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Initial Public Offering and/or Floats, IPO / Float Discussion
nipper
post Posted: Oct 28 2019, 02:05 PM
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And the backlash... With a number of recent IPO flops,
QUOTE
....there remained an unbridgeable gap between the unlisted valuation and what investors in the listed market were prepared to pay.

Some .... investors argue that the size of this gulf suggests that private equity firms have been living in an echo chamber when it comes to valuing high-growth firms. They argue that huge growth in the size of the unlisted investment space means that it has become increasingly common for private equity firms to realise their investments by selling to other private equity firms, rather than by going through the traditional channel of a sharemarket listing.

But there's a danger that as private equity firms swap assets between themselves in the unlisted market, they'll increasingly convince themselves that high-growth firms deserve astronomic valuations.

Of course, it suits private equity players to adopt this belief. Not only does it justify the often inflated prices they've paid to acquire stakes in private companies, it also results in a very flattering valuation of their existing stable of investments.

Such valuations won't be tested while the assets remain in the unlisted space. The risk, however, is that they'll be exposed as fanciful when an attempt is made to publicly list the company.

In turn, this raises the question of whether the double-digit returns that private equity firms have notched up in the past can be replicated in future. Especially if they've paid bullish prices for assets on the assumption that they can be flipped for an even higher price in future.

https://www.afr.com/companies/financial-ser...20191027-p534md



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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
nipper
post Posted: Oct 26 2019, 12:31 PM
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QUOTE
Aerometrex is seeking to raise $25 million at $1 a share and is eyeing off an early December listing date. Aerometrex's market capitalisation would be $94.4 million at the completion of the offer.

Bids close at 10am on Thursday next week and a network presentation is scheduled for 11am on Monday. Morgans is the lead manager and underwriter to the IPO, [and is] pitching Aerometrex as a mini version of Nearmap,

Aerometrex directors, senior management and associates will escrow 100 per cent of their shares for 12 months from the listing date.

According to documents sent to fund managers, Aerometrex has achieved revenue growth of 28.8 per cent CAGR since 2017. Established in Adelaide in 1980, Aerometrex's main business is providing aerial imagery and mapping to clients like infrastructure groups, asset managers and government organisations.

The company will put the majority of the raised equity into its subscription and project based online aerial imagery service called MetroMap. A significant portion will also go into its 3D modelling products where it is looking to expand its operations in the United States




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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
nipper
post Posted: Oct 22 2019, 08:23 AM
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QUOTE
Aussie 3D printing business Amaero International is out looking to raise $3 million in pre-IPO capital, as it edges closer to a potential ASX-listing before the year's end.

The company has been out spruiking itself to potential investors, with bids for the pre-IPO offer due by Tuesday morning, and share certificates expected to be issued by Monday next week if everything goes to plan. The offer price is 16¢ per share, according to a pitch deck seen by Street Talk, with 18.75 million shares to be issued in the raising handled by PAC Partners. At completion of the offer, total shares on issue will be 120.43 million.

The money will be used to purchase new equipment, pay down debt and provide working capital ahead of the slated November IPO, with a listing targeted for early December.

Amaero will seek to raise a further $8 million at 20¢ a share for the IPO, in a deal valuing it at $31.9 million on a market capitalisation basis. It successfully raised $2 million in a pre-IPO placement in August this year, at 12¢ a share.

In its pitch to investors for the $3 million capital raising, Amaero touted a fast-growing additive manufacturing sector, where turnover globally is expected to hit $US23.6 billion ($34.4 billion) by 2025, from $US5.8 billion ($8.5 billion) in 2015, a CAGR of 15.1 per cent.

Amaero was established in 2013 and has manufacturing facilities in Adelaide, Melbourne and Los Angeles via its US subsidiary AM Aero. It primarily services clients in the defence, aerospace and automotive sectors. The group has provided 3D printing services to Boeing, Virgin Australia, Raytheon and Tupperware.

The company is chaired by Monash University director of business strategy David Hanna and run by former CSIRO operative Barrie Finnin, the term sheet said. Amaero collaborates with Monash University's Centre for Advanced Manufacturing to develop and make the 3D printed parts.
and the 12c holders will happily scalp a penny or three.



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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
nipper
post Posted: Oct 16 2019, 04:34 AM
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QUOTE
ETF Securities Australia, which was founded by Graeme Tuckwell in 2003 and launched the world's first gold-backed exchange-traded commodity, will jointly list the SMSF Leaders ETF with online broker and investment adviser SelfWealth (ASX: SWF) The product was expected to start trading on the Australian Securities Exchange on Wednesday, but has been delayed by "administrative" hurdles.

