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Initial Public Offering and/or Floats, IPO / Float Discussion
nipper
post Posted: Jul 17 2017, 10:23 AM
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QUOTE
Israeli cyber security company Votiro Cybersec has closed a $11.2 million capital raise from Australian investors, ahead of an imminent expansion down under and an IPO on the Australian Securities Exchange. The company's pre-IPO round, which it said was oversubscribed, saw cornerstone investor Daniel Sekers' Divergent Group return, in addition to Redfield Asset Management and a range of undisclosed high-net-worth backers and small funds. The cyber security firm launched in 2010 and its founders Itay Glick and Aviv Grafi both previously served in the 8200 cyber-warfare unit of the Israeli defence force.

Votiro chief executive Itay Glick told The Australian Financial Review that interest in the round was boosted by the number of high-profile attacks in recent weeks, such as WannaCry and Petya, which he believed would have been prevented with Votiro's technology. The company has patented a process known as 'content disarm and reconstruction', which involves breaking down files into objects, neutralising any malicious code and reconstructing the file into a safe-to-use and fully functional file. This lets the company prevent unknown threats, known as zero-day exploits.

"In the WannaCry example, you could have an email sent to you and when you open the attachment it installs the malware and starts propagating in the network," Mr Glick said. "With Votiro, we'd neutralise the attachment before it goes to the user. When the user opens the email, they'd either see a blank document as the attachment or the as it was without the malware."

Experts have said WannaCry was not spread by emails, rather by targeted attacks on organisations using older versions of Windows, however many attacks are propagated by phishing emails.

Mr Glick said the company was in the process of choosing between Melbourne and Sydney for its new headquarters, and a decision was expected in the coming days. "Australia is investing heavily in being a global player in cyber security, and regionally it sits well with Asia Pacific as our fastest-growing region," he said. "There is some heavy competition between the states and we're looking at how they can best assist the business. It could be an incentive plan, tax credit, or if they are able to make introductions for us to the right people.They're very aggressive on the incentives and we're trying to get the best for the business."

In the first half of the year, the company claimed to have grown sales more than 600 per cent, but it would not disclose sales or revenue figures. It also now has 1.5 million users from governments, defence forces, financial institutions, critical infrastructure, hospitals and stock exchanges.

When asked why so many zero-day exploits still occur when technology such as Votiro's exists, Mr Glick said the challenge was to convince companies they needed to upgrade their current cyber defences. "Organisations are used to using what they already have and they don't know to invest in something new unless someone tells them they're extremely exposed," he said.
AFR



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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: Jul 4 2017, 01:13 PM
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Afterpay Touch Group APT
QUOTE
ASX investors reacted positively when the newly minted post-merger Afterpay Touch Group hit the ASX boards last Thursday, pushing the stock 8 per cent higher on its first trading day. The listing is a result of the combination of two digital payment companies: Afterpay and Touchcorp.

Australia has a long way to go to catch up to its global counterparts when it comes to technology and innovation. According to a 2015 study on global innovation Australia ranked 17th in the world, well behind the US, Germany or the UK. More importantly, "the lucky country" also lagged regional counterparts Singapore, South Korea and our neighbour New Zealand.

Despite its impact, information technology is the smallest sector on the local stock market, making up just 1 per cent of the total index. This compares to about 23 per cent on the most quoted benchmark index of the US, the S&P 500. In addition, it says a lot that one of the most exciting tech stocks on the ASX is Xero Limited (XRO), a firm founded in New Zealand.

Perhaps that will start to change with new listings such as this fintech hopeful: Afterpay Touch Group (APT) is valued at more than $500 million.

Founded in 2014, Afterpay has experienced explosive growth with its "buy now, pay later" technology — a sort of internet-enabled lay by facility. After on-boarding enterprise scale retailers including Myer, Big W or Officeworks the company has become quite high profile. Touchcorp on the other hand has a 60 per cent share of recurring revenue. Combining both businesses forms a fast-growing entity with a track record of growth in the payments industry.

However, integration risks are a major hurdle for Afterpay Touch Group as many companies have failed to understand and respond to the challenges associated with a merger. Looking at the historic results it appears the $500m+ company is valued based on its future potential rather than its current earnings — always a dangerous play. If growth can be sustained, it might as well become a pioneer in the payment industry but management's ability to understand and respond to integration risks will be key.
Simon Herrmann is an 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
 
nipper
post Posted: Jun 26 2017, 09:07 PM
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Audinate Group Ltd (AD8) - listing on Friday 30 June - $1.22 a share; raising capital of $21million (Shaw Partners)

"Provider of professional audio networking technologies globally " ...

