IPO Watch: Two companies entered the ASX today with differing performances; and there are more to list before Christmas
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Today, two new companies listed on the ASX, fintech MoneyMe (ASX:MME) and ed-tech OpenLearning (ASX:OLL) and their performances were starkly different.
MoneyMe is a personal lender and credit provider that has handed out 230,000 loans worth around $430m.
It is seeking to expand into new markets. Founder Clayton Howes told Stockhead he believed the market would reward his company for being profitable.
And so far it has. MoneyMe commenced trading at 11am AEDT and by 12.16pm had risen to $1.65 – 32 per cent higher than the $1.25 offer price.
Fintechs that have been on the ASX for more than 12 months have enjoyed stellar gains – averaging over 100 per cent.
On the flip side, it was not a positive debut for OpenLearning. It fell 20 per cent to 16c in its first session, from an IPO price of 20c.
Open Learning runs a software as a service (SaaS) online education platform and is seeking to expand into Asian markets. While it is not yet profitable, it is aiming to reach this point in the near future.
As Christmas looms it may seem like things are slowing down, but in ASX-land activity is ramping up with several companies still due to list before the year is out.
Seattle-based workplace experience software provider Limeade (ASX:LME) is raising $100m and scheduled to list on Friday December 20.
Limeade estimates the market for employee experience software is currently $US8 billion ($11.6 billion) in America alone and this doubles if you take into account the rest of the world.
It also told potential shareholders that an engaged workforce was better for businesses, arguing studies show employees with high levels of engagement have 20 per cent higher productivity and 41 per cent lower absenteeism.
“At Limeade, we believe that employees have more voice, power and career mobility than ever before,” CEO Henry Albrecht, who founded the company in 2006, said.
“Many actively reject toxic, discriminatory, fixed-mindset or command-and-control company cultures. They demand cultures that, put simply, care.”
Stockhead has contacted Limeade for further comment.
Other upcoming listees include another buy now, pay later company, Openpay (ASX:OPY), which is due to list on Monday, as well as the latest entrant to the cannabis space, Tasmania-based 13 Seeds (ASX:13S), due to debut next Thursday.