IPO Watch: Networking tech solutions, micro-cap floats, and an ASX pharma hopeful targeting the common cold
Rene Anthony
A number of delayed listings from last week were held over until this week, however, with market volatility brewing, it could prompt more changes ahead. In particular, there has been a concerted shift in the size of the businesses seeking stock market debuts, with micro-caps emerging as the common theme.
While the usual assortment of commodity floats will greet ASX investors this week, one company hoping to list later in the week is Firebrick Pharma (ASX: FRE). The pharmaceutical firm, which is developing Nasodine, a nasal spray that targets the viral cause of the common cold, has raised $7 million at $0.20 per share with investors including a large contingent of doctors and scientists. With funding secured, and a market cap of around $34 million, Firebrick intends to complete a second Phase 3 trial in 2022 in an effort to gain TGA approval.From the US, Credo Technology Group (NASDAQ: CRDO) is the biggest name on the horizon this week, with plans to raise US$275 million for a market cap of around US$1.8 billion on listing. The company offers networking technology solutions such as integrated circuits, active electrical cables and serializer/deserializer (SerDes) chiplets, which are designed for optical and electrical ethernet uses. While unprofitable thus far, the company will be hoping the burgeoning growth of the data centre industry is a tailwind that plays in its favour.
Upcoming IPOs
CompanyFocusIPO sizeExpected debutASX Virdis Mining and Minerals (VNM) Gold, nickel, copper, PGE and rare earths explorer$5.5mJan 24ASXFelix Gold (FXG)Gold explorer$10mJan 25ASXBelararox (BRX)Zinc, copper, gold, silver, lead and nickel explorer$6mJan 27ASXCosmo Metals (CMO)Copper, nickel and cobalt explorer$7mJan 27ASXFirebrick Pharma (FRE)Phama firm developing nasal spray for common cold$7mJan 28USSamsara Vision (SMSA)Medical-implant maker for retinal diseasesUS$25mTBCUSModular Medical (MODD)Wearable insulin pump developerUS$30mTBCUSVerdant Earth Tech (VDNT)Australian renewable fuel repurposer for power plants US$50mTBCUSCredo Technology (CRDO)Networking and semiconductor solutionsUS$275m Jan 27USDirect Digital Holdings (DRCT)End-to-end programmatic advertising platformUS$32mTBC
*All dates are subject to change and should be treated as an indicative guide only
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