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

QUOTE
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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QUOTE
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
 
nipper
post Posted: Sep 1 2016, 10:33 AM
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Recently listed tech listings that have reported and not done well include:

Digital banking platform ChimpChange posted a $7.65 million loss, on revenue of $180,000. (Management describes the ­period as "transformational'', noting that since the company's June relaunch customer take-up has outperformed initial targets.)

DirectMoney, the only ASX-listed marketplace lender, lost $7.9m ($3.8m excluding one-offs) on revenue of a mere $1.2m. (CEO Peter Beaumont describes the year as "one of establishment and significant achievement''.)

1st Available, a portal for booking medical appointments, posted a $5m loss (50 per cent higher) on revenue of $1.98m (up 560 per cent).

Corporate call-recording service Dubber dropped $5.8m compared with the previous $1.8m deficit, "the expected position as the business is in the early stages of commercialisation".

Big data marketing group Invigor extending a previous $100,000 loss to a $2.68m deficit.

Despite recording full-year revenues of $2.3m, Skyfii, which ­offers free WiFi in shopping malls and then taps the customer data, extended a previous $4.8m loss to $5.4m (including $3m of one-off expenses).

Biofuels has been the graveyard sector for investors, with local producer Australian Renewable Fuels falling into insolvency in January.

Mission NewEnergy, the last remaining listed biodiesel play, turned a previous $4.1m profit into a $2.2m loss. Following the divestment of a key facility in Malaysia, revenues dwindled from the previous year's $7.2m to a paltry $42,000.

Obscure investment house Authorised Investments accrued a $248,000 loss on revenue of a single dollar (from bank account interest).

Biologics house Memphasys, which specialises in sperm separation for IVF purposes, describes a "bitter sweet year" hampered by a legal stoush involving an investor in a spin-off company. The dispute has "put a dampener on the overall result and has placed an extra requirement on Memphasys for ongoing litigation funding''.

Immuron, which markets Travelan anti-diarrhoea tablets, shouldn't expect investors to "run" for its shares after reporting a $4.39m loss on revenue of $1.15m.

Prosthetics maker Allegra Orthopaedics reported a $2m loss on revenue of $5m.

Aeeris, which offers severe weather and hazard warnings, extended a $722,000 loss to $1.47m. Revenue climbed 62 per cent to $1.9m.

. . . . . . .

In the resources sector, goldminer and nickel developer Independence Gold posted a $58m headline loss compared with a previous $76.8m profit. The main driver was $65m of costs related to acquiring the Nova nickel project, but the Tropicana goldmine was also off the pace in the second half.

LNG Limited, which is developing the big-ticket Magnolia project in the US, extended a previous $85m loss to $115m. LNG has expensed its chunky Magnolia costs as it goes along, rather than capitalising them.

Having survived its near-death experience after last year's iron ore price collapse, Atlas Iron posted an official loss of $159m, an improvement on last year's impairment-blighted $1.07 billion. But underlying earnings improved to $74m compared with a previous $51m, with $54m generated in the second half.

Stanmore Coal transformed from explorer to coalminer, having bought the Isaac Plains Coal Mine from Vale and Sumitomo for just $1. Stanmore extended a $12.1m operating loss to $19.74m, blaming start-up costs, unseasonal heavy rains and a $13m impairment on another asset.

In the mining services sector, with earthmoving equipment provider Emeco Holdings posting a $225m loss after dropping $127m in the previous year.

Perth-based civil and mining contractor Brierty chalked up a $16.9m underlying loss and a $50m reported loss, compared with a previous $3m profit. Brierty's earnings hole resulted from problems at its North West Coastal Highway project, including unseasonal rainfall.

Recreation vehicle and caravan maker Fleetwood reported a bottom-line loss of $28m compared with the previous $176,000 surplus. Fleetwood also makes manufactured villages and suffered from its exposure to mining.

. . . . . .
Under ASX rules, the 1212 companies with a June 30 balance date have until the opening of trade today to file, or else face suspension. The ASX processes the disclosures and a shame list of no-shows lodged by 10am on Thursday. Only five stocks were suspended for not doing so last year, compared with two in 2014 and five in 2013.



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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: triage  early birds  
 
nipper
post Posted: Jun 30 2016, 10:01 PM
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In Reply To: nipper's post @ Jun 20 2016, 08:49 AM





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