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Initial Public Offering and/or Floats


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Azure Health Technology (proposed IPO)

 

Azure Health develops and commercializes evidence based nutraceuticals and pharmaceuticals based on two proprietary and patented delivery platforms for improving the bioavailability and efficacy of tocotrienols (a natural product which is one part of vitamin E). The Board, Scientific Advisory Board and Management of AZT have a proven track record in using science to create new products and to bring these products to market.

 

Podcast coming up on ShareCafe

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Nuix lodged its prospectus late on Wednesday, and is slated to come to market with a $1.8 billion market capitalisation.

 

The company, which has grown to be one of the largest private Australian software companies despite a cofounder being sent to prison before being acquitted for tax fraud, has created software which helps organisations identify patterns and trends from different types and formats of data, including unstructured data, which is generated by things such as social media, text documents and PDF files.

 

This type of data does not fit neatly into a database table and is more challenging to interpret. These data insights are generally applied to fields such as cyber security, risk and compliance, and fraud investigations.

 

Nuix is raising $975.3 million. Of this, $875.3 million will go to existing investors selling down, while $100 million will be injected into Nuix. Macquarie, which owns more than 66 per cent of the business, will reduce its stake by more than half to 30 per cent.

 

In its prospectus the company pinpointed possible cyber security breaches and any churn in its existing customers as its biggest risks.

 

In the year to June 30, Nuix recorded $175.9 million in revenue, up 25.9 per cent on the previous year. For the 2021 financial year, the business forecast $193.5 million of revenue, implying a growth rate of 10 per cent. The company has also forecast $63.6 million in earnings before interest, tax, depreciation and amortisation, on a pro forma basis.

 

Of company revenue, 80 per cent is generated offshore from North America, Europe, the Middle East and Africa. The bulk (70 per cent) of its annual contract value is generated by customers which have been using Nuix since 2016, or earlier, and the business has a churn rate of only 4.7 per cent.

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New Au Cu entity in the Lachlan Fold Belt. DYOR

 

IPO soon, being shopped by Taylor Collison

AUSTRALIAN GOLD AND COPPER LIMITED

 

We are pleased to launch the IPO for Australian Gold and Copper Limited (AGC or the Company). AGC is seeking to raise up to a maximum of A$10 million (subject to a minimum of A$7 million) of primary capital (Offer). Taylor Collison is acting as Sole Lead Manager and Bookrunner to the Offer.

 

Please find attached the Investor Presentation, Term Sheet. The Prospectus is available to download at https://www.austgoldcopper.com.au/

 

WHAT WE LIKE ABOUT AGC: Valuation: $10m pre-money valuation is compelling given quality and location of portfolio

  • Assets: 3 projects, 1,000km2 and 7 walk-up, near surface drill targets
  • Location: Lachlan Fold Belt – hosts several multi-million ounce gold deposits
  • Quality & Diversity: The 7 identified drilling targets defined by historic workings, drill intercepts, outcropping, surface Geochem and geophysics – there are multiple data sets defining these targets
  • News Flow: Extensive drill program expected to commence in January 2021 (AGC has already secured a rig) with an anticipated 5,000m of drilling in first 8 months. The rig will rotate amongst the drill targets whilst awaiting asays
  • Team: Highly experienced with strong track record of discoveries

OFFER DETAILS

 

K Offer Statistics

Cash Offer Price .... $0.20 per Share

Securities Offered ....35 million, Max 50 million

Gross cash proceeds from the Cash Offer ....Min $7 million, Max $10 million

Total number of Shares on issue on Completion of the Offer ....Min 85 million, Max 100 million

Indicative market capitalisation at the Cash Offer Price (post Offer completion .... Min $17 million, Max $20 million

Pro Forma net cash on Completion of the Offers (Section 5 Prospectus) ....Min $6.2 million, Max $9.0 million

  • AGC's projects are contributed by Magmatic Resources (MAG) and New South Resources (NSR) at a valuation of $10.0 million. There will be an 80% in-specie distribution of AGC shares to MAG and NSR shareholders, with the remaining 20% held by MAG and NSR. The large majority of the vend will be subject to escrow - see page 3 of the term sheet for details of relevant shareholdings and escrow.
  • The Offer is conditional upon the satisfaction (or waiver) of a number of conditions including: obtainment of MAG and NSR demerger approval, AGC obtaining ministerial approvals relating to the transfer of the tenements under the Mining Act and AGC obtaining a conditional admission letter from the ASX. Further detail on these conditions are outlined in prospectus.
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The sharemarket has had a volatile year, experiencing both record breaking months for growth and daily slides , but for most companies that braved market conditions to list for the first time, the risk has been worth the reward.

