IPO Watch: Today’s three debuts all gained, but who led the pack?
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Three companies IPOd today, the biggest winner being XPON Technologies (ASX:XPN) who listed after raising $12.5m at 20c per share.
The company’s shares were trading at 24.5c per share, a tidy 22.5% above issue price.
The company provides corporate and mid-tier enterprises with cloud-based marketing technology solutions. MD and CEO Matt Forman said XPON is “uniquely positioned at the intersection of converging trends in data privacy and marketing technology”.
“Because of our deep AdTech and MarTech expertise, we’ve been able to build machine learning and AI-powered solutions that meet marketers wherever they are on the path to modernisation,” he said.
“Through this agile delivery of our full marketing and CX stack, we’ve been able to build a global MarTech company quickly, unlocking value for highly loyal blue-chip clients and smaller, hyper-growth brands alike.”
The company says the total addressable market for customer facing MarTech applications in Australia and Europe alone is forecast to be more than $201 billion by 2025.
The Colombia-focussed coal-gold and copper explorer listed today after raising $5m at 20c. It finished the day up 7.5%.
The Vetas project is the company’s primary focus and is a large, high-grade, thermal coal project containing a JORC compliant exploration target.
The Santa Rosa project is an earlier stage gold and copper project in a prolific artisan mining district.
Funds raised from the offer will be used to fund a feasibility study and a drilling program at Vetas and to advance the exploration of the Santa Rosa Project – as well as provide funds for Ronin “to identify and assess potential complementary value accretive acquisition opportunities”.
This company operates in the alternative real estate investment management sector on behalf of fund investors. It raised $335m at $2.50 and is currently trading up 4% at $2.60.
Proceeds from the offer will be used primarily to fund co-investments to grow funds under management (FUM) – $4.2 billion as at 31 October 2021 across debt and equity funds and other mandates.
The funds will also provide balance sheet capacity to underwrite, bridge and warehouse time-sensitive investment opportunities for Qualitas funds.
“Our priority is – and will remain – investing our capital in well-considered and risk-mitigated real estate opportunities in both debt and equity that will deliver returns through market cycles,” Co-founder and MD Andrew Schwartz said.