Global alternative asset manager TPG (NASDAQ: TPG) comes to the market this week as the biggest listing, seeking US$1 billion in fresh capital and a valuation just shy of US$10 billion. The company is among the leading private equity firms in the world, closing out its most-recent quarter with more than US$100 billion in assets under management across 17 active products.

Closer to home, the frenzy of commodity IPOs from 2021 is showing no signs of slowing down heading into the new year, with four out of five ASX IPOs this week offering exposure to resources. NiCo Resources (ASX: NC1) and ChemX Materials (ASX: CMX) are tapping into the renewables and clean energy thematic. 

The former is a spin-off from Metals-X (ASX: MLX), and with $12 million in funds under its belt, the company hopes to develop its Central Musgrave Project (CMP) tenements, which it is touting as one of the world’s largest undeveloped nickel-cobalt deposits, backed by $60 million of exploration spending over the last decade.

ChemX is an advanced materials technology company that has developed a proven process to produce High Purity Alumina (HPA), a critical input for battery technology. With $8 million in funds secured, management intends to further develop the company’s HiPurA HPA technology, as well as the Kimba Kaolin and Halloysite project, plus Jamison Tank Manganese project.

 

Upcoming IPOs

Company Focus IPO size Expected debut
ASX   Careteq (CTQ) Health and aged care technology solutions $6m Jan 10
ASX NiCo Resources (NC1) Nickel-cobalt explorer $12m Jan 11
ASX ChemX Materials (CMX) Advanced materials tech firm focused on HPA production   $8m Jan 14
ASX Far East Gold (FEG) Copper and gold explorer in Indonesia & Australia $12m Jan 14
ASX Resilience Mining Mongolia (RM1)    Copper and gold exploration in Mongolia $6m Jan 14
US TPG (TPG) Global private equity firm US$1bn Jan 13
US Justworks (JW) Outsourced HR platform for SMEs US$214m   Jan 13

*All dates are subject to change and should be treated as an indicative guide only

 

Future Listings

South Australian-based and aspiring LNG terminal developer Venice Energy is pushing ahead with plans to list on the ASX, kicking off the flow of this year’s expected IPOs. The company has received planning approval for what is estimated to be a $250 million project, allowing it to begin striking contracts with prospective customers. It hopes to begin LNG imports from late 2023 or early 2024, with work still to be undertaken on a final investment decision (FID), financing and the like. There are currently five LNG import terminals being discussed as potential projects across the south-east coast of Australia, with developers eyeing supply shortfalls in that corner of the market.

Meanwhile, there is plenty of action brewing in the US, where there were nine companies that submitted initial filings for IPOs last week. The biggest of these is mattress retailer Mattress Firm, which filed for an estimated US$500 million float. However, some of the other names garnering attention include digital real estate broker HomeSmart Holdings, LNG services provider Excelerate Energy, and semiconductor solutions provider Credo Technology Group, which each have plans to raise US$100 million.

 

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