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Initial Public Offering and/or Floats, IPO / Float Discussion
Davexl
post Posted: Sep 23 2020, 03:01 PM
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Proposed Aust listing on 25 September 2020 - New Zealand Oil & Gas (NZO)
Ironbark Exploration Well Update
22/9/2020, 10:34 am GENERAL New Zealand Oil & Gas is pleased to announce that the final regulatory approvals have been completed for the Ironbark 1 exploration well in the Carnarvon Basin, offshore Western Australia. The Operator reports that they expect to receive the rig Ocean Apex from Woodside Energy mid-October. We will be updating the market when drilling commences.

Chief executive Andrew Jefferies says the Ironbark prospect was an opportunity not to be missed.

"Ironbark has been in the Cue portfolio for many years, well before we acquired our interest in Cue. The permit was at risk of expiring and New Zealand Oil & Gas's farm in enabled the drill. While it remains a "frontier well" and will be the deepest offshore well Australia has seen, it is a genuinely world-scale prospect in a highly prospective address, with high quality partners and needs to be drilled. Getting to this point has involved a lot of work, by many people, over a number of years and it is gratifying to see it come together."

The WA-359-P participants are:
BP Developments Australia Pty Ltd 42.5% (Operator)
Cue Energy 21.5%*
Beach Energy 21%
New Zealand Oil & Gas 15 %

*50.04% owned subsidiary of New Zealand Oil & Gas

 
nipper
post Posted: Sep 19 2020, 11:41 AM
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There is nothing yet on the ASX Upcoming Floats page
https://www.asx.com.au/prices/upcoming.htm

though things might change. This potential float is timely; some might even say opportunistic, especially as the potential raise amount has doubled.
QUOTE
Facemask maker CleanSpace to launch.

Street Talk understands the ASX aspirant, which manufactures respiratory masks for workers in the healthcare and industrial sectors, will launch its IPO bookbuild on Thursday next week, with help from its brokers Wilsons and Bell Potter. It is understood the company was looking to snare $131.4 million, after originally planning to raise up to $60 million. A raising of that size implied an enterprise value of $305 million and a market capitalisation of $340 million. The bookbuild would be launched after three days of marketing meetings with fund managers from Monday to Wednesday next week.

It is understood those meetings would be mainly aimed at the investors who had signed up to cornerstone the raising and cornerstone institutions were being sent a pathfinder prospectus on Friday. At those meetings, funds were told that the company posted $28 million in revenue for fiscal 2020 and exports its masks to more than 40 countries. Its clients include the likes of Ramsay Health Care, Sydney Childrens Hospital, Rio Tinto, Boral and Airbus.

Existing investors in the business include fund managers Acorn Capital and CVC.

Founded in 2009 by ResMed engineers, the company is helmed by ex PwC operative Dr Alex Birrell, who is supported by chief financial officer and former Macquarie director Elizabeth Harvey.

CleanSpace plans to hit the boards on 23 October.
https://www.afr.com/street-talk/medical-dev...20200918-p55wua

The respirators provide filtered air and utilise sensors to provide enough clean air depending on how deeply the user is breathing.



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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 2020, 12:24 PM
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and I wonder if this will make it to listing, let alone on the ASX?
QUOTE
Macquarie Group controlled forensic software company Nuix has made an impassioned maiden pitch to fund managers, telling them it was a robust and profitable organisation trusted by the world's most discerning customers.

Fronting potential investors for the first time ahead of a potential ASX listing, Nuix boss Rod Vawdrey said his firm was a global success story with more than 1000 clients from the government, law enforcement and legal sectors, spread across 79 countries. He said the group first started selling its software in 2006, had 421 staff and recorded $176 million revenue in the 2020 financial year, most of which was subscription based revenue.
Vawdrey told funds that his company would benefit from an explosion in human generated data, cybercrime and fraud, and the heightened financial and reputational damage arising from non compliance. He said Nuix's software allowed users to process and make sense of huge amounts of data, via various products including search based Nuix Workstation and insights focused Nuix Investigate.

Nuix made 56 per cent of revenue in North America in the 2020 financial year, and advisory firms like Deloitte and Accenture were its biggest customer group at 34 per cent of sales, the presentation said. Revenue was up 16 per cent a year in the past two years, on a compound annual growth rate basis, funds were told, while about half of its revenue came from clients that were also on the books six years ago.