- sound transmitted by IT networks rather than analogue cables
- the technology, named Dante, has the claim of less sound lag is reduced and enhanced quality
- spun out of Govt owned research department Data61 (formerly NICTA) ... selling most of their 70% stake
- Dante software found in 1100 different audio products, up from 700 a year ago. include Bose, Yamaha, Sennheiser, Shure, Sony
- revenue growing at 30% a year, to hit $18mill, but still not profitable
- VC selling stakes of 10% each; Starfish Ventures down to 26.4% and Innovation Capital Partners down to 16.5% post IPO



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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 2017, 08:31 AM
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Israel's Mobilicom technology start-up lists on ASX

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The Australian Securities Exchange is becoming an increasingly attractive place for small Israeli start-ups to list, the chief executive of Tel Aviv-based Mobilicom, Oren Elkayam, said yesterday.

Speaking at the listing of Mobilicom on the ASX yesterday, Mr Elkayam said the ASX was more attractive place to list than the Tel Aviv stockmarket. It also provided access to the Asia-Pacific markets, where there were significant potential customers for tech companies.

"The environment in Israel is very good for small companies in their first stage of funding," he told The Australian in an interview at the ASX in Sydney. "But the Israeli stock exchange isn't really open to hi-tech small companies. "It is a problem that the Israeli government is aware of and trying to fix, but it is too little, too late."

Mr Elkayam said his company was too small to list in the US market, where many larger Israeli companies went to list. It had discussions with the ASX and Singapore Exchange, but found the ASX, which has been pitching hard for Israeli companies to list here, had moved faster. The company became the 14th Israeli firm to list on the ASX.

Mr Elkayam was a member of the delegation of Israeli business people who visited Australia with Prime Minister Benjamin Netanyahu earlier this year, paving the way for closer economic and business ties between the two countries.

Founded in 2006, Mobilicom has developed a technology allowing communication using a secure private network without the need for infrastructure. It already has about 30 clients across Europe, Asia and the US, including large multinationals, and is looking for growth in the commercial drone and robotics market.

"Mobilicom creates fast, ad-hoc networks for communications without infrastructure," Mr Elkayam said. "We build broadband wireless connectivity between the users as an independent network where each of the users is a receiver and a transmitter. It allows them to communicate in a range of ways including via high definition video, VOIP and data."

The company was seeking to raise $7.5 million through its IPO. The listing was timed to coincide with Israel's Independence Day celebrations yesterday.

Mr Elkayam said there was potential for closer co-operation between Israeli technology companies and Australia as a source of capital for investment. He said ASX investors were used to high-risk companies like small resource companies.

The potential for dual listing on the ASX and another global exchange also made Australia an attractive place for a smaller company to opt for a first listing. ASX general manager of listings Max Cunningham has made three trips to Israel in the past few months to attract new listings..
Mobilicom's listing was the 35th IPO on the ASX in 2017 and the 121st this financial year.



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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: Apr 3 2017, 04:19 PM
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Israeli cyber security training company CyberGym will move its global headquarters to Melbourne, creating 60 jobs over three years, and joining the likes of the US Department of Homeland Security as participants in the city's emerging cyber security hub.

CyberGym, which is half-owned by Israel's biggest electricity supplier, runs cyber security training courses for organisations, placing staff in simulated cyber-attack situations and coaching them on how to respond.
- IPO of $30mill, for cap of $80m

Victorian Minister for Innovation, Philip Dalidakis said he wants Melbourne to be in the world's top five centres for cyber security research and development within the next 10 years, which would mean it overtaking the likes of London, San Francisco, Singapore, Tel Aviv, Toronto, Virginia and Washington DC.

Last October the CSIRO's Data61 opened a new national cyber security centre at Docklands, which will be joined in the 1889-built "Goods Shed" by Oxford University's Global Cyber Security Capacity Centre and a new Oceania Cyber Security Centre, which is about to ink an information-sharing agreement with the US Department of Homeland Security.



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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
 
Mags
post Posted: Apr 3 2017, 02:17 PM
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In Reply To: nipper's post @ Apr 3 2017, 11:45 AM

Amazing isn't it. That people need to be told of the shuffling that goes on pre-IPO.

And even more amazing, in one of the flatter periods in modern Australian economics, that people are surprised that IPO returns haven't been strong. The back story of a few of these IPO's is that the father wants to sell, the kids don't want the hassle of a big business, especially in this economy, so they prep for IPO'ing it to sell.

 


nipper
post Posted: Apr 3 2017, 11:45 AM
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"Several floats over the past few years have done well for a year or two before taking a big hit," says Julian Beaumont, investment director at Bennelong Australian Equity Partners. "Often, the business is 'dressed up' for sale by vendors who scale back capital investment, cut costs or bring earnings forward to make the business look more profitable. Ultimately, the underlying business strength will prevail and be reflected in profitability."
QUOTE
Weekend AFR analysis of the 50 largest IPOs since 2014 shows that almost a third of these floats trade below their issue.

