IPO Valuation Model
Our latest roundup covers news from September 18 to October 1, detailing upcoming ASX listings via IPO and RTO.
Headlining the health sector, oncology and radiopharmaceutical biotech Telix Pharmaceuticals has received big name backing ahead of a $50m IPO to progress clinical trials.
Upon listing, the pre revenue business will have an approximate market cap of $130m.
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Telix has the support of Macquarie Bank’s former chairman and the cofounder of Caledonia Investment.
Resources and Energy
1414 Degrees has postponed its highly publicised IPO until 2018, opting to first build large storage units and focus on other projects.
Meanwhile, sustainable energy peer PowerLedger, which will be the first ASX ICO, is hoping to trial its blockchain trading system with Origin Energy clients.
Turning to resources companies, and Peel Mining has updated its gold resources for the Saturn Metal IPO.
This includes 17.2m tonnes at 0.9 g/t gold.
Utilities, Materials and Industrials
Building services business Johns Lyng is mulling an IPO, with Bell Potter and Evans & Partners set to raise $95.8m. Existing owners will sell down 30% of their holdings, leaving the company with a market cap of $220m. Funds are intended to be used to lower debt and eye acquisitions.
In other news, Italian shipbuilder Fincantieri could look to list on the ASX if it secures a $35bn contract to build local ships.
Telecoms and Information Technology
Australia’s answer to Skype, Spreedbox, will raise $4.2m to push its private cloud communications software.
The company has released a prospectus for its IPO.
US adtech business Engage: BDR has been met with a mixed reception by investors, yet closed its upsized IPO of $9m oversubscribed.
RTO hopeful Schrole Group spoke about the role the mining crunch has had in leading to a decline in revenue tied to its old business operations.
Financials, Funds and Real Estate
Among the financials, Registry Direct hope to disrupt the registry market via “efficient prospectus solutions” and “self-service” online solutions.
Netwealth’s owners will retain a key stake post IPO.
The investment platform has received valuations from UBS and Credit Suisse ranging $683m to $902m.
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Netwealth is set for another roadshow in October, before listing in November.
As Domain eyes an IPO, the property business’ revenue growth has slowed down.
In the meantime, the company intends to continue with its cost saving initiatives.
Some of the businesses that formally opened their books for an IPO or RTO include:
- Mineral explorer, Tao Commodities – $4.6m
- Developer of modular car parking systems, Parkd – $6m
- Metals explorer, Santa Fe Minerals – $1m (RTO via EZA Corporation)
- Cloud based service provider, 5G Networks – $4m-$4.4m
- Biotech, Rong Yu Pharmaceuticals – $15m-$20M
Dual Track Sales
PEXA has hired UBS as a joint lead manager should it proceed with an IPO.
In the meantime, other leads are not expected to be hired until a float is confirmed.
Commonwealth Bank could look to listColonial First State Global Asset Management, with a strategic review under way to extract shareholder value.
An IPO could be valued up to $4bn, while a divestment would allow CBA to focus on its core banking operations. On a related note, ANZ is addressing the concerns of US insurance business MetLife before assessing a trade sale or IPO of its wealth management business.
As Quadrant is being prepared for an April listing next year, Woodside Petroleum is said to be looking over the company’s LNG assets.
After an ongoing dual track sale, Beach Energy won out in the battle to acquire Lattice Energy.
The oil and gas player has paid $1.585bn to pick up Origin’s spin off business, ending hopes of an IPO.
Video gaming business Stirfire has seen its IPO fall short of funding targets. After failing to secure sufficient funding, the business has said it will look to retry next year after progress is made.
Finally, Seven Group has bought out TCG’s holding in Coates Group, putting an end to any short or medium term IPO hopes.
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