ipo Watch: US banks, local olive oil producer and nickel spin-off feature this week
Rene Anthony
After struggling to secure enough support for its ipo last month, olive oil producer Cobram Estate (ASX: CBO) is back for a second attempt, albeit this time it is completing a compliance listing, which will see it avoid raising new funds from investors. Sticking with the ASX, and Cannon Resources (ASX:CNR), the spin-off company derived from Rox Resources (ASX: RXL), will float on Thursday featuring nickel and base metal assets at Fisher East and Collurabbie.Overseas, two banks are in the spotlight as they edge towards a listing. That includes regional bank Southern States Bank (NASDAQ: SSBK), with assets of US$1.5 billion and loans of US$1.1 billion, and digital lender FinWise Bancorp (NASDAQ: FINW), which boasts a more modest US$330 million in assets and US$245 million in loans.
Upcoming ipos
MarketCompanyFocusipo sizeExpected debutASXCobram Estate Olives (CBO)Olive farming and olive oil productionN/AAug 11ASXCannon Resources (CNR)Nickel explorer$6mAug 12USFinwise Bancorp (FINW)Digital bank and lenderUS$58mAug 12USSouthern States Bank (SSBK)Regional bank across Alabama and GeorgiaUS$40mAug 12
*All dates are subject to change and should be treated as an indicative guide only
Future Listings
One of the biggest ipos in ASX history could be a reality if diversified global lottery business SG Lottery finds adequate support from local investors. The company, with 150 wholesale customers across 60 countries, but with a heavy tilt towards North America, is pitching a $5 billion offer to local fund managers. Generating US$918 million in revenue across 2020, around 69% of the firm sales are from instant scratchies. Another radiotherapeutics company is looking to list on the ASX, with Radiopharm Theranostics putting the finishing touches on a $15 million pre-ipo before eyeing a November listing. Radiopharmaceuticals may be used for diagnostic purposes, to detect the prevalence of a disease, and for therapy, with particle emitters used to treat cancer and other illnesses. The company is currently running five phase one clinical trials and three phase two trials, each focused on cancer.At a similar stage, ipo hopeful BizPay is also in the early stages of shoring up support for an ipo. The buy-now pay-later company has a unique angle in facilitating business-to-business transactions, and is hoping recent M&A activity within the sector will prove a boon for its run at the ASX.IRIS Metals (ASX: IR1) is the latest junior gold explorer on track for an ASX debut, opening its $7 million ipo last week. The company is principally focused on the Kookynie mining camp, which was historically a gold-producing region. In recent weeks, there have been high-grade hits among other companies in the region, including Metalicity Ltd (ASX: MCT) and Carnavale Resources (ASX: CAV).Other prospective listings down the track include online music platform Songtradr, which connects independent artists with entertainment mediums and media streaming giants, and veterinary pharmaceutical business AVet Health, which focuses on branded generic-alternative pharmaceutical products for pets.There was just one ipo filing in the US last week amid the summer slowdown. Inflammation-focused device maker Tivic Health Systems (TIVC), which is trying to commercialise a bioelectronic device for sinus and nasal inflammation, filed to raise US$16 million.
Be sure to keep an eye out for our end-of-week bulletin covering all the major results among new ASX and US ipos.
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