We take a look at best and worst ASX IPOs in 2023. Picture Getty
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In October, Kentucky-based healthcare payments startup, Waystar Technologies, announced a filing with Nasdaq, but according to a source familiar with the matter, the company has now decided to wait until 2024 to make its long awaited public debut.
Valued at around US$8bn, Waystar made the decision to postpone due to the volatility in the broader market, according to a report from Reuters.
Waystar provides software that helps hospitals and clinics manage their finances, and was valued at only US$2.7 billion in 2019 when investment firm EQT and Canadian pension fund giant CPPIB acquired a majority stake in the company from Bain Capital.
Since then, Waystar has gained scale by acquiring some of its competitors, including eSolutions in 2020.
Waystar’s IPO was supposed to be one of the last big planned listings of 2023, and its decision to postpone reflects the poor performances of recent IPOs including Instacart and Arm Ltd.
Back home, lithium explorer Kali Metals is fronting fundies and tabling a potential $12m ASX listing in December.
Kali Metals was established from the spinout of a portfolio of lithium assets owned by ASX-listed Kalamazoo Resources (ASX:KZR), with assets in the Lachlan Fold Belt.
The Lachlan Fold Belt is best known for its copper, gold and silver production.
But it has also become a focus of lithium explorers, with juniors hoping to repeat the success of their west coast counterparts in WA.
Two of those projects have been sitting in the portfolio of Kalamazoo – the Jingellic and Tallangatta.
Both have now been turned into a new company called Kali Metals, along with KZR’s DOM’s Hill and Marble Bar projects in the Pilbara and the lithium rights at Karora Resources’ Higginsville tenement package in WA.
KZR will own 55% of the entity, which will see Graeme Sloan as MD and Luke Reinehr as chairman.
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| Code | Name | IPO Price | Current Price | Return | Market cap | Listing date |
|---|---|---|---|---|---|---|
| GDM | Great Divide Mining | 0.2 | 0.305 | 53% | $7,630,000 | 25/8/2023 |
| PLN | Pioneer Lithium | 0.2 | 0.3 | 50% | $9,900,000 | 28/9/2023 |
| ACM | Aus Critical Mineral | 0.2 | 0.28 | 40% | $11,297,875 | 3/7/2023 |
| JBY | James Bay Minerals | 0.2 | 0.27 | 35% | $13,140,225 | 12/9/2023 |
| LM1 | Leeuwin Metals Ltd | 0.25 | 0.305 | 22% | $12,091,950 | 29/3/2023 |
| NVO | Novo Resources Corp | 0.2 | 0.195 | -3% | $8,062,500 | 11/9/2023 |
| NDO | Nido Education | 1 | 0.96 | -4% | $215,000,000 | 16/10/2023 |
| CGR | CGN Resources | 0.2 | 0.19 | -5% | $17,200,000 | 18/10/2023 |
| NGX | NGX | 0.2 | 0.185 | -8% | $18,122,368 | 16/6/2023 |
| RDX | Redox Limited | 2.55 | 2.31 | -9% | $1,239,192,170 | 3/7/2023 |
| CHW | Chilwaminerals | 0.2 | 0.18 | -10% | $7,798,750 | 5/7/2023 |
| AUG | Augustus Minerals | 0.2 | 0.17 | -15% | $19,588,800 | 25/5/2023 |
| HTM | High-Tech Metals | 0.2 | 0.17 | -15% | $4,685,683 | 23/1/2023 |
| EG1 | Evergreen Lithium | 0.25 | 0.21 | -16% | $15,463,250 | 11/4/2023 |
| COV | Cleo Diagnostics | 0.2 | 0.165 | -18% | $14,191,125 | 22/8/2023 |
| DYM | Dynamic Metals | 0.2 | 0.16 | -20% | $8,050,000 | 16/1/2023 |
| ASK | Abacus Storage King | 1.41 | 1.025 | -27% | $1,484,936,347 | 1/8/2023 |
| ILT | Iltani Resources | 0.2 | 0.14 | -30% | $7,939,644 | 30/6/2023 |
| PL3 | Patagonia Lithium | 0.2 | 0.14 | -30% | $5,880,420 | 31/3/2023 |
| CVB | Curvebeam Ai Limited | 0.48 | 0.315 | -34% | $80,460,158 | 23/8/2023 |
| SQX | SQX Resources Ltd | 0.2 | 0.13 | -35% | $3,250,000 | 20/2/2023 |
| DY6 | Dy6 Metals | 0.2 | 0.1 | -50% | $6,169,999 | 29/6/2023 |
| GHY | Gold Hydrogen | 0.5 | 0.235 | -53% | $12,523,065 | 13/1/2023 |
| ADC | Acdc Metals Ltd | 0.2 | 0.075 | -63% | $3,389,220 | 17/1/2023 |
| VHM | VHM | 1.35 | 0.48 | -64% | $78,389,800 | 9/1/2023 |
| ACE | Acusensus Limited | 4 | 0.72 | -82% | $109,750,478 | 12/1/2023 |
*Note: there was a 5:1 stock split for ACE
At this moment, only 5 IPO stocks in the school of 2023 are trading above their listing price.
There was one IPO listing in the last couple of weeks – lithium explorer Chariot Corporation (ASX:CC9).
Chariot had a disappointing first day on the ASX, with its shares finishing the day at 26c from the listing price of 45c.
Chariot owns a suite of early-stage lithium projects across the US, with its core focus on the flagship Black Mountain project in Wyoming.
In August, the company received formal approval from the US government to execute phase 1 of the Black Mountain drilling program.
In total, the company owns 12 lithium projects. Apart from the flagship Black Mountain Project, there’s also the Resurgent Project which is prospective for claystone lithium in Nevada and Oregon.
Chariot says assay results and initial geological work suggest that these two projects compare favourably with respect to grade and scale with similar early-stage hard rock lithium and claystone lithium projects in the US.
The company has also said that lithium exploration in the US is gathering momentum as companies seek to establish platforms for future lithium demand.
All dates are sourced from the ASX website. They could change without notice.
Expected listing: November 9th
IPO: $3.2m at $0.20
Freedom Care is a National Disability Insurance Scheme (NDIS) services provider head-quartered in Western Sydney that provides a full suite of allied health and care services to individuals accepted into the NDIS, predominantly in the greater Sydney area.
The Freedom Care business is now looking to expand both organically and by acquiring other NDIS providers.
The company says an ASX listing will allow it to pursue additional growth opportunities, including geographic expansion to areas outside of New South Wales and by expanding its current offerings.
Expected listing: November 23
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.
Expected listing: November 24
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.
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