Some assembly required: ScandiVanadium’s return to the ASX fails to excite
Link copied to
The ASX has welcomed back furniture-assembler-turned-vanadium-explorer ScandiVanadium — but the reception from investors hasn’t been as warm.
The company (ASX:SVD) lit up the boards on Monday, but immediately fell below the 2.7c issue price of shares in its recent $3m capital raising.
ScandiVanadium closed its first session down more than 11 per cent at 2.4c, with nearly 13 million shares changing hands.
The stock slipped a further 8.3 per cent on Tuesday to an intra-day low of 2.2c on the exchange of another 5.1 million shares. It ended its second trading day at 2.3c.
ScandiVanadium rose out of the failed online furniture assembly platform business AssembleBay, but the company has reskinned itself a number of times over the years.
It was biofuels business Agri Energy up until 2011 before it acquired oil and gas exploration assets and became Sirocco Energy.
That became AssembleBay (ASX:ASY) in 2016, which threw in the towel in December 2017.
The company has since picked up a vanadium project in Sweden called “Skåne”.
ScandiVanadium, which plans to kick off a maiden drilling program in early 2019, wants to take advantage of the expected growth in demand for vanadium used in vanadium redox flow battery (VRFB) applications.
Based on very limited historic exploration, the company has estimated an exploration target of 610 million to 1.2 billion tonnes at an average grade of 0.5 per cent to 0.8 per cent vanadium pentoxide.
Holding out hope for a pre-Christmas debut
There are still a few IPOs and re-listings to get across the line before the end of the year.
Norwest Minerals is hoping to make its debut this week after closing its $6.6m IPO.
Other companies penned in for this week include coking coal play 3G Coal, gold explorer Expose Resources, therapeutic goods company Fiji Kava, software provider AXS Group, and precious and base metals explorer XS Resources.
Here’s a list of upcoming IPOs:
Swipe or scroll to reveal full table. Click headings to sort
|Company||ASX code||IPO status||Focus||Fund raising||Issue price|
|3G Coal||3GC||Offer open Oct 3 to Nov 9; due to list Nov 30||Coking coal||$6m||20c|
|Alliance Mineral Assets||A40||Due to list Dec 5||Lithium||-||20.5c|
|AMD Resources||ADM||Cancelled||Gold, silver||$22m||50c|
|Andes Resources||-||Undecided, possibly April-May 2019||Gold||$3-5m||-|
|AXS Group||AXS||Due to list Nov 28||Software provider to the finance, insurance and funds sector||$7m||25c|
|Candy Club||-||In pre-IPO rounds; considering float||Subscription confectionary||-||-|
|Canterbury Resources||CBY||Listing date extended to Dec 11||Copper, gold||$7.8m||30c|
|Caprice Resources||CRS||TBA||Gold, base metals||$4.5m||20c|
|Carnaby Resources||-||Prospectus not yet issued||Gold||-||-|
|Centaur Resources||CR3||Cancelled||Lithium and other battery metals||$15m||20c|
|China Track||CTC||Postponed, was due to list Jun 11||Bulldozer parts||$32-40m||80c|
|Cowan Lithium||COW||Cancelled; Was a planned spin-out from Tawana Resources||Lithium||$6-8m||20c|
|Eden Health||ETK||Cancelled in March||Kiwi fruit-focused AgTech||$15.6-20m||20c|
|EMvision Medical Devices||EMV||Due to list Nov 30||Develops and commercialises medical imaging technology||$6m||25c|
|Exopharm||EX1||Offer closes Dec 4; Due to list Dec 19||Biopharma focusing on commercialising exosomes as therapeutic agents||$7m||20c|
|Expose Resources||-||Due to list Nov 29||Gold||$4.5m||20c|
|Fiji Kava||FIJ||Due to list Nov 29||Therapeutic goods company||$5.2m||20c|
|Frugl||Pre-IPO funding; planning listing||Grocery price comparison||-||-|
|Haixi Pharma||HXP||Cancelled||China-based, pain relief biotech||$25-30m||50c|
|Hao Xian Yang||-||-||Beef, mutton and vegetarian meat||$1-1.5m||20c|
|HeraMED||HMD||Due to list Dec 4||At-home pregnancy monitoring tech start-up||$6m||20c|
|International Cobalt Resources||ICR||Cancelled||Cobalt, nickel, gold||$5-6m||30c|
|IXT||IXT||Offer closes Dec 11; Due to list Dec 21||Services and software||$7m||20c|
|Jobstore Group||JOB||Due to list Dec 5||AI-powered recruitment||$6.6-8m||20c|
|Kaiyun Holdings||KYH||Was due to list Oct 29 on NSX||China-focused copper and gold||$3-4m||20c|
|Mediland Pharma||Offer opens Dec 3; Due to list Jan 25||Daigou retailer||$12.5-15m||20c|
|Montem Resources||MR1||Withdrawn||Canada-focused coking coal||$15-20m||50c|
|Nanoveu||NVU||TBA||3D image technology||$4.5-6m||20c|
|Norwest Minerals||NWM||Spin-off from Australian Mines (ASX:AUZ); Expecting to list before the end of Nov||Gold and base metals||$6.6m||20c|
|Ocean Guardian||OCG||Cancelled||Shark deterrent||$5m||-|
|Power Asia Limited||P88||Cancelled||Renewable energy||$9m||20c|
|Prospa||PGL||Postponed||Small business loans||$146m||3.64|
|PVW Resources||PVW||Due to list Dec 12||Gold||$5-7m||20c|
|Raptor Resources||RPL||TBA||Gold, base metals||-||-|
|Revasum||RVS||Due to list Dec 6||Computer hardware||$30.7m||$2|
|Rolek Resources||RLK||Backdoor listing via Shaw River (ASX:SRR); Listing scheduled for late December||Manganese||$5m||2c|
|Rong Yu Pharma||RY8||Postponed||Traditional Chinese Medicine||$14-20m||20c|
|Secure2Go Group||S2G||Postponed indefinitely||Cyber security||$4-5m||30c|
|Tartana Resources||-||IPO suspended due to ASIC query||Zinc, copper||$5-6m||-|
|Torque Metals||TOR||Due to list Dec 12||Gold||$7m||20c|
|Trigg Mining||TMG||Postponed until 2019||Potash||$4-6m||-|
|Tymlez Group||TYM||Due to list Dec 7||Blockchain||$8m||22c|
|Universal Biosecurity||UBL||Cancelled||Safe pest control||$5m||20c|
|XS Resources||XS1||Due to list Nov 29||Precious, base metals||$4.5m||20c|
|Yandal Resources||YRL||IPO due to close Dec 3; Due to list Dec 19||Gold||$5m||20c|
|Zaige Waste Management||ZGZ||Cancelled||China-based recycling||$14-20m||0.2|