Listing and capital raising in Australia March 2017 Why Australia? - - PowerPoint PPT Presentation
Listing and capital raising in Australia March 2017 Why Australia? 25 years of Gateway to global capital uninterrupted growth ~45% international investors* Low government debt Positioned in the worlds fastest growing region A long
~45% international investors*
* Australian Bureau of Statistics, ABS 5232.0, Table 47, September Quarter 2016
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$880 $1,154 $1,475 $1,492 $1,525 $1,597 $1,866 $1,917 $2,128 $3,843
Hong Kong China Japan UK Singapore Australia Germany France Ireland Luxembourg United States
$18,221
Source: Investment Company Institute, Austrade, Q2 2016 Source: Deloitte 3
Rank Exchange Market Capitalisation
(US$m) 1 CME Group Inc $53,666 2 Intercontinental Exchange Inc $46,174 3 Hong Kong Exchanges & Clearing $39,825 4 Deutsche Boerse AG $21,517 5 London Stock Exchange Group $16,956 6 Nasdaq OMX Group $15,220 7 BM&F BOVESPA SA $13,159 8 Japan Exchange Group $10,874
9 ASX Ltd
$9,862 10 CBOE Holdings Inc $8,236 11 Singapore Exchange Ltd $7,300 12 Moscow Exchange MICEX-RTS $6,581 13 CETIP SA-Mercados Organizado $5,104 14 BATS Global Markets $4,415 15 TMX Group Ltd $4,278
Source: Bloomberg, 10 January 2017
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$1,262 $1,056 $757 $600 $509 $509 $213 $134 $127 $123 $71 $53
China (7) Australia (9) Korea (10) Taiwan (11) India (12) Hong Kong (13) Singapore (22) Thailand (26) Malaysia (27) Indonesia (29) Philippines (32) New Zealand (36)
Source: S&P World By Numbers report, December 2016 Numbers in brackets show the country’s position globally
(ex-Japan, US$b)
9th
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$111,402 $73,707 $55,357 $53,449 $39,390 $37,631 $28,746 $23,411 $19,748 $18,328 $17,371 $13,133
NYSE Hong Kong London Stock Exchange Nasdaq Shanghai Tokyo ASX Shenzhen Euronext Amsterdam Deutsche Börse Bolsa de Madrid Mexican SE
Source: Dealogic, December 2016, figures include junior markets where applicable
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50 100 150 200 250 300 350
$- $5,000 $10,000 $15,000 $20,000 $25,000 $30,000 $35,000 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
A$ m Number
Initial Capital Raised and New Listings
IPO Capital Raised
IPO Value Listed
New Listings
$- $20,000 $40,000 $60,000 $80,000 $100,000 $120,000 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
A$ m
Follow-On Capital Raised
Source: ASX
#1 sector: ~25% of new listings
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Consumer Discretionary & Staples 15% Resources (Energy + M&M) 21% Financials 30% Real Estate 8% Health Care 6% Industrials & Materials (ex M&M) 11% IT and Telcos 6% Utilities 3% Consumer Discretionary & Staples 12% Resources (Energy + M&M) 43% Financials 10% Real Estate 4% Health Care 8% Industrials & Materials (ex M&M) 10% IT and Telcos 11% Utilities 2%
Breakdown of Listed Companies Market Capitalisation
Total Listed Entities: 2,206 Market Cap: A$1.8 trillion
28% 30% 11% 17% 4% 10%
<$10m $10m-$50m $50m- $100m $100m- $500m $500m-$1b >$1b
Proportion of Listed Companies by Market Capitalisation (A$)
Source: ASX, January 2017. Excludes suspended companies and those with $0 market capitalisation Excludes ETFs, retail and wholesale debt listings, entities with no GICS classification, stapled duplicates
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Source: ASX internal data, Bloomberg, January 2017
Materials
companies Energy
companies Metals & Mining 645 companies Industrials
companies Consumer Discretionary
companies Consumer Staples 62 companies Health Care
companies Information Technology
companies
Telecommunication Services
companies Financials
companies Utilities
companies Real Estate
companies
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50 100 150 200 250 Jan-00 Jul-00 Jan-01 Jul-01 Jan-02 Jul-02 Jan-03 Jul-03 Jan-04 Jul-04 Jan-05 Jul-05 Jan-06 Jul-06 Jan-07 Jul-07 Jan-08 Jul-08 Jan-09 Jul-09 Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17
S&P/ASX 200 S&P 500 FTSE 100 Hang Seng FTSE EURO TOP 100 Nasdaq Composite
Source: Bloomberg, 10 January 2017
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Source: Bloomberg, 12 January 2017 AUD/USD Exchange rate 0.7428 as at 25 November 2016 *Indicative values based on eligibility criteria or inclusions as at last rebalance, November 2016.
