ipo Watch: Weber looks to heat up the market
Rene Anthony
Following last week high-profile listing of Robinhood (HOOD), which finished 7.5% below its ipo price, the coming days will see a slow trickle of floats hit the market.The delayed listings of iron ore explorer Pantera Minerals (ASX: PFE) and Gold 50 (ASX: G50) will hit the local market, while in the US household BBQ grill maker Weber (NYSE: WEBR) headlines the action as it lists on the New York Stock Exchange. That follows the hot listing of its peer Traeger, formally known as TGPX Holdings (NYSE: COOK), which advanced 23% over its ipo price.
Upcoming ipos
MarketCompanyFocusipo sizeExpected debutASXPantera Minerals (PFE)Iron ore explorer$7mAugust 5ASXGold 50 (G50)Gold minerals explorer$10mAugust 6USThe Better Being Co. (BBCO)Vitamins and supplements supplierUS$200mAugust 4USCadre Holdings (CDRE)First responders equipment providerUS$125mAugust 5USEuropean Wax Center (EWCZ)Hair-removal salon franchiseUS$175mAugust 5USWCG Clinical (WCGC)Clinical trial services companyUS$720mAugust 5USWeber (WEBR)Grill and BBQ brandUS$750mAugust 5USOrange County Bancorp (OBT)Regional bank across New YorkUS$30mTBCUSHealthcare Royalty (HCRX)Biopharmaceutical royalties acquirerUS$750mTBCUSContext Therapeutics (CNTX)Phase 2 therapeutics for cancersUS$20mTBCUSROX Financial (ROXA)Property REIT featuring an Amazon warehouseUS$83mTBC
*All dates are subject to change and should be treated as an indicative guide only
Future Listings
Investors eyeing greater exposure to the property sector may soon have a new REIT candidate to choose from, with the prospect of the year second-biggest ipo on the horizon. HealthCo, with $2.3 billion in assets under management including a sizeable healthcare centre portfolio, is eyeing $650 million in fresh funds to make acquisitions, and has pitched to investors a 4.5% yield based on FY22 distribution forecasts.Financial comparison website Compare Club is on the road gauging appetite for a potential float in the final quarter of the year. The business, a competitor to the likes of Finder and iSelect, provides comparisons across financial products such as insurance, loans and utilities. Sources suggest the company may look to raise $60 million, while the most-recent financial year saw the company generate an estimated $76 million in revenue and $16 million in EBITDA.Meanwhile, cryopreservation company Vitrafy Life Sciences has its hopes set on an ASX listing in the December quarter. The business, which has created technology for the cryopreservation of biomaterial such as blood, recently raised $7.9 million in pre-ipo funds.Back in the resources space, copper and base metals explorer Revolver Resources is planning a September float. With the Queensland-based miner eyeing $10-15 million as part of an ipo, that would put it on course for a valuation of slightly more than $40 million, should the listing prove successful. The company is hoping that high copper grades from historical drilling at its Dianne Mine about 40 years ago can be picked up at deeper levels, which have seen little to no testing.
In an unusually quiet week for new ipo filings in the US, just the one company submitted documents for an upcoming listing. That comes in light of a temporary halt on Chinese ipos looking to list in the US, with the US SEC implementing a pause for the purposes of tightening up risk disclosure requirements for prospective ipo companies out of China.
Nonetheless, the only filing last week came from alternative energy-powered bitcoin mining firm Stronghold Digital Mining. The company has proposed a US$100 million ipo for the Nasdaq Global Market. Stronghold converts waste coal into power so it can mine bitcoin, and currently operates 1,800 crypto asset mining computers.
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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