The maiden pitch, put together with bankers Morgan Stanley and Macquarie Capital, comes as Macquarie Group mulls listing the software business on the ASX boards. Macquarie is Nuix's biggest shareholder with a 65 per cent stake.

Fund [managers] said there was little talk about Nuix forecasts or targeted valuation should it push ahead with the initial public offering. The closest comparable stock is arguably San Francisco based Splunk, which sells software for searching, monitoring and analysing data. Splunk is much bigger with $US2.3 billion revenue last year and trades at 12.9-times forecast sales.

What is Nuix worth? It is the $1.5 billion plus question. The other is: will Macquarie find a trade buyer to take it out in the meantime?
https://www.afr.com/street-talk/forensic-so...20200902-p55rjn



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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: Jun 19 2020, 08:14 AM
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Here's one I might pass on

QUOTE
Robocash has opened a pre-IPO funding round to finance the launch of its neobank in the Philippines.

So much so that Street Talk understands Russia-founded and now Singapore-headquartered Robocash Group is getting its ducks in a row for a listing Down Under, in what would be one of the chunkiest floats so far this year.

A presentation that's been in front of local fundies this week outlines Robocash is readying a $100 million initial public offering in December. A raising of that size would imply a $500 million-odd post-money market capitalisation for the financial services business or 9.8 times PE for fiscal 2020.

Robocash has been around since 2013 and mainly focuses on micro consumer lending in underbanked markets. As of March 31 this year the business had serviced 10 million customers across countries including Russia, Kazakhstan, Spain, India and the Philippines




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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 5 2020, 12:16 PM
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there are lots of floats still happening. We do, after all live in an age of transformation, and also where failure can be loaded on to other mugs. Some call it animal spirits
Just dropping this in as a handy reminder (hat tip to knobby22)
QUOTE
....in general why the raising? For Fundamental Investors this is very important.

You tend to have 4 different types:

Government e.g. CSL, Tabcorp, Telstra, - Government wants cash while making offer good enough to not lose votes. All the money goes to the Government.

Private Equity/ Merchant Bankers raising is selling an existing business that you have dressed up to make as much money as possible, e.g. Dick Smith, Myer etc. Usually the businesses are loaded up with debt and most of the money raised goes straight into the promoters pockets.

Smaller firms of chancers smelling an opportunity and getting the cash from the public. Mining explorers, biotech, sometimes dodgy brother type startups which are more about conning the punters.

Finally, real businesses being built up from foundation investors that go public to:
Get capital to enable faster expansion and allow the company to grow while cash flow negative, enable the founders to have a market to sell into once they have made their fortune (hopefully). e.g. Afterpay, Polynovo and this company.

If you look at an IPO and can't see the real reason for the float then stay away.

Its all about Risk versus Opportunity.



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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 4 2020, 08:38 AM
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Another one structured for the insiders?
QUOTE
investors taking a look at new IPO candidate Microba will be thinking with both their gut and their head as they weigh whether to jump into its $30 million initial public offering. ... the gut health company, which has a pre-money valuation of around $55 million, has tapped Bell Potter and Canaccord Genuity to take it public and is eyeing a listing on the ASX in the second quarter of 2020.

Microba has developed a kit that allows users to test their gut microbiome. The microbiome diagnostics and therapeutics market is estimated to be worth $US4.9 billion in 2020 and will grow to $US6.1 billion by 2023.

Microba generated $1.9 million in revenue in the 2019 financial year, which was forecast to rise 57 per cent to $3 million in the 2020 financial year, according to a presentation in front of fund managers. It's also signed a letter of intent with Europe's largest provider of pathology services to launch a healthcare product into the EU market.

Alex Waislitz’s Thorney Investments, Perennial Value Management and Sydney investment firm Alium Capital are already on the register following a $10 million Series B funding round in June last year. Perennial Value plans to increase its ownership further in the slated initial public offering and Thorney and Alium are expected to bid for more than their pro rata amount.

Cornerstone bids are due by Wednesday next week, prior to an IPO roadshow in late March, then a retail offer at the end of April. Microba is slated to hit the ASX-boards on May 8




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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: 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



--------------------
"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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Posts: 7,511
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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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Posts: 7,511
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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.



--------------------
"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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Posts: 7,511
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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??)



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