Index Price/Sales
(forward)
P/E
(forward)
EV/EBITDA
(forward)
Minimum company size
(total market cap)* S&P/ASX 200 2.1 16.5 10.3 US$520 million S&P/ASX 300 2.1 16.5 10.3 US$223 million S&P/ASX 300 INFO TECH 3.6 22.3 14.8 S&P/ASX 300 NASDAQ COMPOSITE 2.2 20.1 12.2 n/a NASDAQ 100 2.8 18.8 10.8 US$4.5 billion S&P 500 1.9 17.5 10.5 US$5.3 billion S&P 500 INFO TECH 3.6 17.3 10.1 S&P 500 FTSE 100 1.2 14.7 8.3 US$4.1 billion HANG SENG 1.8 11.6 9.5 US$3.8 billion
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50 75 100 125 150 175 200
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Tech Companies: 190
Total ASX Listed Technology Companies Value of Technology Stocks by Sub-sector
Market Cap: $39.3 billion
Source: IRESS, Moelis & Company as at 1st January 2017, GICS Information Technology sector Source: Morningstar DatAnalysis as at January 2017
Internet Software & Services 22% IT Services 36% Other IT 7% Software 35%
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ASX marketing initiatives Freelancer IPO (2013) Xero listing (2012) Foreign tech companies Aconex IPO (2014) Wisetech IPO (2016) iProperty acquisition (2016)
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Note: Market Cap figures above are in AUD as at date of first listing on ASX
In 2015-16 the average market cap of a tech IPO on ASX was $161m with capital raised $54m $312m $480m $819m $542m $81m $154m $105m $66m $169m $62m $267m $71m $974m $2.1bn $218m $168m
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Australia, 55% North America, 23% Europe, 14% Asia, 8% RoW, 1%
Institutional Ownership S&P/ASX 200 Index Top Institutional Investors
Source: Orient Capital, February 2017.
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50 100 150 200 250 300 350 400
Total Funds Under Management Available to ASX-listed NZ Companies Available to NZX-listed NZ Companies
$ billion
$377 billion $307 billion $66 billion
An independent survey of institutional investors finds that an ASX listing enables NZ companies to access an additional investment pool of A$241 billion, FIVE times the funds available to a solely NZX-listed company.
Source: Orient Capital
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Revenue Time
Angels, FFF Seed Capital VC, Private Equity, Mergers & Strategic Alliances Initial Public Offering & Exit
Valley of Death
1st 2nd 3rd
A traditional financing cycle…
Potential timing of an ASX IPO
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Sample period: Jan 2009 - Jun 2015 Stocks: 22 ASX + 22 US (matched) Underpricing = (Reference Price – Offer Price) / Offer Price
ASX 6.73% US 19.07% US 22.29% ASX 8.67%
0% 5% 10% 15% 20% 25%
First Traded Price 20th Day Closing Price
IPO Underpricing – ASX vs US Listings
ASX 8.3% US 20.3% US 21.0% ASX 6.4%
Source: MGSM
for the S&P/ASX 200 but too small for S&P 500
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Admission Criteria Minimum Requirement Number of shareholders
Investors 300 Amount $2000
Company Size
Profit Test $1 million aggregated profit
$500,000 consolidated profit
Assets Test $4 million Net Tangible Assets $15 million Market Capitalisation
Free Float
OR
20%
OR
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Step 1 Appointment of advisors Step 2 Preparing the prospectus and due diligence Step 3 Institutional marketing program commences Step 4 Lodge prospectus with ASIC Step 5 Lodge listing application with ASX Step 6 Marketing and Offer Period Step 7 Offer closes, shares allocated, trading commences
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Appoint Advisers Week 1
Professional advisers are involved with the preparation of the prospectus or offer document, participate in the due diligence process for the IPO, price and market the offering to investors.
Commence due diligence & prepare prospectus Week 2-10
The Australian Corporations Act contains a general disclosure test for prospectuses. The due diligence process is guided by a committee, comprised of representatives of the company and other parties potentially liable under the prospectus.
Commence institutional marketing Week 10-12
The Corporations Act strictly limits advertising of an IPO prior to lodgement of the prospectus with
roadshows.
Lodge prospectus with ASIC Week 11-12
An ‘exposure period’ of seven days starts from the date of lodgement. During this time the prospectus is made available for public review and comment, and during this period the company cannot accept any applications under the offer. Note that the exposure period may be extended by ASIC if it needs further time to review the prospectus.
Lodge listing application with ASX Week 11-16
The formal listing application is lodged with ASX within seven days of lodgement of the prospectus with ASIC. Typically, the review and approval of the application by ASX is completed within six weeks.
Marketing & offer period Week 13-17
The offer to retail investors starts after the exposure period and usually is open for a period of 3 – 5 weeks.
Trading commences Week 18-19
In the final step, the offer closes, shares are allocated and trading commences.
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8 Principles
Lay solid foundations for management and oversight Structure the board to add value Promote ethical and responsible decision making Safeguard integrity in financial reporting Make timely and balanced disclosure Respect the rights of shareholders Recognise and manage risk Remunerate fairly and responsibly
Focus on disclosure of corporate governance practices rather than prescription Companies are required to address each principle (and sub-recommendations) and explain areas of departure – so called “if not, why not” reporting Requirements for an audit committee and a remuneration committee – some prescription in relation to composition, operation and responsibility for constituents of the S&P/ASX 300 index
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Placements
professional investors
providing a warranty that all material disclosure has been made (“Cleansing Statement”)
practice Rights Issues
Accelerated Issues
shareholders
Share Purchase Plan
shareholders in any 12 month period
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A CDI is a financial product which is a unit of beneficial ownership in an underlying financial product which is quoted on the ASX market. A CDI confers a beneficial interest in the underlying financial product to which it relates.
transfers through the ASX's paperless settlement system - CHESS. CDIs therefore enable foreign companies to have their securities cleared and settled electronically through CHESS.
the shares is held by a nominee company on behalf of CDI holders.
different basis, for example, 10-for-one.
payments and maturity payments or similar corporate actions flow through to CDI holder as if they were the legal owner of the corresponding financial product.
holder’s written instructions.
