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Investment Solutions

Features

Investment Solutions

Features

IPO Watch: Stronghold to debut as the latest bitcoin mining stock, RAM property ahead

Rene Anthony

Saturday, October 16, 2021

Saturday, October 16, 2021

The recent trend favouring bitcoin mining stocks is showing no signs of letting up, with another name on the way to add to the growing representation in this sector

The recent trend favouring bitcoin mining stocks is showing no signs of letting up, with another name on the way to add to the growing representation in this sector

Amid a flurry of interest in bitcoin mining stocks out of the US, there is another name on the way, with Stronghold Digital Mining (NASDAQ: SDIG) set to raise approximately US$100 million via shares priced between US$16-$18 a piece. Unlike some other bitcoin miners, Stronghold takes a different approach to its operations, converting coal waste into power for its operations, which includes 3000 miners.Locally, commercial and medical facility real estate fund RAM Essential Services Property Fund (ASX: REP) is this week biggest listing, while the delayed float from software-defined networking tool provider Activeport Group (ASX: ATV) makes its long-awaited debut.

Upcoming IPOs

ASX IPOs:

  1. NickelSearch (ASX: NIS)

    • Focus: Nickel explorer

    • IPO size: $10 million

    • Expected debut: Oct 18

  2. Activeport Group (ASX: ATV)

    • Focus: Software-defined networking tool

    • IPO size: $15 million

    • Expected debut: Oct 20

  3. RAM Essential Services Property Fund (ASX: REP)

    • Focus: Commercial and medical REIT

    • IPO size: $356.9 million

    • Expected debut: Oct 20

  4. Alvo Minerals (ASX: ALV)

    • Focus: Copper, zinc, precious metals & lead explorer

    • IPO size: $10 million

    • Expected debut: Oct 20

  5. iTech Minerals (ASX: ITM)

    • Focus: Graphite, halloysite, and kaolinite explorer

    • IPO size: $7 million

    • Expected debut: Oct 21

  6. Lykos Metals (ASX: LYK)

    • Focus: Nickel, copper, cobalt, lithium, REE explorer

    • IPO size: $12 million

    • Expected debut: Oct 21

  7. Eastern Metals (ASX: EMS)

    • Focus: Base and precious metals explorer

    • IPO size: $4.5 million

    • Expected debut: TBA

US IPOs:

  1. Stronghold Digital Mining (USA: SDIG)

    • Focus: Bitcoin mining company

    • IPO size: US$100 million

    • Expected debut: Oct 20

  2. Vita Coco Company (USA: COCO)

    • Focus: Coconut water manufacturer

    • IPO size: US$224 million

    • Expected debut: Oct 21

  3. P10 (USA: PX)

    • Focus: Private investment solutions provider

    • IPO size: US$300 million

    • Expected debut: Oct 21

  4. Portillo (USA: PTLO)

    • Focus: Fast casual restaurant

    • IPO size: US$375 million

    • Expected debut: Oct 21

  5. Enfusion (USA: ENFN)

    • Focus: Cloud-based investment platform

    • IPO size: US$375 million

    • Expected debut: Oct 21

  6. Winc (USA: WBEV)

    • Focus: US wine producer and distributor

    • IPO size: US$75 million

    • Expected debut: Oct 21

  7. Ventyx Biosciences (USA: VTYX)

    • Focus: Inflammatory and autoimmune phase 1 biotech

    • IPO size: US$125 million

    • Expected debut: TBC

  8. Aris Water Solutions (USA: ARIS)

    • Focus: Water pipeline operator

    • IPO size: US$300 million

    • Expected debut: TBC

  9. Minerva Surgical (USA: UTRS)

    • Focus: Minimally invasive device maker to treat uterine bleeding

    • IPO size: US$100 million

    • Expected debut: TBC

  10. Biofrontera (USA: BFRI)

    • Focus: Dermatology for skin damage diseases

    • IPO size: US$18 million

    • Expected debut: TBC

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

Future Listings

Large-cap floats dominated the narrative last week as far as news about upcoming ASX IPOs. With a total of seven billion-dollar plus floats on the way to the local market, it was a case of details being ironed out for a number of names including digital bank Judo Bank, disability services provider APM, essential services provider Ventia, hotel bookings platform SiteMinder, and also steel distributor Vulcan, which falls just short of the $1 billion mark.In terms of prospective listings on the horizon, renewable energy technology firm RedEarth is emerging as a candidate. The company supplies solar-charged batteries allowing private households to act as a power plant by selling stored energy to other members on the RedEarth grid.More immediately, however, is Close the Loop Group, a manufacturing, recycling and urban mining company that is listing amid a merger with packaging firm O F Packaging. Eyeing $12 million in fresh funds, the company has pivoted from a printer cartridge and toner recycling business into a much broader firm involved with repurposing and reselling recyclable parts and products. Close the Loop generated $13.2 million in EBITDA in FY21.Lastly, marketing platform Tribe is putting the finishing touches on IPO plans of its own. The platform is designed to connect influencers and marketers to distribute content. A number of household brands have used the platform to run campaigns across social media, ecommerce, digital ads and the like.One name that might raise a few eyebrows in the US is Hertz Global Holdings, with the car rental company set to re-IPO. On the back of strong consumer demand, and a shortage of rental cars, prices have been a major tailwind for the company most-recent results. The company emerged from bankruptcy a few months ago, and to date has been listed via OTC markets. With the sector showing strength as travel ramps up, and its adjusted EBITDA leaping, the business will eye a return to either the Nasdaq or NYSE by the end of the year.Outside of Hertz, no major names announced IPOs in the US last week, but that didn't necessarily deter a number of smaller-cap names from submitting filings to list in the coming weeks. This includes laser hair removal company Milan Laser, expense management platform Expensify, and health food brand The Real Good Food Company.

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