decades,” it said in a statement to shareholders on Friday.
WAM Strategic Value notched up a slight gain upon debut.
Completing the trio of new ASX IPOs listing today was Camplify (ASX:CHL) which is a campervan and motorhome sharing community focused on the Australia and UK markets.
Camplify listed having raised $11.5 million and reported its IPO was over four times oversubscribed with customers invited to buy shares in the IPO and strongly backing it.
It is also backed by one of the ASX’s few other caravan specialists in Apollo Tourism and Leisure (ASX:ATL) which invested in the company back in 2017 and retains a 17.8 per cent stake today.
The Newcastle headquartered company wasted no time in giving shareholders the impression it would live up to its prospectus forecasts, upgrading them on its inaugural trading day.
It forecasted Gross Transaction Value of $27.8 million and revenue of $6.7 million but now expects these figures to be between $30 and $31.5 million and $7.3 and $7.6 million respectively.
Camplify credited the faster than expected recovery of travel and tourism in the UK as well as minimal impact of lockdowns in Australia on regional communities.
“We have been delighted with the support and interest we have received throughout this process from a wide range of institutional and retail investors,” said CEO Justin Hales.
“We will continue to focus on growing our business and to deliver on our purpose of helping connect RV owners with hirers looking to head on an RV adventure.”
While Camplify shares initially rose on debut, from $1.42 to $1.50 it lost these gains as the trading continued.