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Profit Test
ASX does not require escrow for companies admitted under the profits test
Voluntary Escrow Underwriting Agreement Assets Test Arm’s length 12 months from issue Non-Arm’s length 24 months from listing
Pre-float investors Recognition for cash or equivalent contribution
unrestricted that represents the cash component Escrow may not be applied to companies with a track record of profitability, or revenue acceptable to ASX,
substantial proportion of assets as tangible assets.
Company
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Market Capitalisation % of amount raised (median) Market Capitalisation Initial Fee Annual Fee Less than $10m 10.8% $10m $70,000 $24,983 $10m to $50m 9.5% $50m $110,000 $32,823 $50m to $100m 6.9% $100m $145,000 $42,623 $100m to $500m 5.2% $200m $187,500 $46,512 More than $500m 4.9% $500m $315,000 $58,179
Source: compiled by ASX from disclosed figures in company prospectuses 2010-2014. All figures in AUD The above fees apply as of 1 January 2017. Calculation based on securities for which quotation is sought.
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Source: Bloomberg, ASX *as at 11 January 2017. All figures in AUD
Code Company Sector Country Market Cap at listing date ($m) Capital Raised ($m) Current Price/Sales (forward)* WTC Wisetech Global Software Australia 973.6 170.4 11.16 XRO Xero Internet Software & Services New Zealand 519.0 NA 8.26 ACX Aconex Software Australia 312.3 140 6.05 SDA Speedcast International Telecommunication Services Hong Kong 235.5 150.0 2.91 FLN Freelancer Internet Software & Services Australia 218.0 15.0 9.79 ONE Oneview Healthcare Health Care Ireland 208.5 62.4 23.96 VGL Vista Group Software New Zealand 169.6 83.9 5.02 AKP Audio Pixels Internet Software & Services Israel 158.0 32.5 NA MUA Mitula Group Internet Software & Services Spain 153.7 26.5 5.95 CL1 Class Ltd Internet Software & Services Australia 116.7 25.1 11.95 AXP AirXpanders Health Care USA 105.7 39.1 238.88 UPD Updater Internet Software & Services USA 85.3 22.0 507.26 CAT Catapult Group Technology Hardware Australia 66.1 12 6.85 OSP Osprey Medical Health Care USA 40.4 20 110.56 EMC Emefcy Commercial & Professional Services Israel 35.5 15 NA SAS Sky and Space Global Telecommunication Services Israel 25.5 4 NA
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Listing Date: 11 April 2016 Market Cap at Listing: $973.6m Capital Raised: $170.4m Offer Price: $3.35 Price/Sales: 9.5 EV/EBITDA: 30.3 Lead Manager(s): Credit Suisse, Morgan Stanley Market Cap: $1,677m Share Price: $5.75 Price/Sales (Forward): 11.16
Institutional & insider shareholding by geography IPO Snapshot Price performance, rebased at listing date
Business Overview Wisetech is a provider or software to the logistics services industry
implement software solutions to facilitate the movement of storage
internationally. Purpose of the Offer Provide funding and financial flexibility to support growth strategy and future growth
Repay part of existing debt Enable existing investors to monetise their investment Broaden shareholder base and attain increased brand profile 95 105 115 125 135 145 155 165 175 185 195
08-Apr-16 08-May-16 07-Jun-16 07-Jul-16 06-Aug-16 05-Sep-16 05-Oct-16 04-Nov-16 04-Dec-16 03-Jan-17
Australia 94% Hong Kong 2% New Zealand 2% RoW 2% 71% 16% 10%
WTC ASX 200 ASX 300 Info. Tech.
At Listing As at 11 January 2017
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Listing Date: 8 November 2012 Market Cap at Listing: $519m Capital Raised: NA Offer Price: $4.31 (NZ $5.50) Price/Sales: 24.4 EV/EBITDA: NA Lead Manager(s): NA Market Cap: $2,368m Share Price: $17.35 Price/Sales (Forward): 8.26
Institutional & insider shareholding by geography IPO Snapshot Price performance, rebased at listing date
Business Summary Xero is a New Zealand-based software company that develops cloud-based accounting software for small and medium-sized
Purpose of the Offer Improve visibility, product awareness and marketing opportunities within Australia Improve liquidity Improve access to capital markets Improve access to Australian based investors 95 195 295 395 495 595 695 795 895 995
07-Nov-12 05-Feb-13 06-May-13 04-Aug-13 02-Nov-13 31-Jan-14 01-May-14 30-Jul-14 28-Oct-14 26-Jan-15 26-Apr-15 25-Jul-15 23-Oct-15 21-Jan-16 20-Apr-16 19-Jul-16 17-Oct-16
287% 28% 30%
XRO ASX 200 ASX 300 Info. Tech.
At Listing As at 11 January 2017
New Zealand 44% US 34% Australia 20% RoW 2%
Accel investment US$100m 25 Feb 2015 Follow-on capital raise, NZ$180m 14 Oct 2013
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Listing Date: 9 December 2014 Market Cap at Listing: $312.3m Capital Raised: $140m Offer Price: $1.90 Price/Sales: 4.08 EV/EBITDA: 238.6 Lead Manager(s): UBS, Macquarie Market Cap: $1,095m Share Price: $5.52 Price/Sales (Forward): 6.06
Institutional & insider shareholding by geography IPO Snapshot Price performance, rebased at listing date
Business Overview Aconex is a cloud collaboration platform for the global construction
enables over 50,000 user
construction projects.
