Resource names continue to occupy upcoming ASX IPOs for the week ahead, including a number of micro-cap explorers such as Industrial Minerals (ASX: IND) and Mt Monger Resources (ASX: MTM) that each raised in the vicinity of $5-7 million.
BCAL Diagnostics (ASX: BDX) represents a departure from the resources theme, with the biotech company developing a lipid biomarker blood test that it hopes can be used for the early detection, treatment and monitoring of breast cancer.
Overseas, Italian manufacturer of healthcare products Stevanato (NYSE: STVN) is the week’s biggest listing, with the company in the midst of a boom for its glass vials used for COVID vaccines.
Mark Wahlberg backed fitness franchise business F45 Training Holdings (NYSE: FXLV) is also set to debut with gym patronage across the US picking up, while digital banking platform Blend Labs (NYSE: BLND) rounds out the names on watch.
|Market||Company||Focus||IPO size||Expected debut|
|ASX||Resource Base (RBX)||Copper and gold explorer||$5.5m||July 12|
|ASX||Aerison Group (AE1)||Industrial services provider||$13.5m||July 12|
|ASX||Western Mines Group (WMG)||Gold and base metals explorer||$5.5m||July 12|
|ASX||Industrial Minerals (IND)||Sand and gypsum minerals explorer||$5m||July 13|
|ASX||Pantera Minerals (PFE)||Iron ore explorer||$7m||TBC|
|Victory Goldfields (1VG)
Balkan Mining (BMM)
|Gold minerals explorer
Lithium borate explorer
|ASX||Mt Monger Resources (MTM)||Gold minerals explorer||$5m||July 15|
|ASX||Openn Negotiation (OPN)||Real estate software platform||$9m||July 15|
|ASX||BCAL Diagnostics (BDX)||Blood diagnostic test for breast cancer||$8m||July 16|
Unicycive Therapeutics (UNCY)
Biotech firm focused on kidney disease
|US||Sera Prognostics (SERA)||Diagnostic test manufacturer||US$75m||July 15|
|US||Sight Sciences (SGHT)||Medical and surgical device supplier||US$150m||July 15|
|US||Membership Collective (MCG)||Member-only luxury hotel group||US$450m||July 15|
|US||F45 Training Holdings (FXLV)||Global fitness franchise for studios and homes||US$325m||July 15|
|US||Stevanato Group (STVN)||Pharmaceutical container supplier||US$900m||July 16|
|US||Blend Labs (BLND)||Digital consumer lending platform||US$340m||July 16|
|US||Phillips Edison (PECO)||Shopping centre and grocery store REIT||US$502m||July 16|
|US||Bridge Investment (BRDG)||Real estate investment manager||US$300m||July 16|
*All dates are subject to change and should be treated as an indicative guide only
Future ASX Listings
As pure-play infrastructure names dry up on the ASX, Singapore-owned bus operator ComfortDelGro is currently before investors making a pitch to join the ASX. The company holds 56 service contracts with governments across the country, following $636 million revenue and $124 million EBITDA across FY20, with a pipeline of contracted revenue totalling $1.88 billion. Another name in this space is infrastructure services and facilities management firm Ventia, which is considering a tilt at the ASX.
From the telcoms sector, 2degrees, New Zealand’s fourth-largest telco, is eyeing a dual listing across the ASX and NZX. Amid a number of operations, the business would join the likes of Chorus (ASX: CNU) and Spark New Zealand (ASX: SPK) if its float finds favour.
It’s one of the most high-profile names that has been flirting with the prospect of a public listing for some time now, and Foxtel was in the news again last week. On the back of its subsidiaries like Kayo and Binge finding traction, the News-corp and Telstra owned business is running the ruler over potential structures and valuations for an IPO.
Olive oil producer Cobram Estate was forced to pull the pin on its $175 million IPO after struggling to garner the support to see it hit the boards. The business has not given up on its hopes of making it to the ASX, however, clarifying it will target a smaller-scale compliance listing.
Elsewhere, amid a boon for takeaway businesses throughout the pandemic, Retail Zoo is considering its second attempt to complete an ASX IPO. This time around, it is hoping the growth of its premium burger chain in Betty’s Burgers will appeal to prospective shareholders, with take-away and delivery sales soaring over recent months.
In the biotech space, Clarity Pharmaceuticals is in the midst of finalising its IPO. The local company has a host of treatments currently in clinical trials for the treatment of cancer, with a specialty in copper theranostics. Management is seeking $92 million in fresh capital at a price of $1.40 per share.
Finally, battery technology firm Li-S Energy is putting the final touches on its prospectus for an IPO that could raise up to $50 million. The company, formed out of a joint venture between PPK Group (ASX: PPK), Deakin University and BNNT Technology, is working on a new generation of battery power that would harness lithium-sulphur. Central to this, Li-S Energy is producing boron nitride nanotubes, a rare and critical component to uphold the integrity and stability of lithium-sulphur batteries. Reports suggest the company might seek a valuation of approximately $500 million when it opens its offer in the coming weeks before a potential debut in late August.
Future US Listings
Yoghurt manufacturer Chobani filed for an IPO last week, with the company looking to capitalise upon heightened demand for packaged food amid the pandemic. Although details surrounding the structure of the IPO have yet to be released, the company has been a beneficiary of the eat-at-home trend and extended periods where restaurants have been shut. Sources suggest the company could be valued well in excess of US$10 billion if it hits the American market.
Meanwhile, the owner of fashion brands such as Forever 21 and Brooks Brothers has also filed its prospectus with the Securities Exchange Commission to list on the New York Stock Exchange. Authentic Brands Group is eyeing at least US$100 million and likely US$1.5 billion for a market cap that is estimated to be in the vicinity of US$10 billion as well.
Teads is another name being discussed at the moment amid heightened enthusiasm for advertising technology companies. Set to raise an estimated US$700 million, the French-based company is looking to invest in new technology to support its drive into the connected TV category.
There were filings for US$100 million IPOs from a number of names, including but not limited to respiratory vaccine developer Icosavax; oncology biotech Nuvalent; medical equipment and services provider Rotech Healthcare Holding; and vitamins business The Better Being Co.
Elsewhere, niche barbecue maker TGPX Holdings has filed for a US$100 million listing on the NYSE under the ticker ‘COOK’, while automated Chinese convenience store chain Bianlifeng may look to raise up to US$500 million, despite China cracking down on offshore listings. That development led to LinkDoc Technology (LDOC) aborting its IPO last week, hours before it was set to go live.
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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