Airtrunk's $10bn listing on the ASX is on the cards. Picture Getty
IPO Watch
Virgin Australia’s planned $3bn IPO could be dwarfed by a potential new mammoth listing.
News has surfaced recently that Airtrunk, a data centre play, is preparing for a run at the ASX with a valuation of more than $10 billion. If it happens, it would be the biggest IPO since Medibank Private’s $5.7 billion listing in 2014.
Airtrunk was valued at just $3bn when it was 88% acquired in 2020 by Macquarie Asset Management and PSP. But since then, its EBITDA has grown massively by 7x, according to a report by the AFR.
Founded by current CEO Robin Khuda, a serial entrepreneur who was also a founding partner of listed data centre firm NextDC (ASX:NXT), AirTrunk develops and operates large-scale data centre campuses across the Asia Pacific region and Japan.
The company has operations in Australia, Hong Kong, Japan, Malaysia and Singapore, and primarily caters to large tech companies with its hyperscale data centres.
“Compared to enterprise data centres, hyperscales are larger, classified at more than 5,000 servers and 10,000 square feet,” said City Index’s Ryan Thaxton.
“Hyperscale centres often boast faster network connections and greater energy efficiency than their enterprise counterparts.”
In recent years, some of the largest public data centre firms have been taken private through multi-billion mergers and acquisitions.
So if AirTrunk does list, it could mark a shift in the industry back towards public listings, especially as the IPO market as a whole begins to revive.
“Recent demand for data storage and processing from companies like Amazon Web Services, Google and Microsoft has left hyperscale centres scrambling for the capital needed to expand development,” said Thaxton.
An ASX listing is not a sure thing however; word is that the company might opt for Wall Street instead.
Swipe or scroll to reveal the full table. Click headings to sort.
| Code | Name | IPO Price | Current Price | Return | Market cap | Listing date |
|---|---|---|---|---|---|---|
| PLN | Pioneer Lithium | 0.20 | 0.35 | 75% | $9,900,000 | 28/9/2023 |
| JBY | James Bay Minerals | 0.20 | 0.325 | 63% | $13,140,225 | 12/9/2023 |
| GDM | Great Divide Mining | 0.20 | 0.3 | 50% | $7,630,000 | 25/8/2023 |
| ACM | Aus Critical Mineral | 0.20 | 0.27 | 35% | $11,297,875 | 3/7/2023 |
| LM1 | Leeuwin Metals Ltd | 0.25 | 0.33 | 32% | $12,091,950 | 29/3/2023 |
| NVO | Novo Resources Corp | 0.20 | 0.215 | 7% | $8,062,500 | 11/9/2023 |
| EG1 | Evergreen Lithium | 0.25 | 0.25 | 0% | $15,463,250 | 11/4/2023 |
| DYM | Dynamic Metals | 0.20 | 0.185 | -8% | $8,050,000 | 16/1/2023 |
| HTM | High-Tech Metals | 0.20 | 0.185 | -8% | $4,685,683 | 23/1/2023 |
| NGX | NGX | 0.20 | 0.185 | -8% | $18,122,368 | 16/6/2023 |
| AUG | Augustus Minerals | 0.20 | 0.18 | -10% | $19,588,800 | 25/5/2023 |
| COV | Cleo Diagnostics | 0.20 | 0.18 | -10% | $14,191,125 | 22/8/2023 |
| RDX | Redox Limited | 2.55 | 2.28 | -11% | $1,239,192,170 | 3/7/2023 |
| CHW | Chilwaminerals | 0.20 | 0.175 | -13% | $7,798,750 | 5/7/2023 |
| ILT | Iltani Resources | 0.20 | 0.165 | -18% | $7,939,644 | 30/6/2023 |
| CVB | Curvebeam Ai Limited | 0.48 | 0.38 | -21% | $80,460,158 | 23/8/2023 |
| ASK | Abacus Storage King | 1.41 | 1.11 | -21% | $1,484,936,347 | 1/8/2023 |
| PL3 | Patagonia Lithium | 0.20 | 0.14 | -30% | $5,880,420 | 31/3/2023 |
| SQX | SQX Resources Ltd | 0.20 | 0.12 | -40% | $3,250,000 | 20/2/2023 |
| DY6 | Dy6 Metals | 0.20 | 0.1 | -50% | $6,169,999 | 29/6/2023 |
| GHY | Gold Hydrogen | 0.50 | 0.2325 | -54% | $12,523,065 | 13/1/2023 |
| VHM | VHM | 1.35 | 0.495 | -63% | $78,389,800 | 9/1/2023 |
| ADC | Acdc Metals Ltd | 0.20 | 0.068 | -66% | $3,389,220 | 17/1/2023 |
| ACE | Acusensus Limited | 4.00 | 0.815 | -80% | $109,750,478 | 12/1/2023 |
*Note: there was a 5:1 stock split for ACE
There was one new listing over the past couple of weeks – Pioneer Lithium (ASX:PLN) – which has risen by 75% since debut.
PLN’s portfolio covers three highly prospective battery/critical minerals projects in Northern Ontario and in James Bay, Quebec – all of which have access to the fast-growing North American battery raw material market.
The plans is to kick off exploration at its Root Lake lithium project in Ontario, which sits directly between Green Technology Metals’ (ASX:GT1) Root Bay and Morrison/McCombe lithium deposits, and the company’s LaGrande project in the world class James Bay region.
All dates are sourced from the ASX website. They could change without notice.
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. Oracle Capital and 708 Capital are join lead managers for the float.
Expected listing: October 13
IPO: $6m 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 is lead manager of the float.
Expected listing: October 16
IPO: $99.2m at $1.00
This 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.
Expected listing: October 20
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.
KS Capital Pty is lead manager of the float.
Expected listing: October 23
IPO: $5m at $0.20
GR8 is primarily focused on the exploration of battery-grade manganese in the Barraba region of New South Wales, located 100km north of Tamworth and serviced by established infrastructure.
Historical records indicate that manganese production was initially documented in the Barraba area in 1941, likely originating from mines such as Doherty, Junior, and their surrounding areas.
The Doherty Mine consistently yielded battery-grade and metallurgical-grade manganese, with an estimated total production of approximately 6000 tonnes of battery and metallurgical-grade manganese.
The Junior Mine contained two sections of high-grade ore, which were mined to a depth of 80 feet.
The ore extracted from this mine comprised both battery-grade and metallurgical-grade manganese, with a production volume estimated to be around 3,000 tonnes.
Expected listing: October 25
IPO: $17m at $0.25
MWL is exploring lithium project in the state of South Dakota, US.
The project comprises of around 23,500 acres of both Federal and private land, containing various historical lithium production mines, visible spodumene, and multiple pegmatites.
Currently, Midwest is undertaking exploration geology work preparing for out first drill program.
The flagship Black Hills Project holds more than 24,000 pegmatite bodies located around a large local granitic intrusion known as the Harney Peak Granite, of which between 2%-5% are believed to carry lithium mineralisation.
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