A number of commodity explorers are back on the agenda for the IPO market, which comes at a time when gold prices have started to track higher, and copper prices sit at elevated levels. Representing the contenders in this segment will be Midas Minerals (ASX: MM1), Copper Search (ASX: CUS), Culpeo Minerals (ASX: CPO) and Mt Malcolm Mines (ASX: M2M).
Delivery software business Zoom2u Technologies (ASX: Z2U) is currently listed by the ASX as a debutant for later this week, however, the IPO date may shift to next week, depending on the market operator’s final approval. The business has raised $8 million at $0.20 per share for a market cap just shy of $35 million, with its last-mile logistics offering and SaaS product set to benefit from fresh funds for sales, marketing and product development.
In the US, no IPOs have formally been locked-in for the week ahead, but a number of companies may look to take advantage of the post Labor Day rush, including Swiss sports betting firm Sportradar Group (SRAD), global tech consultancy Thoughtworks (TWKS), and identity management platform ForgeRock (FORG).
|Market||Company||Focus||IPO size||Expected debut|
|ASX||HealthCo Health REIT (HCW)||Health and wellness real estate trust||$650m||6 Sep|
|ASX||Midas Minerals (MM1)||Gold and base metals explorer||$6m||7 Sep|
|ASX||Copper Search (CUS)||Copper and gold explorer||$12m||9 Sep|
|ASX||Culpeo Minerals (CPO)||Copper explorer||$6m||10 Sep|
|ASX||Mt Malcolm Mines (M2M)||Gold explorer||$8m||10 Sep|
|ASX||Zoom2u Technologies (Z2U)||Delivery software platform||$8m||10 Sep|
|ASX||Iris Metals (IR1)||Gold explorer||$7m||TBA|
|ASX||X2M Connect (X2M)||IoT technology platform||$8m||TBA|
|ASX||Li-S Energy (LIS)||Lithium-sulphur battery development||$34m||TBA|
*All dates are subject to change and should be treated as an indicative guide only
Reddit, the online message board that has also reshaped financial markets in recent times, is reportedly in the early stages of preparing for a US IPO, with the company appointing lawyers and investment bankers. Last valued at US$10 billion in the private market, that value could stretch to US$15 billion by the time the company makes a debut, which is not expected until early next year.
A number of new filings were submitted last week, with the most high-profile upcoming listings in the US coming courtesy of fitness equipment brand iFIT Health & Fitness (IFIT), which is eyeing US$800 million in funds, and software firm Clearwater Analytics (CWAN), which has hopes to secure US$500 million in capital.
There were also smaller IPOs announced from the likes of global money transfer business Remitly Global (RELY), eco-footwear business Allbirds (BIRD), and COVID test maker Cue Health (HLTH), among others.
Meanwhile, Touch Ventures, currently called AP Ventures and tied to BNPL giant Afterpay, is asking investors for up to $100 million in funding. The Listed Investment Company, which has received a $10 million commitment from Afterpay, has made investments in a number of companies including logistics business Sendle, international buy-now pay-later companies, and more. The firm is on track for a listing by the end of September.
Wagering data and analytics business Racing and Sports is targeting a local float over the coming months, currently gauging appetite from institutional investors. The business, with more than $5 million in annual revenue to its name, works with a number of betting giants like Tabcorp and Sportsbet, and is touted as a rival to ASX-listed Betmakers (ASX: BET).
Last but not least, there are more resource explorers on their way, with gold, lithium and base metals explorer Mitre Resources wrapping up its raise, gold and strategic materials explorer Lukin Resources opening its $7.5 million IPO, while base and precious metals explorer Eastern Metals is in the midst of raising $6 million.
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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