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Initial Public Offering and/or Floats, IPO / Float Discussion
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
 
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.



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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 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
 


blacksheep
post Posted: Jun 5 2018, 08:01 PM
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In Reply To: nipper's post @ Jun 5 2018, 10:28 AM

QUOTE
- hey BlackSheeep - any connection?


Connection too Black Sheep Capital? No. Never heard of them before. Nice name choice though biggrin.gif
http://blacksheepcapital.com.au/#team





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The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
nipper
post Posted: Jun 5 2018, 10:28 AM
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In Reply To: nipper's post @ Nov 13 2017, 04:56 PM

QUOTE
Airtasker was founded in 2012 and has created a community of 2 million people. It generates more than $100 million of transactions a year. In the past six years the company has raised $67 million from high-profile backers such as Seven West Media, SkyfieldCapital, Exto Partners, Morning Crest Capital and Black Sheep Capital.
https://www.afr.com/brand/boss/how-airtaske...20180427-h0zcvx

- hey BlackSheeep - any connection?



--------------------
"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

Said 'Thanks' for this post: mullokintyre  
 
nipper
post Posted: Nov 13 2017, 04:56 PM
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QUOTE
Credible Labs has priced its initial public offering at $1.21 per share, taking its overall market value to $306.2 million. It plans to sell 13.1 million shares by way of Chess Depositary Interests (CDIs) for the offer, raising $67.8m. Proceeds will be used to pay out shareholders and for technology and platform development.

The San Francisco-based financial technology company was founded five years ago by former JP Morgan banker Stephen Dash and is an online consumer finance marketplace that allows shoppers to compare financial products. Credible Labs has partnerships with over 24 financial institutions and about 140 members and online marketing organisations.

There is also over $US1 billion in loan volume originated through the platform, predominantly in Student Loans and Student Loan Refinancing. So far it has 650,000 user accounts, 66 per cent of which are aged between 18 and 35.

Bell Potter is working on the float, and says in the company’s path finder that the total amount spent on US financial services marketing was $US8.8bn last year, and is expected to climb to $US13.6bn in 2020
Credible Labs began its roadshow on Friday and it will wind up by the end of the week. The book build will be held next Monday with the prospectus lodged the following day. On Friday December 8, CDIs will be distributed and trading will start on the Australian Securities Exchange that day.





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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 2 2017, 10:26 PM
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QUOTE
..the Australian Securities Exchange [stated] last week it had more new listings than any other global exchanges in 2016 with 133 new listings compared with 42 on the Nasdaq. Forty new technology companies listed on the ASX in the year ended June 30.

Jeff Stewart, the co-founder of the Global Public Offering Fund says the US initial public offer market is dead and there are hundreds of start-ups eyeing exchanges in Australia and other parts of Asia to fund their growth.

Stewart, who is in Australia at the moment looking at opportunities for US funds, says it is almost impossible for a tech company to get a float worth less than $US3 billion ($3.8 billion) or $US4 billion under way in the United States. This means companies like Cisco, Oracle and even Amazon would not exist if they had tried to get a float away in their infancy in the current market.

His so-called GPO Fund is investing in companies worth between $US100 million and $US200 million with a view to listing them on the ASX and other exchanges in the region including Hong Kong and Singapore.

Stewart has some staggering data he uses to back up his commentary on the state of the US market. In 2016, there were only 18 US companies that raised less than $US50 million on the stockmarket compared with 557 in 1996. Part of the problem is that companies trying to go public in the US are prone to litigation and enormous expense. Floats are fewer but larger because by the time the company reaches a stage it can afford to list, it is mature. A lot of US tech companies are also finding capital privately through venture capital funds.

Read more: http://www.afr.com/brand/chanticleer/why-u...ustralia-201710




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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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