Purpose of the Offer
Liquid market for its shares Additional financial flexibility and access to capital markets Sell-down by existing shareholders (approx. $90m+) Working capital Capital for acquisitions and marketing 85 135 185 235 285 335 385 435 485 535
09-Dec-14 07-Feb-15 08-Apr-15 07-Jun-15 06-Aug-15 05-Oct-15 04-Dec-15 02-Feb-16 02-Apr-16 01-Jun-16 31-Jul-16 29-Sep-16 28-Nov-16
Australia 65% US 35% 206% 9% 12%
ACX ASX 200 ASX 300 Info. Tech.
At Listing As at 11 January 2017
Follow-On Capital Raise, $32m 27 Aug 2015 Follow-On Capital Raise, $120m 18 Mar 2016 Follow-On Capital Raise, $12m 18 Apr 2016
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70 90 110 130 150 170 190 210 230 250
18-Nov-14 02-Jan-15 16-Feb-15 02-Apr-15 17-May-15 01-Jul-15 15-Aug-15 29-Sep-15 13-Nov-15 28-Dec-15 11-Feb-16 27-Mar-16 11-May-16 25-Jun-16 09-Aug-16 23-Sep-16 07-Nov-16 22-Dec-16 05-Feb-17
Listing Date: 18 August 2014 Market Cap at Listing: $235.5 million Capital Raised: $150.0 million Offer Price: $1.96 Price/Sales: 1.86 EV/EBITDA: 12.65 Lead Managers: UBS, CIMB Market Cap: $869.1 million Share Price: $0.75 Price/Sales (Forward): NA
Institutional & insider shareholding by geography Price performance, rebased at listing date
Business Overview SpeedCast International designs, implements, integrates, operates and maintains satellite-based communications networks and services for its customers.
Purpose of the Offer Create a liquid market for shares and increase shareholder base Repay existing banking facilities Pursue growth opportunities Hiring and retention of high quality staff
69% 2% 2%
SDA ASX 200
At Listing
Australia 84% Hong Kong 14% RoW 2%
As at 8 February 2017
IPO Snapshot
Follow-On Capital Raise, $114.4M 21 Mar 2016
ASX 300 Info. Tech.
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Listing Date: 15 November 2013 Market Cap at Listing: $218m Capital Raised: $15m Offer Price: $0.50 Price/Sales: 21.0 EV/EBITDA: NA Lead Manager(s): KTM Capital Market Cap: $520m Share Price: $1.15 Price/Sales (Forward): 9.79
Institutional & insider shareholding by geography IPO Snapshot Price performance, rebased at listing date
Business Overview Freelancer is the worlds largest online marketplace for
crowdsourcing services. Freelancer has 18.1 million registered users.
Purpose of the Offer Provide access to equity capital markets in
acquisition opportunities. Provide existing shareholders with liquidity. Assist in retaining and attracting employees through share ownership. 85 135 185 235 285 335 385 435
14-Nov-13 13-Jan-14 14-Mar-14 13-May-14 12-Jul-14 10-Sep-14 09-Nov-14 08-Jan-15 09-Mar-15 08-May-15 07-Jul-15 05-Sep-15 04-Nov-15 03-Jan-16 03-Mar-16 02-May-16 01-Jul-16 30-Aug-16 29-Oct-16 28-Dec-16
130% 7% 9%
FLN ASX 200 ASX 300 Info. Tech.
At Listing As at 11 January 2017
Follow-On Capital Raise, $10m 28 Apr 2015 Follow-On Capital Raise, $45m 11 Aug 2015
Australia 99% RoW 1%
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Listing Date: 17 March 2016 Market Cap at Listing: $208.5m Capital Raised: $62.4m Offer Price: $3.58 Price/Sales: 61.1 EV/EBITDA: NA Lead Manager(s): Moelis & Company Market Cap: $331m Share Price: $6.40 Price/Sales (Forward): 23.96
Institutional & insider shareholding by geography IPO Snapshot Price performance, rebased at listing date
Business Overview Oneview is an Ireland based software and solutions company that provides Patient Engagement Solutions for the healthcare sector. Oneview currently fulfils contracts in the United States, Australia, the UAE and Ireland Purpose of the Offer Fund the growth of the company’s presence and foothold in its current markets Fund the expansion of the company into new markets Fund the delivery and implementation of company’s new customer contracts Provide Oneview additional; profile and access to capital markets. 85 105 125 145 165 185 205 225
16-Mar-16 15-Apr-16 15-May-16 14-Jun-16 14-Jul-16 13-Aug-16 12-Sep-16 12-Oct-16 11-Nov-16 11-Dec-16 10-Jan-17
Australia 64% Ireland 31% UK 5% 78% 12% 10%
ONE ASX 200 ASX 300 Info. Tech.
