• Founder of  Think Childcare Mathew Edwards looks to raise $99 million in latest venture Nido Education
  • Gold and copper hopeful Far Northern Resources is hoping to strike it big in Queensland 
  • Gold explorer Golden Globe Resources also due to list with projects in Queensland, WA and NSW

 

Several companies are braving tough markets to list on the ASX in the next couple of weeks including resources stocks and  Nido Education, the latest early childhood education and care (ECEC) venture by founder of former ASX-listed Think Childcare Mathew Edwards.

IPO activity has been slower in 2023.  According to Stock Analysis there have been 120 IPOs on the US stock market in 2023 equating to -26.83% less than the same time in 2022,  which had 164 IPOs by this date.

IG markets analyst Tony Sycamore says the IPO market has mostly been on hold in 2023 due to an uncertain economic backdrop caused by high inflation and aggressive rate hikes from central banks.

A reflection of the uncertainty,  he says there have been just 23 IPOs in Australia  so far this year, well below the average of about 80 deals per year.

“However, with encouraging signs that the inflation genie is back in the bottle and central banks are nearing the end of their rate hiking cycle, IPO activity in Australia is expected to pick up into early next year, mirroring the increased level of activity viewed in the US in recent months.”

How the 2023 ASX IPOs are performing

Swipe or scroll to reveal the full table. Click headings to sort.

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Looking back on recent IPOs, significant new name in lithium James Bay Minerals (ASX:JBY) listed on September 12, rising strongly on its first day on the ASX and continue to climb. It’s now up 92% since listing.

Totalling ~224km2, the company’s Joule, Aero and Aqua properties are located in the ‘La Grande’ sub-province, along trend from the Corvette deposit, where Patriot Battery Metals (ASX:PMT) has an inferred MRE of 109.2Mt @ 1.42% Li2O and 160ppm Ta2O5.

Meanwhile, Canadian gold miner Novo Resources (ASX:NVO), is up 15% since listing on September 11. The company ended flat on the day of its listing, after jumping as high as 38%.

NVO sits atop one of the largest prospective tenures for gold and battery metals in WA’s Pilbara region for 10,500km2 and is concentrating on the development of its Egina JV with its biggest shareholder, De Grey Mining (ASX:DEG).

Upcoming ASX IPO listings

All dates are sourced from the ASX website. They could change without notice.

There are several new listings expected for the next couple of weeks.

CGN Resources (ASX:GGR)

Expected listing: October 12
IPO: $10m at $0.20

CGN is chasing IOCG, rare earths and nickel targets in the hot West Arunta region on WA’s border with the NT.  Its flagship Webb Project is a substantial 948km2  package of tenements in West Arunta, which has been recognised as a rare opportunity to target copper, nickel and specialty metals in a highly prospective terrain with very limited previous exploration.

The Webb Project boasts six targets with high tenor iron-oxide copper gold and rare earths potential.

Lithium and nickel giant IGO (ASX:IGO), known to also be keen on copper and rare earths, hold a lot of ground in the NT, while Encounter Resources (ASX:ENR) has made the Aileron discovery near the WA1 Resources (ASX:WA1) landmark Luni find.

Oracle Capital and 708 Capital are join lead managers for the float.

READ IPO Watch: This junior explorer spurned Rio and is now bringing its West Arunta copper and rare earths targets to the ASX

 

Far Northern Resources (ASX:FNR)

Expected listing: October 13
IPO: $10m at $0.20

North Queensland gold and copper play FNR is planning to drill down into the Empire Gold Project 34km west of Chillagoe inland from Cairns.

Explored privately by FNR since 2018, the project already has a resource of 820,000t at 0.85g/t for 22,500oz, 16,890oz of those in the indicated category.

Drilling is planned to upgrade indicated and inferred resources to measured and indicated levels and extend Empire both along strike and at depth 50-100m below surface.

But the big prize could be if FNR can identify a large copper-gold porphyry.

CPS Capital Group are lead manager of the float.

Read: IPO Watch: The junior IPO market is suddenly coming to life, with gold in Queensland and … duh, lithium in Canada

Nido Education (ASX:NDO)

Expected listing: October 16
IPO:$99.2m at $1 

In a larger IPO, the latest early childhood education and care (ECEC) venture created by founder of former ASX-listed Think Childcare, Mathew Edwards, is looking to raise $99 million.

Think Childcare was sold in 2021 to the Ontario Teachers’ Pension Plan-backed Busy Bees Early Learning in 2021 for $3.20/share, valuing the company at ~$195 million.

Edwards and his team presently manage 28 ECEC centres. However, they reportedly plan to use a significant portion of the funds raised from the offering to purchase an additional 24 centres.

In the future, NDO aims to expand its network by implementing an incubator model. Under this model, a third-party developer will build and operate a centre, and once it is operational, Nido will take over as the manager.

Canaccord Genuity (Australia), MA Moelis Australia Advisory and Wilsons Corporate Finance are joint underwriters and lead managers of the float.

Freedom Care Group (ASX:FCG)

Expected listing: October 19
IPO:$3.2m at $0.20 

The western Sydney-based business provides National Disability Insurance Scheme (NDIS) services.

FGS was co-founded by CEO Jamal Sabsabi and predominantly offers services in the greater Sydney area.

“The Freedom Care business has established a core offering and is now looking to expand both organically and by acquiring other NDIS providers,’’ the offer documents say.

“It is anticipated that an ASX listing will allow Freedom Care to pursue additional growth opportunities, including geographic expansion to areas outside of NSW and by expanding its current offerings.’’

Novus Capital is lead manager of the float.

 

Golden Globe Resources (ASX:GGR)

Expected listing: October 19
IPO:$6m at $0.20 

GGR is a gold explorer with projects in Queensland, WA and NSW. In the last four years, the company says it has acquired four projects with high prospectivity including Dooloo Creek and Alma in Queensland, Crossways in Western Australia, and Neila Creek in NSW.

GGR says each of these projects offers substantial opportunities for gold resources, including high-grade copper. The explorer has  conducted extensive drilling and sampling at Dooloo Creek, yielding impressive results over the past two years.

There are plans for further drilling across all GGR projects, with an immediate focus on Neila Creek and ongoing efforts at Dooloo Creek.

K S Capital Pty is lead manager of the float.

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