SHAREMARKET FLOATS – AUSTRALIA – REGULATION

Call to simplify IPO process to revive market

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Original article by Joyce Moullakis
The Australian – Page: 18 : 6-Aug-24

Neil Pathak from law firm Ashurst has called for an overhaul of ASX Limited’s procedures for undertaking an IPO. He contends that the process for listing on the Australian sharemarket is too lengthy, noting that an IPO can take four months while a capital raising can be initiated and completed within two weeks. Data from the London Stock Exchange Group shows that a total of $US372.9m has been raised via IPOs in Australia so far in 2024; this is slightly higher than the same period in 2023, but well below the 2021 figure of $US3.9bn.

CORPORATES
ASHURST AUSTRALIA, ASX LIMITED – ASX ASX, LONDON STOCK EXCHANGE GROUP

Prospa float postponed by ASIC probe

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Original article by James Eyers
The Australian Financial Review – Page: 13 & 16 : 7-Jun-18

Fintech company Prospa Group was slated to make its sharemarket debut on 6 June, but the listing has been delayed for 48 hours. Prospa has advised that the Australian Securities & Investments Commission has raised concerns about some aspects of its business loans contracts. The average annual interest rate of Prospa’s loans is 41 per cent, which has been criticised by Council of Small Business of Australia CEO Peter Strong. Prospa anticipates a default ratio of about one in every 20 customers.

CORPORATES
PROSPA GROUP LIMITED – ASX PGL, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, COUNCIL OF SMALL BUSINESS ORGANISATIONS OF AUSTRALIA LIMITED, MACQUARIE CAPITAL PTY LTD, UBS HOLDINGS PTY LTD, FIELD RESEARCH PTY LTD, FINTECH AUSTRALIA PTY LTD, AUSTRALIAN FINANCE INDUSTRY ASSOCIATION LIMITED, AUSTRALIA. OFFICE OF THE AUSTRALIAN SMALL BUSINESS AND FAMILY ENTERPRISE OMBUDSMAN, SUNCORP GROUP LIMITED – ASX SUN, AUSTRALIAN BANKERS’ ASSOCIATION

ASX listing rule changes pushed back after flood of feedback

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Original article by Yolanda Redrup
The Australian Financial Review – Page: 20 : 27-Jul-16

Stock exchange operator ASX Limited has advised that new listing rules that were to have been introduced on 1 September 2016 will now take effect on 19 December. The ASX has opted to delay the starting date for the new rules in response to the significant feedback it has received during the consultation phase. The revised listing rules will make it harder for business start-ups to undertake IPOs.

CORPORATES
ASX LIMITED – ASX ASX, WISETECH GLOBAL LIMITED – ASX WTC, CONNEXION MEDIA LIMITED – ASX CXZ, GENERAL MOTORS CORPORATION

Thwarted Guvera eyes an alternative listing

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Original article by David Swan
The Australian – Page: 21 : 22-Jun-16

Streaming music provider Guvera may seek to list on the National Stock Exchange after its IPO was vetoed by ASX Limited. Listing on the NSX is believed to be one of the options under consideration by Guvera, which posted a loss of about $A80m for the first nine months of 2015-16. The company’s business model has been criticised by its former COO, Michael Wallis-Brown. Atlassian co-founder Mike Cannon-Brookes has also supported the ASX’s decision to block the IPO.

CORPORATES
GUVERA LIMITED, ASX LIMITED – ASX ASX, NATIONAL STOCK EXCHANGE OF AUSTRALIA LIMITED, ATLASSIAN CORPORATION PLC, AMMA PRIVATE EQUITY PTY LTD

Guvera critics back ASX ban

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Original article by Yolanda Redrup, Sally Rose
The Australian Financial Review – Page: 15 : 21-Jun-16

Axstra Capital MD Reuben Buchanan and Atlassian co-founder Mike Cannon-Brookes have expressed support for the ASX’s decision to block Guvera’s IPO. The latter says investors would have lost their money if the streaming music provider’s IPO had been allowed to proceed. Guvera posted an $A81m loss in 2014-15, on revenue of just $A1.2m. However, TechnologyOne CEO Adrian Di Marco has criticised the ASX’s decision.

CORPORATES
GUVERA LIMITED, AXSTRA CAPITAL PTY LTD, ATLASSIAN CORPORATION PLC, TECHNOLOGY ONE LIMITED – ASX TNE, ASX LIMITED – ASX ASX, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, BITCOIN GROUP LIMITED, EM ADVISORY PTY LTD, REDBUBBLE LIMITED – ASX RBL, AMMA PRIVATE EQUITY PTY LTD

ASIC and ASX could block Guvera float

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Original article by Sally Rose
The Australian Financial Review – Page: 18 : 9-Jun-16

The proposed IPO of streaming music provider Guvera is under scrutiny. Guvera aims to raise between $A40m and $A100m via the float, which would value the company at $A1.3bn. However, the Australian Shareholders’ Association has expressed concern that companies are permitted to list on the Australian sharemarket despite being unprofitable. Guvera booked revenue of $A1.2m in 2015 and a loss of $A81.1m.

CORPORATES
GUVERA LIMITED, AUSTRALIAN SHAREHOLDERS’ ASSOCIATION, ASX LIMITED – ASX ASX, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AMMA PRIVATE EQUITY, DH FLINDERS PTY LTD

Retail investors face lockout from IPOs if proposals adopted

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Original article by Sally Patten
The Australian Financial Review – Page: 21 : 3-Jun-16

The ASX argues that proposed changes to listing rules are intended to enhance the Australian bourse’s reputation as a market of "quality and integrity". However, the Australian Shareholders’ Association is concerned that the changes outlined in a recent consultation paper will make it harder for retail investors to participate in IPOs. The ASX proposes to introduce a minimum free-float of 20 per cent and scale back the minimum number of shareholders a company must have at the time of its IPO.

CORPORATES
ASX LIMITED – ASX ASX, AUSTRALIAN SHAREHOLDERS’ ASSOCIATION, STANDARD AND POOR’S ASX 200 INDEX