At Listing As at 11January 2017
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Listing Date: 11 August 2014 Market Cap at Listing: $169.6m Capital Raised: $83.9m Offer Price: $2.15 Price/Sales: 3.7 EV/EBITDA: 17.3 Lead Manager(s): Macquarie Market Cap: $427m Share Price: $5.21 Price/Sales (Forward): 65.02
Institutional & insider shareholding by geography IPO Snapshot Price performance, rebased at listing date
Business Overview Vista Group is a world leading New Zealand company comprising six businesses all providing software solutions to the global film industry Purpose of the Offer Fund the acquisition of Movio and MACCs Allow existing shareholders to realise some of their investment Provide startup capital for Numero and provide capital for future acquisitions and developments 127% 6%
VGI ASX 200 ASX 300 Info. Tech.
At Listing As at 11January 2017
Australia 21% RoW 1% New Zealand 78%
6% 85 135 185 235 285
11-Aug-14 10-Oct-14 09-Dec-14 07-Feb-15 08-Apr-15 07-Jun-15 06-Aug-15 05-Oct-15 04-Dec-15 02-Feb-16 02-Apr-16 01-Jun-16 31-Jul-16 29-Sep-16 28-Nov-16 36
Listing Date: 1 February 2011 Market Cap at Listing: $158m Capital Raised: $32.5m Offer Price: $3.85 Price/Sales: NA EV/EBITDA: NA Lead Manager(s): NA Market Cap: $354m Share Price: $13.16 Price/Sales (Forward): NA
Institutional & insider shareholding by geography Backdoor Listing Snapshot Price performance, rebased at listing date
Business Overview Audio Pixels Limited is a technology company founded in 2006
reproduction industry with a patented technology for the generation of sound waves directly from a digital audio stream. Purpose of the Offer To fund the further development of its patented technology and avoid reliance on external financing. Attain a larger corporate profile in order to enter into a development agreement with another entity. 183% 21% 17%
AKP ASX 200 ASX 300 Info. Tech.
At Listing As at 11 January 2017
Australia 49% Israel 28% New Zealand 23%
Follow-On Capital Raise, $5.9m 20 Dec 2012
40 90 140 190 240 290 340 390 440 490 540 590 640 690 740
01-Feb-11 01-Jun-11 29-Sep-11 27-Jan-12 26-May-12 23-Sep-12 21-Jan-13 21-May-13 18-Sep-13 16-Jan-14 16-May-14 13-Sep-14 11-Jan-15 11-May-15 08-Sep-15 06-Jan-16 05-May-16 02-Sep-16 31-Dec-16 37
85 95 105 115 125 135 145 155 165
30-Jun-15 29-Aug-15 28-Oct-15 27-Dec-15 25-Feb-16 25-Apr-16 24-Jun-16 23-Aug-16 22-Oct-16 21-Dec-16
Listing Date: 1 July 2015 Market Cap at Listing: $153.7m Capital Raised: $26.5m Offer Price: $0.75 Price/Sales: 8.3 EV/EBITDA: 19.3 Lead Manager(s): Baillieu Holst Market Cap: $176m Share Price: $0.82 Price/Sales (Forward): 5.95
Institutional & insider shareholding by geography IPO Snapshot Price performance, rebased at listing date
Business Overview Mitula Group operates an online advertising platform consisting of 51 ‘vertical search’ websites located in 38 countries in 14 languages. Purpose of the Offer Raise funds to strengthen Mitula Groups’s balance sheet, and allow existing shareholders to sell some or all of their holdings Provide a liquid market for shares and an
Provide access to capital markets Provide an increased profile as a listed entity Australia 16% Spain 83% UK 1% 9% 6% 7%
MUA ASX 200 ASX 300 Info. Tech.
At Listing As at 11 January 2017
38
Listing Date: 18 December 2015 Market Cap at Listing: $116.7 Million Capital Raised: $25.1 million Offer Price: $1.00 Price/Sales: 7.5 EV/EBITDA: 17.3 Lead Manager(s): Commonwealth Bank of Australia Current Market Cap: $358m Share Price: $3.06 Price/Sales (Forward): 11.95
Institutional & insider shareholding by geography IPO Snapshot Price performance, rebased at listing date
Business Overview Class Limited is a provider of cloud- based administration software solutions tailored to the requirements of Australian based SMSF providers Purpose of the Offer Provide financial flexibility and access to capital markets Boost the financial strength of Class and support its business strategies Allow better access to a deeper pool of equity capital Provide a liquid market for shares and
85 135 185 235 285 335 385 435
17-Dec-15 16-Jan-16 15-Feb-16 16-Mar-16 15-Apr-16 15-May-16 14-Jun-16 14-Jul-16 13-Aug-16 12-Sep-16 12-Oct-16 11-Nov-16 11-Dec-16 10-Jan-17
Australia 100% 206% 13% 3%
CL1 ASX 200 ASX 300 Info. Tech.
At Listing As at 11 January 2017
39
Institutional & insider shareholding by geography IPO Snapshot Price performance, rebased at listing date
Business Overview AirXpanders is a US based medical device company whose principal business is the design, manufacturing and distribution of AeroForm, a device used in breast reconstruction. Purpose of the Offer To fund the full market launch and commercialisation of AeroForm in Australia and the US. 85 135 185 235 285 335
22-Jun-15 01-Aug-15 10-Sep-15 20-Oct-15 29-Nov-15 08-Jan-16 17-Feb-16 28-Mar-16 07-May-16 16-Jun-16 26-Jul-16 04-Sep-16 14-Oct-16 23-Nov-16 02-Jan-17
114% 4%
AXP ASX 200 ASX 300 Info. Tech.
