As the IPO merry-go-round continues, this week’s biggest local listing comes courtesy of life insurance business NobleOak (ASX: NOL), which leads a number of junior gold explorers. 

Meanwhile, after its IPO was postponed last week, BCAL Diagnostics (ASX: BDX), a company developing blood test diagnostics for breast cancer, has received confirmation it will list on Wednesday.

A number of biotech and software firms make up the majority of IPOs scheduled to debut in the US this week, but it’s also the businesses discussing listing plans that are drawing attention.

 

Upcoming IPOs

Market Company Focus IPO size Expected debut
ASX Western Mines Group (WMG) Gold and base metals explorer $5.5m July 20
ASX Western Gold Resources (WGR) Gold minerals explorer $7m July 23
ASX BCAL Diagnostics (BDX) Blood diagnostic test for breast cancer $8m July 21
ASX Openn Negotiation (OPN) Real estate software platform $9m July 21
ASX NobleOak Life (NOL) Life insurance provider $62.2m July 21
ASX Victory Goldfields (1VG) Gold minerals explorer $5m July 22
ASX Almonty Industries (AII) Investor and operator of tungsten projects $13.5m July 23
US Gambling.com Group (GAMB) Digital marketing group for gambling industry US$90m TBC
US AbSci (ABSI) Development platform for proteins US$200m TBC
US Elicio Therapeutics (ELTX) Immunotherapy cancer biotech  US$40m TBC
US Candel Therapeutics (CADL) Phase 3 oncolytic cancer immunotherapy US$85m TBC
US Core & Main (CNM) Supplier pipes and water infrastructure US$750m TBC
US Xponential Fitness (XPOF) Roll-up of franchise fitness brands  US$200m TBC
US HCW Biologics (HCWB) Immunotherapy for inflammaging US$64m July 20
US CS Disco (LAW) Software provider for legal industry US$193m July 21
US Kaltura (KLTR) Provider of SaaS video solutions US$150m July 21
US Paycor HCM (PYCR) Human capital management platform US$361m July 21
US Infrastructure Holdings (INST) Learning management platform US$250m July 22
US Zevia PBC (ZVIA) Steva soft drinks company US$200m July 22
US Ryan Specialty Group (RYAN) Wholesale specialty insurance broker US$1.34b July 22
US Couchbase (BASE) NoSQL database tech provider US$151m July 22
US Zenvia (ZENV) Customer experience comms platform US$162m July 22
US VTEX (VTEX) Enterprise software provider US$304m July 22
US Outbrain (OB) Online content marketing platform US$200m July 23
US Ocean Biomedical (OCEA) Preclinical cancer therapy biotech  US$50m July 23

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

 

 

Future ASX Listings

Radiopharmaceutical company Clarity Pharmaceuticals put the finishing touches on the terms of its IPO last week, confirming it would raise $92 million at $1.40 per share. The company, which is developing cancer diagnostics using copper products, has also received the backing of Hong Kong’s China Grand Pharmaceuticals and Healthcare, with the two entities striking a binding licence agreement, alongside a $44.7 million investment from the international firm.

With its sights set on a $500 million ASX listing, customer experience quality assurance platform Cyara is progressing its plans. Cyara offers an automated service that assesses the performance of clients’ customer service technology, identifying errors, and manages interactive voice response systems as well. It has served the likes of Google and eBay since it was formed in 2006.

Elsewhere, there is another buy-now pay-later company in the mix, albeit this time with a twist. Beforepay is looking to hit the ASX later this year, with the startup appointing former Westpac (ASX: WBC) CEO Brian Hartzer as Chairman. Unlike other players in the space, Beforepay relies on a fixed fee of five percent from the proceeds that it issues customers from their salaries before they are paid by their employer. The company recently topped 100,000 active users.

If there weren’t already a significant number of gold explorers heading to the ASX, there is another on the way. Besra Gold, which owns the Bau Gold Project in Malaysia is targeting a market cap of $61 million, having completed approximately 250km of drilling in years gone past.

Perhaps the most interesting name on the horizon, however, is neobank Judo. The local digital bank, with a focus on lending to SMEs, is set to test investor appetite before it targets an ASX debut by December. Reports suggest Judo, with deposits of $2.29 billion and loans of $3 billion as at the end of April, could command a value in the vicinity of $3 billion on listing.

 

 

Future US Listings

There were 14 companies that submitted filings with the Securities Exchange Commission last week to detail their IPO plans. 

While a number of biotechs and regional banks were the most-prominent categories on the list, the highest-profile name was outdoor grilling brand Weber (NYSE: WEBR). It comes at an interesting time for BBQ grill makers, with Weber joining Traeger and BBQGuys as prospective listings on the horizon. With consumer spending in this sector elevated over the last year amid the closure of restaurants across the US, Weber saw its sales up 60% in the half-year through March. The company plans to raise as much as US$1 billion for a valuation of between US$4-6 billion.

Private health-care information and analytics business Cotiviti Corp is an IPO candidate, and reports suggest it could be assigned a valuation of more than US$15 billion. The company reconciles and performs checks on the accuracy of payments to health care professionals, while targeting government agencies and insurers as clients.

The other name making headlines last week was content subscription platform Scribd. Although it has yet to commit to a timeline for a listing, the company is currently weighing up the merits of an IPO or merger with a Special Purpose Acquisition Company (SPAC). Estimates put Scribd’s value at approximately US$1 billion.

 

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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