Spotless, Estia Health, Healthscope, MG Unit Trust, Wellard, iSentia Group, 3P Learning, Adairs and Simonds Group headline a list of disappointing IPOs. A median gain of only 5 per cent for all 50 IPOs over 2014-17 (compared with the issue price) emphasises the risks.

There have, of course, been a handful of stars: Costa Group Holdings, APN Outdoor Group, Bapcor, SG Fleet Group, oOH! Media and Wisetech Global, for example. But even high-performing IPOs, such as the intellectual property service group IPH, have experienced a rollercoaster ride, notching big gains before thumping losses.

IPO risks should be well known by now. The seller knows much more about the IPO than the buyer and IPO investors rely on pro-forma financial accounts based on vendor assumptions and projections.

Glennon Capital chief investment officer Michael Glennon says too many IPOs are priced for perfection. "There needs to be a bit of slack in the IPO valuation in case something operationally goes wrong," he says.

Still, every IPO must be judged on its merits. And although private equity (PE) vended IPOs have been criticised, some PE floats have produced good gains over the years.

But there's a reason why top-rated fund managers, such as Bennelong, invest in only a few IPOs each year. Finding high-quality IPOs with an attractive valuation is hard work.

Many professional investors prefer to wait until the IPO has more history as a listed entity and its financial accounts have had greater scrutiny. Sometimes that means missing a few goldmines to avoid many more landmines.

Beaumont says opportunities are emerging in mid- and small-cap stocks, including IPOs, after a correction that started in the fourth quarter of 2016.

"The quality of IPOs over the past three years has been relatively good overall. The market demanded higher quality after earlier disasters. The small-cap correction has made some of these IPOs more attractive because their valuations are no longer as toppy and, in select cases, their prospects have improved."

Here are seven small- and mid-cap IPOs from the past three years that fund managers favour:
Catapult Group International
AirXpanders
QMS Media
National Veterinary Care
Xenith IP
BWX
Reliance Worldwide Corporation
http://www.afr.com/personal-finance/shares...20170330-gv9v6l



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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

Said 'Thanks' for this post: cooderman  early birds  
 
reynard
post Posted: Mar 27 2017, 12:12 PM
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A HK based asset management company is looking for any rated company seeking expansion capital. They can issue a corporate guarantee to guarantee payment of their investment plus annual interest rate of between 7-15%. The stronger the Company is, the longer they can keep their funds with them. They can invest between $5mio-$50mio with them.

 
nipper
post Posted: Mar 27 2017, 08:37 AM
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QUOTE
The Australian Security Exchange's campaign to attract international companies is starting pay dividends, and most of the rewards are coming from Israel [which is] an emerging IT player and venture-capital hub and its companies are increasingly looking to fund growth with offshore capital.

Thirteen companies have listed on the ASX in the past few years as part of the exchange's so called "Three Island" strategy. Nine of those thirteen occurred in the past year, meaning the rate of Israeli floats has certainly stepped up. Most have been through backdoor listings but the rate of IPOs is also on the rise.

Under the plan, driven by the ASX listings general manager Max Cunningham, companies from Israel, Ireland and Singapore have been on the radar.

Two companies — Mobilicom and G Medical — are ready to turn public, potentially in the next few weeks. Similarly CyberGym, a cyber security and government defence IT provider which is chaired by Australia's former ambassador to China Geoff Raby, is also doing the rounds, shaking the tin on a roadshow.

The number of Israeli companies turning to Australia has taken regulators by surprise and agencies have been keen to ensure the groups are aware of the local listing rules....
Israeli cyber security company Votiro Cybersec has become the third foreign cyber security firm to announce its plans to list on the ASX in as many weeks, as the rush of offshore tech companies to the local exchange continues. Votiro has also started a capital raising ahead of it listing later this year, targeting investors in Sydney, Melbourne, Hong Kong and Singapore for a $10.1 million capital injection.

... while US cyber security marketplace Whitehawk is in a pre-IPO round.



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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: Mar 22 2017, 03:33 PM
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A listed investment company established by stock pickers at Fat Prophets got off to a slow but positive start on low volumes after making its ASX debut today. Fat Prophets Global Contrarian fund FPC raised $50million; it charges investors a 1.25 per cent management fee and 20 per cent of any positive performance per quarter subject to a high water mark.

The fund is able to invest in the full gamut of assets according to its investment mandate including margin loans, options, contracts for difference and futures. Total leverage across the fund can not exceed 250 per cent however Fat Prophets says leverage will not exceed 100 per cent.

- don't think I'll bother



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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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