Each of this week’s ASX IPOs tap into the commodities theme, although the most high-profile name comes courtesy of Minerals 260 (ASX: MI6). The gold, nickel and copper explorer is a wholly-owned subsidiary of lithium high-flyer Liontown Resources (ASX: LTR), and with $30 million under its belt via shares priced at $0.50 each, it will focus on the prospective Moora project and an option to earn a 51% interest in the Koojan JV Project.
Meanwhile, software names take centre stage in the US, with billing and payments platform AvidXchange (AVDX), as well as development and collaboration firm GitLab (GTLB) on track to debut over the coming days, with each hoping to secure over half a billion US dollars.
|Market||Company||Focus||IPO size||Expected debut|
|ASX||Recharge Metals (REC)||Copper explorer||$5m||Oct 11|
|ASX||Diablo Resources (DBO)||Gold explorer||$6.5m||Oct 12|
|ASX||Minerals 260 (MI6)||Gold, nickel and copper explorer||$30m||Oct 12|
|ASX||Resilience Mining (RM1)||Copper and gold explorer||$6m||Oct 12|
|ASX||Eastern Metals (EMS)||Base and precious metals explorer||$4.5m||Oct 14|
|ASX||Aurum Resources (AUE)||Gold explorer||$5m||TBC|
|ASX||Alvo Minerals (ALV)||Copper, zinc, precious metals & lead explorer||$10m||TBA|
|ASX||Activeport Group (ATV)||Software-defined networking tool||$15m||TBA|
|US||AvidXchange (AVDX)||Billing and payments software platform||US$528m||Oct 13|
|US||GitLab (GTLB)||Software development and collaboration tools||US$598m||Oct 14|
|US||IHS Holding (IHS)||Telecom tower operator||US$506m||Oct 14|
|US||Lucid Diagnostics (LUCD)||Diagnostic test maker for esophageal cancer||US$75m||TBC|
|US||Marpai (MRAI)||Health plan platform||US$25m||TBC|
|US||Biofrontera (BFRI)||Dermatology for skin damage diseases||US$18m||TBC|
|US||Paragon 28 (FNA)||Orthopedic implants and device maker||US$125m||TBC|
|US||Cingulate (CING)||Phase 3 biotech for ADHD stimulant drugs||US$50m||TBC|
*All dates are subject to change and should be treated as an indicative guide only
Imagery technology business Artrya is pressing on with its plans to hit the ASX, with the company in the market for $40 million ahead of a potential stock market debut in late November. The company’s AI technology, Salix, is used to analyse CT scans for improved detection of heart disease, and has already received approval from the Therapeutic Goods Administration. It is now seeking regulatory approval in the US and Europe, with hopes to commercialise its technology abroad.
Another technology play gaining steam, albeit in the travel market, is Alloggio, which is a holiday home platform looking to capitalise on the upcoming resumption of travel later this year. Alloggio is seeking $20 million via IPO, which would give it a value of approximately $45 million on debut. Unlike other platforms that operate on a B2C basis, Alloggio is a cloud-based platform designed for end-to-end management of mid-market hotels and holiday properties, effectively an intermediary between property owners and major booking platforms.
Electrical products distributor IDP Group is looking to make the transition to a public company after more than 70 years. The profitable firm, with more than $80 million in revenue to its name in FY20, reportedly saw a significant uptick as a result of growth last financial year.
There will also be more floats from junior names in the gold sector, with Cooper Metals, Hamelin Gold and Parabellum Resources the latest to join the waiting list. The trio offer exposure to different gold mining jurisdictions across Australia, taking in areas including but not limited to the West Tanami region in Western Australia, Mt Isa in north-west Queensland, and New South Wales’ Lachlan Fold.
Elsewhere, terms have been released for a number of other IPOs on the horizon. This includes investment manager GQG Partners, which is selling 593.5 million shares at $2 to $2.20 each to raise $1.187 billion to $1.306 billion, equivalent to 16.5-18-times forecast profit, as well as steel distributor Vulcan Steel, which is chasing $370 million via shares at $7.10 a piece, or 13.2-times forecast profit.
From the US, the IPO runway continues to build, with more than 20 companies last week submitting initial filings for upcoming floats.
Undoubtedly the biggest of these was semiconductor player GlobalFoundries, which is reportedly looking to secure as much as US$2 billion in fresh funds, for a potential value around US$25 billion. An IPO in the coming weeks or months would come at a time where the semiconductor shortage is still in full effect across the world, spurred on by unprecedented demand for semiconductors used in all sorts of electronic devices, and as the company turned a gross profit in the first half of the year after years of losses.
There are also IPO hopes for the likes of online education marketplace Udemy, personal finance platform NerdWallet, employment solutions provider HireRight, as well as Russian car-sharing firm Delimobil Holding.
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