At Listing Listing Date: 22 June 2015 Market Cap at Listing: $105.7m Capital Raised: $39.1m Offer Price: $0.50 Price/Sales: NA EV/EBITDA: NA Lead Manager(s) Canaccord Genuity Current Market Cap: $261m Share Price: $1.09 Price/Sales (Forward): 238.88
Follow-On Capital Raise, $20m 15 Jun 2016
Australia 36% US 64%
As at 11 January 2017
3%
40
70 120 170 220 270
04-Dec-15 29-Dec-15 23-Jan-16 17-Feb-16 13-Mar-16 07-Apr-16 02-May-16 27-May-16 21-Jun-16 16-Jul-16 10-Aug-16 04-Sep-16 29-Sep-16 24-Oct-16 18-Nov-16 13-Dec-16 07-Jan-17
Listing Date: 7 December 2015 Market Cap at Listing: $85.3m Capital Raised: $22m Offer Price: $0.20 Price/Sales: NA EV/EBITDA: NA Lead Manager(s): Euroz, Moelis & Company Market Cap: $205 million Share Price: $0.42 Price/Sales (Forward): 507.26
Institutional & insider shareholding by geography IPO Snapshot Price performance, rebased at listing date
Business Overview Updater is a New York City based company that develops technology to improve the consumer relocation process in the U.S Purpose of the Offer Fund Updater’s continued expansion throughout the US. Expand Updater’s workforce to boost and improve sales capacity, client and customer service, product development and engineering capabilities. Fund working capital requirements. 91% 12% 4%
UPD ASX 200 ASX 300 Info. Tech.
At Listing As at 11 January 2017
US 85% Australia 15%
41
90 190 290 390 490 590 690 790
18-Dec-14 01-Feb-15 18-Mar-15 02-May-15 16-Jun-15 31-Jul-15 14-Sep-15 29-Oct-15 13-Dec-15 27-Jan-16 12-Mar-16 26-Apr-16 10-Jun-16 25-Jul-16 08-Sep-16 23-Oct-16 07-Dec-16
Listing Date: 15 December 2014 Market Cap at Listing: $66.1 Million Capital Raised: $12m Offer Price: $0.55 Price/Sales: 7.0 EV/EBITDA: NA Lead Managers: Baillieu Holst, Bell Potter Current Market Cap: $424m Share Price: $2.67 Price Sales: (Forward): 6.85
Institutional & insider shareholding by geography IPO Snapshot Price performance, rebased at listing date
Business Overview Catapult is a global sports analytics company that uses proprietary technology to provide elite sporting
time data and analytics to monitor and measure athletes Purpose of the Offer Provide catapult with the required funding to compile its work program Achieve a listing on ASX to improve access to capital markets To provide a market for shares Australia 96% Thailand 2% USA 2% 385% 11% 13%
CAT ASX 200 ASX 300 Info. Tech.
At Listing As at January 11 2017
Follow-On Capital Raise, $64.8m 25 Jul 2016
42
Listing Date: 16 April 2012 Market Cap at Listing: $40.4m Capital Raised: $20m Offer Price: $0.40 Price/Sales: NA EV/EBITDA: NA Lead Manager(s): Shaw Corporate Finance Market Cap: $121m Share Price: $0.47 Price/Sales (Forward): 110.56
Institutional & insider shareholding by geography IPO Snapshot Price performance, rebased at listing date
Business Overview Osprey Medical is a US based Company focused on the development and commercialisation of its proprietary CINCOR System for the prevention
which refers to contrast/dye induced kidney cell death. Purpose of the Offer Undertake a market launch of the CINCOR system in Europe Conduct a registration directed IDE clinical trial and subsequent FDA clearance Conduct a randomised study to assist in market adaptation Pay expenses of the offer Provide working capital 30% 135%
OSP ASX 200 ASX 300 Pharma.
At Listing As at 11 January 2017
Australia 99% Singapore 1%
Follow-On Capital Raise, $13.3m 16 Oct 2013 Follow-On Capital Raise, $12.7m 23 Mar 2015 Follow-On Capital Raise, $21.2m 04 Aug 2016
18% 50 100 150 200 250 300
01-May-12 09-Aug-12 17-Nov-12 25-Feb-13 05-Jun-13 13-Sep-13 22-Dec-13 01-Apr-14 10-Jul-14 18-Oct-14 26-Jan-15 06-May-15 14-Aug-15 22-Nov-15 01-Mar-16 09-Jun-16 17-Sep-16 26-Dec-16 43
70 170 270 370 470 570
21-Dec-15 15-Jan-16 09-Feb-16 05-Mar-16 30-Mar-16 24-Apr-16 19-May-16 13-Jun-16 08-Jul-16 02-Aug-16 27-Aug-16 21-Sep-16 16-Oct-16 10-Nov-16 05-Dec-16 30-Dec-16 24-Jan-17
Listing Date: 23 December 2015 Market Cap at Listing: $35.5 million Capital Raised: $15.0 million Offer Price: $0.20 Price/Sales: NA EV/EBITDA: NA Lead Managers: Henslow Market Cap: $193m Share Price: $0.75 Price/Sales (Forward): NA
Institutional & insider shareholding by geography Back-door Listing Snapshot Price performance, rebased at listing date
Business Overview Emefcy is a clean technology company involved in the development of innovative, decentralised, energy efficient wastewater treatment technologies.
