IPO Watch: Australian bitcoin miner Iris Energy heads to the US, Ventia float re-cut
Rene Anthony
This week biggest ASX listing has seen a last-minute resizing, with essential infrastructure services provider Ventia (ASX: VNT) downsizing the amount it has been looking to raise, while also slashing its IPO price.Elsewhere, while not the biggest float coming up this week in the US, renewable-powered bitcoin miner Iris Energy (NASDAQ: IREN) could find itself on the watchlists of local investors. Volatile bitcoin prices and an emphasis on harnessing renewable energy to power its assets are only part of the story, with the Sydney-based firm likely to be a talking point given its local connection to Australia.
Upcoming IPOs
ASX Market:
Resilience Mining Mongolia (RM1)
Focus: Copper and gold explorer
IPO Size: $6 million
Expected Debut: November 15
Kalgoorlie Gold Mining (KAL)
Focus: Gold explorer
IPO Size: $12 million
Expected Debut: November 17
My Rewards International (MRI)
Focus: Employee & consumer rewards, loyalty, and engagement program
IPO Size: $7 million
Expected Debut: November 17
Parabellum Resources (PBL)
Focus: Copper and gold explorer
IPO Size: $5 million
Expected Debut: November 18
Tissue Repair (TRP)
Focus: Advanced wound healing clinical stage biopharmaceutical firm
IPO Size: $22 million
Expected Debut: November 18
Cadence Opportunities (CDO)
Focus: Investment company
IPO Size: $25 million
Expected Debut: November 19
Cooper Metals (CPM)
Focus: Copper and gold explorer
IPO Size: $4.8 million
Expected Debut: November 19
Ventia Services (VNT)
Focus: Essential infrastructure services provider
IPO Size: $438 million
Expected Debut: November 19
US Market:
UserTesting (USER)
Focus: Enterprise customer feedback platform
IPO Size: $227 million
Expected Debut: November 17
Iris Energy (IREN)
Focus: Renewable-powered bitcoin miner
IPO Size: $215 million
Expected Debut: November 17
Braze (BRZE)
Focus: Cross-channel customer engagement platform
IPO Size: $460 million
Expected Debut: November 17
Sweetgreen (SG)
Focus: Salad restaurant chain
IPO Size: $300 million
Expected Debut: November 18
KinderCare (KC)
Focus: Early childhood education and care
IPO Size: $503 million
Expected Debut: November 18
Sono Group (SEV)
Focus: Solar-powered vehicle developer
IPO Size: $150 million
Expected Debut: To be announced (TBC)
Austin Gold (AUST)
Focus: Gold explorer in Nevada
IPO Size: $15 million
Expected Debut: To be announced (TBC)
*All dates are subject to change and should be treated as an indicative guide only
Future Listings
If there weren't enough buy-now pay-later firms on the ASX then another is on the way, with Beforepay the latest to venture towards the local market. Although not expected to debut until after the Christmas break, the business, which advances one wages before they have been paid, is eyeing around $35 million via 10.2 million new shares priced at $3.41 each.
Meanwhile, the float of high-definition camera tech firm BirdDog is officially underway, with investors being briefed on the business. It hopes to raise $33 million from shares priced at $0.65 each, which follows a more than 300% increase in the company revenue last financial year.Traffic management operator Avada is another name seeking $30 million in fresh funds via IPO, which will give it a market cap of slightly more than $70 million on debut. With operations principally across Queensland and NSW, management intends to use the IPO proceeds to formally tie-up the acquisitions that make up the company.More commodity names are pitching for a listing on the ASX, with the last week seeing three junior explorers launch their IPOs.
This includes Armada Metals, targeting up to $10 million to explore for nickel and copper in Gabon, natural gas player Black Mountain Energy, which has received an exemption to export natural gas out of WA, and base metals explorer American West Metals, which is looking to secure up to $15 million to pursue zinc and copper exploration across the US and Canada.Prospective listings from the US remain low-key at this time, which comes after electric vehicle maker Rivian (NASDAQ: RIVN) stole the limelight last week and surged more than 60% on debut. Nonetheless, a couple of the companies with a float on the horizon include rugged apparel brand 5.11 ABR and insurance firm TypTap Insurance.
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