There are eight IPOs scheduled for the ASX throughout October, from a host of different industries.

First up, Software-as-a-Service (SaaS) provider Bridge SaaS (ASX: BGE) is raising $4.5 million to list on the ASX. Founded in 2008, the company offers Customer Relationship Management (CRM) and workflow solutions to employment, care, and support industries, with customers located around the world. 

Bridge SaaS intends to use the IPO proceeds to help it enter the National Disability Insurance Scheme market, where there are current;y 17,000 service providers. If its IPO is successful, it will list on the ASX with a valuation just shy of $14 million.

Also eyeing an ASX listing at the start of October is LGI (ASX: LGI). The company is considered an established leader in the domestic market for the recovery of biogas from landfill, and the subsequent conversion into renewable electricity and saleable environmental products. 

LGI generates distributed clean energy, with the ability to store and discharge renewable electricity at peak times to optimise pricing. It contracts with governments on average over 15 years to offer these solutions, which provides the company with recurring revenue streams and carbon credits. As part of its IPO, the company is raising $25 million at $1.50 per share to expand its biogas portfolio to energy projects.

Oil and gas explorer Omega Oil & Gas (ASX: OMA) is on track to list on the ASX thanks to its $11 million IPO. The company is focused on unlocking value in Permian Deep Gas assets. Exploration and appraisal work will form the company core exploration activity. The junior explorer owns 100% of Cypress Petroleum, which controls 100% of the ATP 2037, ATP 2038, and PL 17 tenements, all concentrated in the Surat Basin.With $5 million in fresh funds expected to be under its belt, Bubalus Resources (ASX: BUS) will focus on the exploration and development of the Amadeus Project (prospective for Manganese), the Coomarie Project (prospective for Heavy Rare Earths), the Nolans East Project (prospective for Light Rare Earths), and the Pargee Project (prospective for Heavy Rare Earths). Each of these projects are located in highly-regarded geological provinces in the Northern Territory and Western Australia.

Forensic and analytical services provider Source Certain International (ASX: SC1) is on track to complete its $7 million IPO during October. As Australia leading provenance testing service, it is engaged in scientific provenance verification for agriculture, seafood, mining, and resources sectors. 

Its origin verification solution is used to identify the mine, farm, fishery, or plantation from which a product has originated. The company will head to the ASX with a market cap of $23.8 million, with its shares priced at $0.20 a piece.

Another oil and gas explorer running towards the ASX is Conrad Asia Energy (ASX: CRD), which is focused on natural gas in the shallow waters offshore Indonesia. Through its wholly-owned subsidiaries, it holds various tenements in this location that are Production Sharing Contracts (PSCs), and it lays claim to approximately 413 billion cubic feet of discovered recoverable gas and additional exploration potential.

Conrad Asia Energy is offering over 30.8 million CHESS Depository Interests (CDI) at an issue price of $1.46 each, for a total of $45 million, with the ability for oversubscriptions to up to $55 million. The company will use these funds to mature its Mako gas field, including front-end engineering, joint study areas, seismic acquisition, and long lead items for gas field development.

In the tech space, Nightingale Intelligent Systems (ASX: NGL) is engaged in the development and sale of Unmanned Aerial Vehicles for commercial applications, including security use. Eyeing between $8 million to $10 million, the IPO values the drone-maker at a market cap of between $47.5 million to $50.2 million, on a fully diluted basis. 

Its client base includes the US Air Force and Iron Mountain, among others, while revenue reached $2.8 million in FY21. CDIs offered as part of the IPO have been priced at $0.35 each, accompanied by a one-for-three option with a $0.50 exercise price and three-year expiry.

Canadian-listed exploration and development company Toubani Resources (ASX: TRE) is looking to hit the boards of the ASX in the month ahead. The dual-listing involves a raise of more than $30 million, as the company looks to become the next mid-tier gold producer in West Africa.Finally, there is also a Listed Investment Company (LIC) in the mix, with H&G High Conviction (ASX: HCF) inching towards an ASX listing in late October. H&G Investment Management is the investment manager for the LIC, with a strategy that focuses on investing in companies with a significant discount in the share price relative to perceived inherent value.

Upcoming ASX IPOs

Bridge SaaS (ASX: BGE)

• Focus: CRM and workflow solutions SaaS provider

• IPO size: $4.5 million

• Expected debut: October 4

• GIB Energy (ASX: LGI)

  • Focus: Biogas recovery & conversion into renewable electricity

  • IPO size: $25 million

  • Expected debut: October 4

• Omega Oil & Gas (ASX: OMA)

  • Focus: Gas exploration and oil production

  • IPO size: $15 million

  • Expected debut: October 11

• Bubalus Resources (ASX: BUS)

  • Focus: NT & WA rare earths explorer

  • IPO size: $5 million

  • Expected debut: October 13

• Source Certain International (ASX: SC1)

  • Focus: Forensic & analytical services

  • IPO size: $7 million

  • Expected debut: October 19

• Conrad Asia Energy (ASX: CRD)

  • Focus: Oil & gas exploration and production

  • IPO size: $55 million

  • Expected debut: October 21

• Nightingale Intelligent Systems (ASX: NGL)

  • Focus: Unmanned Aerial Vehicles for commercial applications

  • IPO size: $10 million

  • Expected debut: October 24

• Toubani Resources (ASX: TRE)

  • Focus: West African gold exploration

  • IPO size: $32.5 million

  • Expected debut: October 24

• H&G High Conviction (ASX: HCF)

  • Focus: Listed Investment Company

  • IPO size: $30 million

  • Expected debut: October 25

*All dates are subject to change and should be treated as an indicative guide only

September ASX IPOs

A recap of this month IPO calendar suggests the hot' themes of uranium and critical minerals, including lithium, held up relatively well, with representatives from this cohort performing best. 

The standout was Canada-based uranium explorer Terra Uranium (ASX: T92), which opened 80% higher after raising $6 million to fund its greenfield and brownfield uranium exploration in the Athabasca Basin, an area that already plays host to some of the largest and highest-grade uranium deposits in the world.CodeCompanyFocus

Opening Day

• Terra Uranium (ASX: T92)

  • Focus: Canada uranium explorer

  • Result: +80%

  • Result (Month): +75%

• Coolabah Metals (ASX: CBH)

  • Focus: NSW & QLD metals explorer

  • Result: -20%

  • Result (Month): -40%

• Octava Minerals (ASX: OCT)

  • Focus: WA lithium & gold explorer

  • Result: +27.5%

  • Result (Month): -15%

• Atlantic Lithium (ASX: A11)

  • Focus: West African lithium explorer

  • Result: 0%

  • Result (Month): +6.9%

• Critical Minerals (ASX: CMG)

  • Focus: Vanadium explorer

  • Result: +40%

  • Result (Month): +25%

• Adrad Holdings

  • Focus: Radiator and air-con manufacturer, distributor

  • Result: N/A

  • Result (Month): N/A

    
    

    #Monthly results are for the period from listing until the close of trade, September 28, 2022