Investment Solutions


Investment Solutions


Investment Solutions


IPO Watch: Radiopharmaceutical float inbound, alongside med-tech and battery metals listings

Rene Anthony

Saturday, November 20, 2021

Saturday, November 20, 2021

The key themes in the IPO market this week will be med-tech and battery metals, two sectors in hot demand of late, and now with more names set to join the action.

The key themes in the IPO market this week will be med-tech and battery metals, two sectors in hot demand of late, and now with more names set to join the action.

As the Thanksgiving holiday puts a pause on the US IPO market, there are a number of highly-anticipated local listings ahead, including companies from the medical and biotech space, and further names tapping into the battery metals theme courtesy of nickel explorer Nimy Resources (ASX: NIM) and lithium explorer Winsome Resources (ASX: WR1).While not the largest float in the week ahead, clinical-stage radiotherapeutics firm Radiopharm Theranostics (ASX: RAD) is arguably the name with the most eyes on it. The Sydney-based company, Chaired by industry veteran and serial entrepreneur Paul Hopper, has secured $50 million to advance its portfolio of four radiopharmaceutical platforms. It currently has five phase two clinical trials underway, and two phase one trials taking place. The platforms address an estimated 74% of the causes of death from cancer.Meanwhile, med-tech firms EBR Systems (ASX: EBR) and Artrya (ASX: AYA) will make long-awaited floats, as will wagering data services provider Racing and Sports (ASX: RTH), which counts a number of Australia largest bookies as its clients.

Upcoming IPOs

  1. Nimy Resources (ASX: NIM)

    • Focus: Nickel explorer

    • IPO size: $7.5 million

    • Expected debut: Nov 22

  2. RAS Technology Holdings (ASX: RTH)

    • Focus: Data, content, and SaaS wagering solutions

    • IPO size: $29 million

    • Expected debut: Nov 23

  3. EBR Systems (ASX: EBR)

    • Focus: Medical device maker focused on treating heart failure

    • IPO size: $110 million

    • Expected debut: Nov 24

  4. Radiopharm Theranostics (ASX: RAD)

    • Focus: Clinical stage radiotherapeutics

    • IPO size: $50 million

    • Expected debut: Nov 25

  5. Winsome Resources (ASX: WR1)

    • Focus: Lithium explorer

    • IPO size: $18 million

    • Expected debut: Nov 25

  6. Artrya (ASX: AYA)

    • Focus: Med-tech software to aid CT scan diagnosis

    • IPO size: $40 million

    • Expected debut: Nov 26

  7. Parabellum Resources (ASX: PBL)

    • Focus: Copper and gold explorer

    • IPO size: $5 million

    • Expected debut: Nov 26

  8. Austin Gold (USA: AUST)

    • Focus: Gold explorer in Nevada

    • IPO size: US$15 million

    • Expected debut: TBC

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

Future Listings

While a lull takes hold over conventional businesses looking to list on the ASX now the IPO window is effectively shutting before Christmas, that hasn't deterred another REIT from progressing its listing aspirations. Acure Core Plus REIT, which boasts 10 properties across industrial, retail and service station assets, is eyeing around $100 million for a value of above $160 million on debut.Sticking with the real estate theme and alternative real estate investment management fund Qualitas has locked in $300 million from investors to confirm its path to the ASX in December.

Priced at $2.50 per share, the company has been valued at 13.7-times forecast EBITDA for FY22.Elsewhere, rapid diagnostics firm Ellume is putting the touches on its plans to charge towards the ASX. The company, which is supplying the US Department of Defense with 20 million rapid COVID antigen tests, has been a beneficiary amid the pandemic. It is working to get the tests approved for local use in Australia. ESG investors may also have a new company to keep tabs on if Synergen Met can complete its ASX IPO.

The company has developed a world-first, transportable, modular process plant that manufactures sodium cyanide at the mine site, which it claims has the potential to revolutionise the supply process for one of the most critical reagents used in the global mining industry. Eyeing $25 million, funds would help the business expand into hydrogen production thanks to its methane pyrolysis plasma-based technology, which splits natural gas into hydrogen and solid carbon.

Greek yogurt brand Chobani is the biggest story to come out of the US IPO market last week, with the global company pressing go on plans for a large-scale float. It is expected to raise up to US$1.5 billion, and while yogurt still represents the majority of the brand sales, it has recently expanded into other food categories. 

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