US dating app company Bumble (NASDAQ:BMBL) soared 63 per cent in value overnight following its IPO on the Nasdaq market to reach a market value of $US8bn ($10.3bn).
After raising more than $US2.15bn by selling 50 million shares at $US43 per share, the company’s share price opened for trading at $US76 per share.
The lift-off in Bumble’s share price made an instant billionaire of its founder and chief executive, 31-year-old Whitney Wolfe Herd, with her stake in the dating app firm worth $US1bn.
Bumble has 42 million users looking for a partner in 150 countries including Australia. The dating app is different to others as it lets women make the first move.
Only three out of 560 companies that listed on US stock markets in 2020 were founded by women, according to Bloomberg.
To markets:
At lunch time in Sydney, the broad ASX All Ordinaries index was marginally lower, dipping 0.27 per cent at 7,102 points.
The ASX 200 showed similar volatility, and was a little in the red at 6,827 points.
Bitcoin hit a new record in Australian dollars, Friday, at $62,278, up around 8 per cent on Thursday.
The price of gold was steady at around $2,350 per ounce ($US1,823/ounce).
WINNERS
Here are the best performing ASX small cap stocks at 12pm Friday February 12:
Swipe or scroll to reveal the full table. Click headings to sort.
Stocks highlighted in yellow made market moving announcements
| CODE | NAME | PRICE | % CHANGE | VOLUME | MARKET CAP |
|---|---|---|---|---|---|
| SHG | Singular Health | 0.38 | 90 | 3938162 | $ 9,357,000.00 |
| TKL | Traka Resources | 0.029 | 71 | 23959558 | $ 8,609,906.16 |
| ANL | Amani Gold Ltd | 0.0015 | 50 | 9435858 | $ 9,386,996.75 |
| ANW | Aus Tin Mining | 0.0015 | 50 | 17500000 | $ 7,002,913.98 |
| CLZ | Classic Min Ltd | 0.0015 | 50 | 2050000 | $ 17,034,968.31 |
| TTA | TTA Holdings Ltd | 0.021 | 40 | 18185 | $ 2,061,351.15 |
| ACS | Accent Resources NL | 0.06 | 36 | 50000 | $ 20,505,200.45 |
| IOU | Ioupay Limited | 0.385 | 35 | 98333115 | $ 128,387,388.53 |
| MXC | Mgc Pharmaceuticals | 0.062 | 32 | 89161012 | $ 104,753,990.38 |
| SI6 | SI6 Metals Limited | 0.031 | 24 | 14332866 | $ 23,647,011.90 |
| 1ST | 1St Group Ltd | 0.037 | 23 | 4204824 | $ 12,738,507.09 |
| FFG | Fatfish Group | 0.053 | 23 | 48490361 | $ 39,931,672.82 |
| YPB | YPB Group Ltd | 0.003 | 20 | 2265016 | $ 11,802,628.22 |
| MNB | Minbos Resources Ltd | 0.105 | 17 | 6125311 | $ 33,269,210.73 |
| ADX | ADX Energy Ltd | 0.007 | 17 | 20000 | $ 14,749,804.80 |
| ROG | Red Sky Energy. | 0.0035 | 17 | 10683862 | $ 13,804,266.59 |
| BHL | Boyuan Holdings | 0.11 | 16 | 9090 | $ 32,597,359.50 |
| FFT | Future First Tech | 0.068 | 16 | 686799 | $ 32,633,245.39 |
| SHN | Sunshine Gold Ltd | 0.069 | 15 | 400044 | $ 21,402,697.08 |
| DOU | Douugh Limited | 0.195 | 15 | 8210279 | $ 61,096,947.87 |
| FPL | Fremont Petroleum | 0.004 | 14 | 14453751 | $ 16,374,793.82 |
| TYX | Tyranna Res Ltd | 0.008 | 14 | 20000 | $ 8,976,524.67 |
Best-performing stock Friday was newcomer Singular Health Group (ASX:SHG) which marked its arrival on the ASX boards with a 90 per cent jump in its share price.
The Perth-based medical imaging company joined the ASX after its IPO to raise $6m that was strongly supported by institutional and sophisticated investors.
Singular Health Group has patents for its proprietary medical imaging technology that coverts 2D images into 3D visualisations that can be manipulated and transferred.
The share placement was priced at 20 cents per share for 30 million shares giving an indicative market value of $20m, which had nearly doubled by lunchtime.
Base metals and gold explorer Traka Resources (ASX:TKL) rose quickly in morning trade on announcing significant drilling results for its Mt Cattlin gold project in WA.
Assay results demonstrated the presence of open-ended high-grade gold mineralisation at its historic Maori Queen and Sirdar mines within the project.
Drill hits included 1m at 28.2 grams per tonne (g/t) gold for Maori Queen, and 9m at 9 g/t gold for Sirdar, confirming mineralisation over 100m in strike length.
