It’s an IPO smorgasbord with 14 ASX listings due in coming weeks
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April is shaping up as a huge month for ASX IPOs with at least 14 companies registered to debut on the local bourse in coming weeks.
The ASX hosted 19 floats in the March quarter — making it the world’s fourth busiest stockmarket for IPOs so far this year — in what is traditionally a quiet period.
That number looks set to be smashed this quarter.
The ASX’s general manager of listings Max Cunningham told Stockhead last week the outlook for micro, small and mid-cap listings up to about $500 million market cap was “very, very healthy”.
Punters are set to welcome everything from dental surgeries to telcos in deals totalling more than $858 million.
The most anticipated resources float is manganese miner Jupiter Mines (ASX:JMS) which aims to raise $240 million at 40c a share.
It has been touted as the sector’s biggest initial public offering in more than five years, and lis ed by former BHP Billiton chief Brian Gilbertson.
Manganese has traditionally been used as a steel-hardening mineral but there is increasing talk of the mineral’s potential as a battery metal.
Another big IPO is L1 Long Short Fund Limited (ASX:LSF) — a spin-off of its fund of the same name, which is now closed to new investors.
L1 Long Short Fund says its investment strategy has delivered returns of 36.9 per cent per year since inception, making it one of the best performing long/short funds globally.
The IPO is aiming for $500 million at an issue price of $2.
Dentist Totally Smiles, through its holding company Smiles Inclusive (ASX:SIL), is planning to join Pacific Smiles (ASX:PSQ) and 1300 Smiles (ASX:ONT) as the latest ASX-listed dental chain.
The company is looking for $35 million at 20c a share ahead of a proposed listing on April 27.
The group has agreed to buy 52 dental practices across the country and put in place profit-sharing schemes with the former owners to generate “cost efficiencies through scale, increased purchasing power and improved practice management”.
Telco Vonex (ASX:VN8 ) is attempting to raise $7 million at 20c to join the bourse a second time.
Back in 2015 the company negotiated a reverse takeover of Aleator Energy, but the listing was short-lived. The company was booted after the ASX raised concerns.
Since then, Vonex has attempted a listing on the alternative bourse, the National Stock Exchange — an attempt that was withdrawn in December.
Now a listing on the ASX is slated for April 26.
Capitalising on the excitement around battery metals, zinc play Adriatic Metals (ASX:ADT) and cobalt play Rafaella Resources (ASX:RFR) are looking to join the bourse before the end of the month.
Seekers of gold in north-west NSW Awati Resources (ASX:AWA) are rattling the tins for $4.5 million while West African explorer Mako Gold (ASX:MKG) is out for $6 million and Corona Resources (ASX:CNA) for $6 million at its copper-gold project in Tasmania — each at an issue price of 20c.
Away from resources there’s ClearVue Technologies (ASX:CPV) –– a Perth-based glass maker manufacturing glass panels with built-in photovoltaic cells that can produce up to 30 watts of electricity per square metre.
The high-tech glass features a layer of micro and nano-particles that reflect the sun’s rays towards solar cells embedded near the edge of the glass in a window frame.
The company is tracking towards a listing at the end of the month, hopeful of raising $6 million at 20c.
Universal Biosecurity (ASX:UBL) is looking to clean up pesticides — to raise $5 million for its non-toxic alternative to the agricultural industry’s reliance on harmful fumigants.
Instead of the conventional toxic fumigants, the company uses a fumigation apparatus its calls Fume8, that combines food grade ethyl formate with nitrogen in the air to protect grain, vegetables, fruit and other products but keep them safe for human consumption.
Micro-cap investor MicroEquities (ASX:MAM) was hopeful of raising $19 million when talking to Stockhead last month.
If successful, it will value the fund at $106 million ahead of an expected ASX listing on April 30.
Software-as-a-service payroll and HR outsourcer PayGroup (ASX:PYG) are looking for $7.5 million by mid-month and Data Exchange Network (ASX:DXN) $16 million for its data centre service.
For a list of upcoming April IPOs see below
|Proposed Ticker||Company name||Proposed raise||Issue price||Proposed listing date|
|ADT||Adriatic Metals||$8 million||20c||April 30|
|AWA||Awati Resources||$4.5 million||20c||April 25|
|CPV||ClearVue Technologies||$6 million||20c||April 25|
|CNA||Corona Resources||$6 million||20c||April 16|
|JMS||Jupiter Mines||$240 million||40c||April 18|
|LSF||L1 Long Short Fund||$500 million||$2||April 24|
|MAM||Microequities Asset Management||$19 million||80c||April 30|
|PYG||PayGroup||$7.5 million||50c||April 16|
|SIL||Smiles Inclusive||$35 million||$1||April 27|
|DXN||Data Exchange Network||$16 million||20c||April 30|
|UBL||Universal Biosecurity||$5 million||20c||April 10|
|VN8||Vonex||$7 million||20c||April 26|
|RFR||Rafaella Resources||$5 million||20c||April 9|
|MKG||Mako Gold||$6 million||20c||April 20|
The surge in IPOs this month comes despite average performance of the most recent listings.
Just three of seven recent IPOs were trading up from their issue price this week.
Eagle Mountain Mining (ASX:EM2) was a standout, up 35 per cent from its issue price after what was a highly oversubscribed initial offer.
The Charles Bass-backed company is looking for copper and gold in Arizona – an area that has traditionally accounted for more than half of all of the copper produced in the US.
A debut to the market hasn’t been quite as forgiving for platinum metal producer Podium Minerals (ASX:POD) – dropping 50 per cent since listing at the end of February.
How recent ASX IPOs have performed:
|Ticker||Name||Listing Date||IPO issue price ($)||Price (09 04 18)||Price change||Market Cap|
|AS1||ANGEL SEAFOOD HOLDINGS||21/02||0.2||0.15||-0.25||16.95M|
|EM2||EAGLE MOUNTAIN MINING||16/03||0.2||0.27||0.35||24.98M|