Purpose of the Offer Further Research and Development Fund ongoing company administration expenses Commercialisation of Emefcy products Allocation of Working Capital
183% 10% 4%
EMC ASX 200 ASX 300 Indust.
At Listing
Australia 40% Israel 30% United States 30%
As at 11 January 2017
44
35 85 135 185 235 285 335 385
31-May-16 14-Jun-16 28-Jun-16 12-Jul-16 26-Jul-16 09-Aug-16 23-Aug-16 06-Sep-16 20-Sep-16 04-Oct-16 18-Oct-16 01-Nov-16 15-Nov-16 29-Nov-16 13-Dec-16 27-Dec-16 10-Jan-17 24-Jan-17 07-Feb-17
Listing Date: 31 May 2016 Market Cap at Listing: $25.5 million Capital Raised: $4.0 million Offer Price: $0.02 Price/Sales: NA EV/EBITDA: NA Lead Managers: Patersons Market Cap: $48.0 million Share Price: $0.09 Price/Sales (Forward): NA
Institutional & insider shareholding by geography Back-door Listing Snapshot Price performance, rebased at listing date
Business Overview Sky and Space Global is a UK incorporated company with European and Israeli centres which plans to deploy nano-satellites constellations in orbit to provide global communication infrastructure.
Purpose of the Offer Increase of available Working Capital and corporate administration costs Nano-satellite construction and ground station costs Licensing and operational costs Launch costs
220% 5% 8%
SAS ASX 200 ASX 300 IT
At Listing
Australia 4% Israel 96%
As at 8 February 2017
45
46
Malaysia Hong Kong Singapore China
Benefits of ASX
47
200 400 600 800 1000 1200 1400 1600 1800 09-Oct-07 09-Feb-08 09-Jun-08 09-Oct-08 09-Feb-09 09-Jun-09 09-Oct-09 09-Feb-10 09-Jun-10 09-Oct-10 09-Feb-11 09-Jun-11 09-Oct-11 09-Feb-12 09-Jun-12 09-Oct-12 09-Feb-13 09-Jun-13 09-Oct-13 09-Feb-14 09-Jun-14 09-Oct-14 09-Feb-15 09-Jun-15 09-Oct-15
Listing Date: 10 September 2007 Market Cap at Listing: $25.6 million Capital Raised: $7.5 million Price/Sales: 25.1 Valuation at acquisition: $750.8m
Institutional & insider shareholding by geography IPO Snapshot Price performance, rebased at listing date
Business Overview iProperty Group is a Malaysian based property website group that operates Asia’s Number 1 network of property websites. The group offers services in real estate portals, real estate services and project marketing. Purpose of the Offer Cash acquisition of Info-Tools Pty Ltd Further acquisition commitments Provision of working capital Cash retained for further acquisitions
1430%
25% 48%
ICQ ASX 200 ASX 300 Real Estate
At Listing
Acquired by REA Group 16 Feb 16 Follow-On Capital Raising, $2.4m 9 Apr 10 Follow-On Capital Raising, $3.7m 13 Sep 10 Follow-On Capital Raising, $9.7m 7 Jun 12 Follow-On Capital Raising, $23m 16 Oct 14
Australia 48% Malaysia 49% RoW 3%
48
Listing Date: 11 September 2012 Market Cap at Listing: $27.8 million Capital Raised: $10 million Offer Price: $0.20 Price/SaIes: 187.4 EV/EBITDA: NA Lead Managers: E.L. & C. Baillieu (Baillieu Holst) Market Cap: $77m Share Price: $0.24 Price/Sales (Forward): 10.51
Institutional & insider shareholding by geography IPO Snapshot Price performance, rebased at listing date
Business Overview iCar Asia owns and operates ASEAN’s No. 1 network of automotive portals. Their online properties currently reach over 4.8 million car buyers and enthusiasts in the region every month. Purpose of the Offer Fund outstanding cash payments Fund advertising and marketing programs to develop its business Provide capital for future acquisition
Working capital 85 185 285 385 485 585 685 785 885 985
10-Sep-12 09-Nov-12 08-Jan-13 09-Mar-13 08-May-13 07-Jul-13 05-Sep-13 04-Nov-13 03-Jan-14 04-Mar-14 03-May-14 02-Jul-14 31-Aug-14 30-Oct-14 29-Dec-14 27-Feb-15 28-Apr-15 27-Jun-15 26-Aug-15 25-Oct-15 24-Dec-15 22-Feb-16 22-Apr-16 21-Jun-16 20-Aug-16 19-Oct-16 18-Dec-16
23% 33% 28%
ICQ ASX 200 ASX 300 Info. Tech.