Despite the delay, Mr Tuckwell believes the underlying investment philosophy of the fund reflects a new peer-to-peer zeitgeist in the ETF market, which is more sophisticated than traditional index-hugging funds.

Instead of mimicking the performance of broad indices like the S&P/ASX 200, ETF Securities' new robo-advice collaboration will track the portfolio activity of the top 10 per cent of self-managed superannuation fund investors in Australia. It uses data supplied by SMSF administrator BGL and obtained exclusively by SelfWealth.

"If you can match what the best investors do then you actually can outperform the index," Mr Tuckwell told The Australian Financial Review. "But it's not active management, it’s just tracking the best strategies. It steals all their best ideas."

Innovation in the ETF market has largely stalled, confined to a race to the bottom on fees, Mr Tuckwell said, citing the much-hyped moves by ETF behemoths Vanguard and Blackrock to undercut market pricing in Australia and the US.

Just more "product" for the lazy. How can it do a better job, harvesting others' ideas - presumably from ATO audit data, and package it up? Surely the presented data is old, by a year or so, and any decision making extending that due to the inertia of the "advice process".

(any 'sophistication' really is just an excuse to charge more??)



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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
nipper
post Posted: Sep 12 2019, 11:28 AM
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QUOTE
PropertyGuru chief executive Hari Krishnan declared competitors will struggle to close the gap on south-east Asia's largest property-technology firm after saying the company was considering a listing in Australia.

He said the Singapore-based property digital marketplace had built such scale - 45,000 agents use the platform - through the use of artificial intelligence and immersive content that potential challengers would confront massive costs in trying to steal market share.

"Those 45,000 agents, who are on our platform today, we've had to consolidate this highly fragmented market, acquire them, onboard them, gradually show them the value and then renew them, and then slowly increase the yield from them," Mr Krishnan said. "This is a challenge for anyone entering our market."

The consideration of - but no commitment to - a listing in Australia by the Paul Bassat-backed company comes as it focuses on ramping up growth in fast-growing, south-east Asian markets.

Mr Krishnan said domestic investors had a good grasp of digital platform businesses given the success of REA Group and rival Domain, majority owned by Nine, publisher of The Australian Financial Review.




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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
nipper
post Posted: Sep 4 2019, 06:11 AM
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new in Managed Funds land
QUOTE
The Magellan High Conviction Trust will invest in a concentrated portfolio of high quality global companies, weighted towards Magellan’s best ideas and will aim to deliver investors a Target Cash Distribution of 3% per annum. The investment strategy of the Magellan High Conviction Trust will replicate the investment strategy of the unlisted Magellan High Conviction Fund which has returned 16.6% per annum net of fees since inception on 1 July 2013 to 31 July 20191. Magellan will be the investment manager and act as the responsible entity, with Hamish Douglass and Chris Wheldon acting as the portfolio managers.

Magellan is proceeding with the Offer without appointing a broker syndicate and is not paying any fees or commissions to brokers or advisers to handle the raising. The Offer will comprise a priority offer, a wholesale offer and a general public offer. The priority offer will be made to shareholders in MFG and underlying investors in the Magellan Global Trust and the Magellan High Conviction Fund who were on the registers of these entities on 12 August 2019.

Under the priority offer, eligible applicants will receive a valuable loyalty reward of additional Units worth 7.5% of the value of the Units allotted to them under the priority offer (further details are set out below).

In addition, eligible applicants under the wholesale offer and general public offer will receive additional Units worth 2.5% of the value of the Units allotted to them under those offers.

The one-off costs of these benefits will be paid for by MFG. MFG will also pay all the costs of the Offer in cash so that the opening cash net asset value per Unit is equal to the application price of $1.50 per Unit.

Brett Cairns, Magellan’s CEO, said today: “We are excited about making Magellan’s High Conviction strategy available to investors via an ASX-listed investment trust. The strategy has an outstanding track record having delivered 16.6% per annum net of fees since its inception over 6 years ago and I believe it is a high quality option for investors seeking global diversification.”

