Another round of resources floats await ASX investors in the week ahead, spanning iron ore, nickel, copper, gold and lithium. The smallest listing comes courtesy of Pearl Gull (ASX: PLG), which raised $4 million for the exploration and development of high-grade iron ore in Western Australia. Meanwhile, Widgie Nickel (ASX: WIN) is the largest ASX IPO this week after securing $24 million for its Mt Edwards Project, which it believes is prospective for nickel.
In the US it is all-systems-go with as many as 14 listings coming to the market over the following days. There is a tech theme to many of the companies eyeing a debut this week, with SaaS and cloud-service providers like Freshworks (NASDAQ: FRSH), EngageSmart (NYSE: ESMT) and Clearwater Analytics (NYSE: CWAN) looking to tap into popularity in this burgeoning segment, while payment-oriented stocks like Toast (NYSE: TOST) and Remitly Global (NASDAQ: RELY) also prepare to take flight, alongside crypto mining tech provider Argo Blockchain (NASDAQ: ARBK).
|Market||Company||Focus||IPO size||Expected debut|
|ASX||Pearl Gull Iron (PLG)||Iron ore explorer||$4m||20 Sep|
|ASX||X2M Connect (X2M)||Internet-of-Things tech platform||$8m||22 Sep|
|ASX||Widgie Nickel (WIN)||Nickel explorer||$24m||22 Sep|
|ASX||Revolver Resources (RRR)||Copper explorer||$15m||23 Sep|
|ASX||Forrestania Resources (FRS)||Gold, lithium and nickel explorer||$5m||23 Sep|
|ASX||Pacific Edge (PEB)||Cancer diagnostics firm||Dual-listing||24 Sep|
|ASX||Alvo Minerals (ALV)||Copper, zinc, precious metals & lead explorer||$10m||TBA|
|ASX||Dalaroo Metals (DAL)||Metals explorer||$5m||TBA|
|ASX||Koonenberry Gold (KNB)||Gold explorer||$10m||TBA|
|ASX||Iris Metals (IR1)||Gold explorer||$7m||TBA|
|ASX||Li-S Energy (LIS)||Lithium-sulphur battery development||$34m||TBA|
|US||Toast (TOST)||Digital payments processor||US$685m||Sep 22|
|US||Sterling Check (STER)||Background & identity verification tech||US$300m||Sep 22|
|US||Freshworks (FRSH)||Customer support and IT SaaS business||US$855m||Sep 22|
|US||A.K.A Brands (AKA)||Online fashion brand retailer||US$250m||Sep 22|
|US||Brilliant Earth Group (BRLT)||Ethically-sourced jewelry retailer||US$250m||Sep 23|
|US||Sovos Brands (SOVO)||Premium food brand retailer||US$350m||Sep 23|
|US||EngageSmart (ESMT)||Invoicing & payments SaaS for healthcare||US$349m||Sep 23|
|US||Thorne Healthtech (THRN)||Dietary supplements||US$126m||Sep 23|
|US||Argo Blockchain (ARBK)||Blockchain tech for crypto mining||US$138m||Sep 23|
|US||Remitly Global (RELY)||International money transfer service||US$487m||Sep 23|
|US||Cue Health (HLTH)||COVID home test kits||US$200m||Sep 24|
|US||Clearwater Analytics (CWAN)||Accounting & analytics cloud software||US$450m||Sep 24|
|US||Knowlton Development (KDC)||Home, beauty and personal care products||US$800m||Sep 24|
|US||VersaBank (VBNK)||Canadian neo-bank||US$50m||TBA|
*All dates are subject to change and should be treated as an indicative guide only
Metals distributor Vulcan is back in the news, with the ASX aspirant launching a cornerstone investor process to underpin its run at the local share market. This is likely to see it bring in at least $500 million, with a listing pitched for October. The company currently generates about NZ$100 million in EBITDA per annum, and is eyeing a valuation of closer to $1 billion.
Another business in search of a cornerstone investor ahead of a local IPO is medical software business Genie Solutions. The health-tech firm has invited funds to look at its prospectus, with the practice management software provider forecasting $33.9 million in revenue for FY22, and a listing on the cards in the coming months.
Looking to cash in amid soaring interest in lithium and battery metals stocks, Green Technology Metals is about to open its IPO. The explorer, which is chaired by the co-founder of Pilbara Minerals (ASX: PLS), is targeting $24 million in funds for a market cap just shy of $50 million on listing. It will acquire a majority stake in the Ontario Lithium Project in Quebec, to complement existing projects.
One name that could head to the ASX before the year is out is open hotel commerce platform SiteMinder. The company has just secured $100 million in funding, with backers already including a who’s who of investment names. Despite exposure to a slump in hotel activity amid the pandemic, the company, which services the likes of Expedia and Booking via its SaaS offering, saw its revenue grow across the period.
With the US IPO market bursting to life, listing candidates have wasted no time in submitting their initial filing plans, with 15 companies stepping up to the plate last week. The biggest name on show was telecom tower operator IHS Holding, which is the largest independent multinational in this space. It is expected to seek up to US$1.5 billion for its operations which extend to critical infrastructure for mobile communications.
Elsewhere, software development platform GitLab filed for an estimated US$750 million float, while home furnishings company Keter Group put forward its plans to raise upwards of US$400 million. With a host of other names vying for attention, pharmaceuticals was a common theme, including tumour biotechs Theseus Pharmaceuticals and Pyxis Oncology, pharmaceutical drug developer AEON Biopharma, allogeneic T cell biotech MiNK Therapeutics, and oncology biotech Immix Biopharma.
Be sure to keep an eye out for our end-of-week bulletin covering all the major results among new ASX and US IPOs.
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