South-east Asia BNPL and digital payments platform company IOUpay (ASX:IOU) advanced in early trade days after its announcement on a new partnership deal.
IOUpay has teamed up with Malaysia-based retailer EasyStore to enable its merchants and customers to use IOUpay’s BNPL services.
EasyStore is a fast-growing retailer with 7,000 merchant partners across south-east Asia including Malaysia, Singapore, Indonesia and Thailand and Taiwan.
The retailer processed 20 million transactions last year worth $435m, and sells a range of goods ranging from food, beauty products, automotive and home decor.
“EasyStore’s dedication to real value added merchant services and their Southeast Asia focus is an excellent fit with IOUpay’s positioning and objectives,” IOUpay chief executive, Khong Kok Loong, said.
LOSERS
Here are the worst performing ASX small cap stocks at 12pm Friday February 12:
Swipe or scroll to reveal the full table. Click headings to sort.
Stocks highlighted in yellow made market moving announcements
| CODE | NAME | PRICE | % CHANGE | VOLUME | MARKET CAP |
|---|---|---|---|---|---|
| ECT | Env Clean Tech Ltd. | 0.001 | -33 | 799995 | $ 14,401,549.18 |
| GGX | Gas2Grid Limited | 0.01 | -23 | 15213077 | $ 17,367,960.81 |
| MGL | Magontec Limited | 0.014 | -22 | 521532 | $ 20,716,646.51 |
| DTR | Dateline Resources | 0.002 | -20 | 1017000 | $ 20,525,195.19 |
| MSV | Mitchell Services | 0.46 | -19 | 685520 | $ 113,566,081.80 |
| AWV | Anova Metals Ltd | 0.021 | -19 | 1423452 | $ 37,260,449.20 |
| WML | Woomera Mining Ltd | 0.027 | -18 | 4386693 | $ 11,226,159.25 |
| CCE | Carnegie Cln Energy | 0.0025 | -17 | 24498219 | $ 36,175,049.76 |
| DOR | Doriemus PLC | 0.039 | -15 | 11265 | $ 2,667,223.75 |
| A3D | Aurora Labs Limited | 0.18 | -14 | 1915860 | $ 32,108,258.70 |
| NPM | Newpeak Metals | 0.003 | -14 | 250000 | $ 16,773,648.28 |
| 88E | 88 Energy Ltd | 0.0095 | -13 | 88873466 | $ 117,277,494.74 |
| AO1 | Assetowl Limited | 0.007 | -13 | 8990888 | $ 3,956,040.84 |
| DMC | Design Milk Co Ltd | 0.008 | -11 | 2097760 | $ 13,051,913.69 |
| ODA | Orcoda Limited | 0.17 | -11 | 133 | $ 25,016,071.08 |
| JRL | Jindalee Resources | 1.5 | -10 | 94193 | $ 75,046,643.05 |
| AGY | Argosy Minerals Ltd | 0.16 | -10 | 7954151 | $ 178,412,932.95 |
| WOO | Wooboard Tech Ltd | 0.0045 | -10 | 14596594 | $ 12,110,813.65 |
| AAJ | Aruma Resources Ltd | 0.085 | -10 | 139667 | $ 9,960,327.14 |
| N1H | N1 Holdings Ltd | 0.095 | -10 | 71225 | $ 8,563,335.17 |
| CGB | Cann Global Limited | 0.01 | -9 | 106523567 | $ 56,531,808.12 |
| IVX | Invion Ltd | 0.01 | -9 | 6000 | $ 60,915,715.25 |
The share price of magnesium alloys and anodes company Magontec (ASX:MGL) dropped sharply Friday, only days after its readmission to the ASX market.
Magnotec buys magnesium metal and scrap to turn into cast magnesium and titanium products for the automotive industry at its casting house plant in China.
The ASX suspended the company from trading on its boards after it missed a deadline to file a financial statement.
Magnesium is one-third lighter than aluminium and has three-quarters the weight of iron making it an attractive metal for automotive, power tool and electronics applications.
Among the heavy fallers in early Friday trade was Philippines-focused oil and gas company Gas2Grid (ASX:GGX) which is producing from the Malolos oil field.
Oil produced from the field is sold to local refinery facilities or exported to Singapore or China, and the company plans to build gas-fired power plants in the Philippines.
The company also has some exploration activity in Europe in France’s Acquitane basin, but has become embroiled in legal action against the French government.
Gas2Grid has lodged a compensation claim for €34.35m ($54m) in the French courts for the government deciding not to renew the company’s exploration permit.
The government in Paris has yet to provide any defence to the claim, and a French tribunal set a final deadline of Monday for the French government to respond.
“While the company believes it has a good chance of success, based on legal advice, the outcome and timing for determination of this claim are uncertain,” said Gas2Grid Thursday.