Hamish Douglass, MFG’s Chairman and Chief Investment Officer, said today: “We are addressing potential concerns regarding conflicted remuneration by proceeding without appointing a broker syndicate or paying any fees or commissions to any brokers or advisers to handle the Offer. Instead, Magellan is offering directly to investors who subscribe for units in the Offer the right to receive additional units worth either 7.5% or 2.5% of their allotment depending if they subscribe under the priority offer or the wholesale/general public offer. The full cost of the additional units and costs of the Offer will be borne by Magellan. We hope that investors will find the Offer attractive.”

“We believe the unique Offer structure is a win-win outcome for investors that participate in the raising and for Magellan shareholders. Investors will receive valuable additional units in the Magellan High Conviction Trust and Magellan will generate an attractive return on its investment from funding these benefits. This follows the successful raising of the Magellan Global Trust in October 2017 and is consistent with our partnership approach. Focusing on our clients and delivering on our investment objectives will ultimately lead to strong financial outcomes for our shareholders.” “I intend to take up my priority offer and, in addition, to subscribe for $20 million worth of units under the wholesale offer.”




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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 

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nipper
post Posted: May 3 2019, 01:05 PM
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QUOTE
Last year in Australia we had 159 IPOs and I'm looking at my colleagues who had a field day... It's the third-highest in the world behind the NASDAQ, and the Hong Kong Stock Exchange."
Shemara Wikramanayake, CEO, Macquarie Group




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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
nipper
post Posted: Feb 1 2019, 12:33 PM
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QUOTE
Pengana Capital is aiming for an Australian first with the launch of a $250 million-$1 billion retail fund investing in a globally diversified portfolio of private equity assets.

The fund aims to give retail investors an exposure to an asset class that his historically been accessed only by institutions and ultra high-net worth investors who have the large sums required to participate in private equity funds...
....opens end-Feb; will be interesting to see how much they pull in.



--------------------
"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
nipper
post Posted: Sep 10 2018, 09:14 AM
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I guess the opposite of a float is a sink
QUOTE
The number of Chinese companies looking to list in Australia has collapsed as more mainland entities are removed by the stock exchange for not meeting the nation's strict corporate governance and liquidity rules.

Last week, Winha Commerce and Trade became the fourth Chinese company to leave the Australian Securities Exchange this year. The first three were Premier Eastern Energy, Ding Sheng Xin Finance and China Dairy Corporation.

Winha's decision was the result of an agreement between the ASX and the company, which plans to remain public on the Sydney Stock Exchange.

The ASX last year delisted three Chinese-backed companies — Australia China Holdings, China Waste Corporation and Birch & Prestige Investment Group, which were the first in two years to be removed.

Three years ago the first Chinese casualties were U&D Coal and Fifth Element Resources.
"Vanity of vanities, all is vanity."



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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
nipper
post Posted: Aug 14 2018, 03:46 PM
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Software play archTIS promises peak cybersecurity

  • archTIS

    ASX Code: AR9

    Shares on Offer: 50 million

    Listing Price: $0.20

    Market Cap: $26.6m

    Listing date: August 27
    QUOTE
    Canberra-based cybersecurity company archTIS is expected to list on the ASX on August 27 to commercialise cloud-based cybersecurity software solutions the company says are capable of holding "top secret" classified information.

    The name archTIS is an amalgam of the words architecture and TIS, the acronym for trusted information sharing. Historically, archTIS has generated revenues from consulting services to government clients, including the Australian Defence Department, and the delivery of these projects has resulted in total revenues of $13 million over the past six years.

    Post-listing, the company's primary focus will shift away from consulting and towards commercialising its software solutions, Kojensi and DataKloak, two cloud-based content-sharing and collaboration platforms targeted at government clients and large commercial corporations. These products are still in the development stage and most of the $10m raised funds will be used for ongoing product development, sales and marketing and general working capital.

    The purpose of Kojensi is to facilitate sharing of electronic information and enable privileged access to large corporations with different security clearance levels. In 2016, the Australian Department of Finance paid for a proof-of-concept trial of Kojensi.

    An investment in archTIS is highly speculative and there is no guarantee of future profitability as the company seeks to commercialise unproven IP in a highly competitive industry with few barriers to entry. Despite a 13-year track record, the company generated only $100,000 in revenue during FY17, essentially starting from scratch.

    To date, cybersecurity plays have performed poorly on the ASX — including Tesserent (TNT), Covata (CVT) or WhiteCliff (WHK) to name a few — IPO investors may be hoping that archTIS has a top secret plan to buck the trend.

    Simon Herrmann is an investment analyst at wise-owl.com




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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
 


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