 

Of the 42 initial public offerings conducted since the start of 2020, nearly 75 per cent have recorded positive returns as of Friday, with a mixture of tech companies, healthcare companies and more traditional business featuring among the top performers. The average return across all listings so far this year is 47.3 per cent.

 

The best performing company is IT solutions company COSOL which has seen its share price rocket 277.5 per cent to 77.5c per share after a $12m listing in January. Shares were sold in the float at 20c each.

 

Following that is respiratory imaging company 4DMedical, with its share price lifting 242 per cent to $2.52 after a $55m August listing at 73c per share.

 

This week, Booktopia achieved its goal of successfully listing after shelving its $40m offer in 2016. It was worth the wait, Boooktopia’s $43m listing on Thursday hit the boards at a 20 per cent premium to the initial offer price of $2.30 per share.

 

Meanwhile Nuix’s $1.8bn float on Friday , the biggest float of the year debuted to a 60 per cent premium on the $5.31 offer price.

 

Construction company Maas Group had also had a strong start after listing on Friday, with its $145m, $2 per share offering lifting 31 per cent by the afternoon while clothes retailer Universal Store has seen a 26 per cent increase in its share price to $4.86 since its $147m listing just over two weeks ago.

 

However, some heavily anticipated IPOs did not live up the hype.

 

Online only cosmetics retailer Adore Beauty has seen its share price slip 10 per cent to $5.96 since its $269.5m listing in October while online lender Plenti’s share price has fallen 33 per cent to $1.10 since its $55m debut in September.

 

Home fragrance retailer Dusk Group has slipped 15 per cent since its $70m listing at $2 per share, despite representing 22 per cent of the home fragrance market, which has boomed during COVID19 as people working from home buy scented candles and reed diffusers.

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Online wine retailer Vinomofo's float plans are out of the bottle..

 

As revealed by Street Talk, the 10 year old business has mandated investment bank Jarden Australia to help prepare it for an initial public offering and ASX listing, to launch in the first half of this year. It is understood the company would seek to raise between $100 million and $150 million for the IPO, which would imply a $250 million-odd market capitalisation.

 

[in August lat year,] it had Macquarie Capital's bankers at hand to handle the float. However, a bit has changed since then. Not only has Jarden subbed in for Macquarie, but Vinomofo has a new CEO in Paul Edginton, who was the chairman of its board before stepping into the chief executive role in January this year.

 

Former CEO, co-founder and 20 per cent owner Justin Dry moved into a newly-created chief entrepreneur position as part of the change.

 

The company also drafted in two new board members; Hotel Property Investments director Giselle Collins and former chief executive of national broadband company Internode Patrick Tapper. Vinomofo is also understood to have grown its customer base from about 70,000 halfway through last year, to 77,000.

 

The company is one of the bigger players in Australia's $325 million a year online wine market and sources its bottles from about 150 wine producers globally. It was set up in 2007 in the garage of brothers-in-law and wine lovers Dry and Andre Eikmeier, and launched in 2011.

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  • 10 months later...

The 10 largest IPOs from 2021 (which resulted in a market cap was above $1billion, for each) are trading at a median 10 per cent below their issue price.  Several of these IPOs have shed at least a quarter of their value since listing, including GQG, APM Human Services, Pepper Money and Latitude Group. Judu Capital and Winton Land were about 10% off. Best performer was 29 Metals, followed by Ventia Services, Siteminder and Pexa.

IPO practicalities  strengthen the case to buy on market rather than through the offer. Typically, the best IPOs go to institutions that are most active in IPOs. In a large float, an investment bank might attract a handful of cornerstone investors who dominate the share register, leaving scraps for others and very little for retail.

All in all, there were 240 listings on the ASX in 2021, which was the highest since 2007; mining and technology hopefuls constituted the vast majority.

 

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