At Listing As at 11 January 2017
Follow-On Capital Raise, $21.1m 20 Nov 2014 Follow-On Capital Raise, $11.5m 7 Sep 2015
Australia 63% Malaysia 31% United States 6%
49
50
Listing rule category NZ ‘Standard’ Listing NZ Foreign Exempt*
Admission: Information Memorandum (compliance listings) ASX requirement Not required Admission: Prospectus (capital raising) Trans-Tasman mutual recognition Trans-Tasman mutual recognition Admission: Good fame & character ASX ASX Release of information and announcements ASX & NZX ASX & NZX Continuous disclosure standard ASX & NZX NZX only Periodic disclosure (format and timetable) NZX only – waiver required NZX only Subsequent capital raising limits NZX only – waiver required NZX only Corporate Governance code ASX & NZX NZX only Significant transactions ASX & NZX NZX only Related party transactions ASX & NZX NZX only Trading halts and suspensions ASX & NZX ASX & NZX Share registry ASX & NZX ASX & NZX
* Listing requirements are indicative only
51
$0.00 $0.50 $1.00 $1.50 $2.00 $2.50 $3.00 $3.50 $4.00 $4.50 10,000,000 20,000,000 30,000,000 40,000,000 50,000,000 60,000,000 70,000,000
01-Jul-10 01-Sep-10 01-Nov-10 01-Jan-11 01-Mar-11 01-May-11 01-Jul-11 01-Sep-11 01-Nov-11 01-Jan-12 01-Mar-12 01-May-12 01-Jul-12 01-Sep-12 01-Nov-12 01-Jan-13 01-Mar-13 01-May-13 01-Jul-13 01-Sep-13 01-Nov-13 01-Jan-14 01-Mar-14 01-May-14 01-Jul-14 01-Sep-14 01-Nov-14 01-Jan-15 01-Mar-15 01-May-15 01-Jul-15 01-Sep-15 01-Nov-15 01-Jan-16 01-Mar-16 01-May-16 01-Jul-16 01-Sep-16 01-Nov-16 01-Jan-17
Price (NZD) Volume
KMD AU - Volume KMD NZ - Volume KMD NZ - Price 6 per. Mov. Avg. (KMD AU - Volume) 6 per. Mov. Avg. (KMD NZ - Volume)
Kathmandu completed an NZX-ASX IPO in November 2009.
Briscoe takeover announcement 30 Jun 2015
ASX 200 index inclusion 18 Nov 2013 ASX 300 index inclusion 22 Mar 2010
Source: Bloomberg, February 2017
52
$0.00 $1.00 $2.00 $3.00 $4.00 $5.00 $6.00 50,000,000 100,000,000 150,000,000 200,000,000 250,000,000 300,000,000
Price (NZD) Volume
TME AU - Volume TME NZ - Volume TME NZ - Price 6 per. Mov. Avg. (TME AU - Volume) 6 per. Mov. Avg. (TME NZ - Volume)
TradeMe completed an NZX-ASX IPO on 13th December 2011.
Block trade (Sell down by Fairfax Digital NZ) A$616m Increased number of shares
ASX 200 index inclusion 18 Mar 2013
Source: Bloomberg, February 2017
53
5 10 15 20 25 30 35 40 45 2,000,000 4,000,000 6,000,000 8,000,000 10,000,000 12,000,000 14,000,000
01-Jul-10 01-Sep-10 01-Nov-10 01-Jan-11 01-Mar-11 01-May-11 01-Jul-11 01-Sep-11 01-Nov-11 01-Jan-12 01-Mar-12 01-May-12 01-Jul-12 01-Sep-12 01-Nov-12 01-Jan-13 01-Mar-13 01-May-13 01-Jul-13 01-Sep-13 01-Nov-13 01-Jan-14 01-Mar-14 01-May-14 01-Jul-14 01-Sep-14 01-Nov-14 01-Jan-15 01-Mar-15 01-May-15 01-Jul-15 01-Sep-15 01-Nov-15 01-Jan-16 01-Mar-16 01-May-16 01-Jul-16 01-Sep-16 01-Nov-16 01-Jan-17
Price (NZD) Volume
XRO AU - Volume XRO NZ - Volume XRO NZ - Price 6 per. Mov. Avg. (XRO AU - Volume) 6 per. Mov. Avg. (XRO NZ - Volume)
Dual listing on ASX in 2012. ‘Compliance’ listing (without capital raise) offered:
Accel investment NZ$140m Follow-on capital raise NZ$180m
ASX Listing 08 Nov 2012
Source: Bloomberg, February 2017
54
$0.00 $0.50 $1.00 $1.50 $2.00 $2.50 $3.00 100,000,000 200,000,000 300,000,000 400,000,000 500,000,000 600,000,000
Price (NZD) Volume
A2M AU - Volume ATM NZ - Volume ATM NZ - Price 6 per. Mov. Avg. (A2M AU - Volume) 6 per. Mov. Avg. (ATM NZ - Volume)
Dual listing on ASX in 2015. ‘Compliance’ listing (without capital raise) offered:
ASX Listing 31 Mar 2015
ASX 300 index inclusion 18 Mar 2016
Source: Bloomberg, February 2017
55
$0.00 $0.20 $0.40 $0.60 $0.80 $1.00 $1.20 $1.40 $1.60 $1.80 $2.00 2,000,000 4,000,000 6,000,000 8,000,000 10,000,000 12,000,000 14,000,000 16,000,000 18,000,000 20,000,000
Price (NZD) Volume
MHJ AU - Volume MHJ NZ - Volume MHJ NZ - Price 6 per. Mov. Avg. (MHJ AU - Volume) 6 per. Mov. Avg. (MHJ NZ - Volume)
Dual listing on ASX in 2016. ‘Compliance’ listing (without capital raise):
ASX Listing 7 July 2016
Source: Bloomberg, February 2017
56
Eddie Grieve
Head of Listings & Issuer Services +61 2 9227 0519 eddie.grieve@asx.com.au
James Posnett
Senior Manager, Listings Business Development +61 2 9227 0282 james.posnett@asx.com.au
Josh Collard
Business Development Manager +61 2 9227 0122 josh.collard@asx.com.au
57