Original article by
The Australian – Page: 21 : 6-Jan-17
Winha Commerce & Trade International had a spectacular debut on the Australian stock exchange on 5 January 2017, closing at $A0.49 or 40 per cent above the issue price of $A0.35 a share. The Chinese-based food retailer raised $A8.5 million through the float. The funds will be used to buy 49 per cent of Melbourne-based wholesaler Flavours.
CORPORATES
WINHA COMMERCE AND TRADE INTERNATIONAL LIMITED – ASX WQW, FLAVOURS PTY LTD
Original article by Sally Patten, Joyce Moullakis, Jessica Sier
The Australian Financial Review – Page: 13 & 17 : 19-Dec-16
Fund managers are bearish about the outlook for Australia’s IPO market in 2017. Data from Dealogic shows that a total of $US4.3bn was raised via IPOs in 2016, compared with $US5.6bn in 2015. Wilson Asset Management’s Chris Stott notes that many IPOs in the second half of 2016 have underperformed, which he says reflects a decline in the quality of companies that are listing. Kogan.com and Inghams are among the IPOs that have underperformed. In contrast, Afterpay has gained around 180 per cent since its sharemarket debut in May.
CORPORATES
DEALOGIC (AUSTRALIA) PTY LTD, WILSON ASSET MANAGEMENT, KOGAN.COM LIMITED – ASX KGN, INGHAMS GROUP LIMITED – ASX ING, PROPERTYLINK GROUP LIMITED – ASX PLG, REDBUBBLE LIMITED – ASX RBL, SILVER HERITAGE GROUP LIMITED – ASX SVH, AFTERPAY HOLDINGS LIMITED – ASX AFY, WELLARD LIMITED – ASX WLD, BAKER AND McKENZIE, TPG CAPITAL LP, CYAN INVESTMENT MANAGEMENT PTY LTD, FORAGER FUNDS MANAGEMENT PTY LTD
Original article by Angela Macdonald-Smith
The Australian Financial Review – Page: 15 : 8-Dec-16
Ben Wilson of RBC Capital Markets has questioned Origin Energy’s lack of information regarding the proposal to spin off its conventional oil and gas assets. However, he notes that the partial demerger will reduce Origin’s debt and the company’s complexity, and adds that Origin could eventually also offload its stake in the Australia Pacific LNG project. Mark Samter of Credit Suisse says the demerger has merits, but he believes that Origin should have pursued a trade sale rather than an IPO.
CORPORATES
ORIGIN ENERGY LIMITED – ASX ORG, RBC CAPITAL MARKETS, CREDIT SUISSE (AUSTRALIA) LIMITED, AUSTRALIA PACIFIC LNG LIMITED, JP MORGAN AUSTRALIA LIMITED, BEACH ENERGY LIMITED – ASX BPT, CITIGROUP PTY LTD
Original article by Angela Macdonald-Smith
The Australian Financial Review – Page: 15 & 20 : 7-Dec-16
Australian-listed Origin Energy has revealed plans for a partial demerger in 2017, with its conventional oil and gas assets to be held by a separately listed company. However, Origin will retain its stake in the Australia Pacific LNG project in Queensland, while it will not hold a stake in the new company. Origin CEO Frank Calabria says an IPO was deemed to offer the best value, although he adds that the group would be open to an offer that represented better value than a float. JP Morgan estimates that the assets that will be spun off are worth around $A1.8bn.
CORPORATES
ORIGIN ENERGY LIMITED – ASX ORG, AUSTRALIA PACIFIC LNG LIMITED, JP MORGAN AUSTRALIA LIMITED, SANDON CAPITAL INVESTMENTS LIMITED – ASX SNC, TATTS GROUP LIMITED – ASX TTS, ILUKA RESOURCES LIMITED – ASX ILU, MACQUARIE CAPITAL PTY LTD, UBS HOLDINGS PTY LTD, ALLAN GRAY AUSTRALIA PTY LTD, AGL ENERGY LIMITED – ASX AGL, BEACH ENERGY LIMITED – ASX BPT, STANDARD AND POOR’S FINANCIAL SERVICES LLC, MOODY’S INVESTORS SERVICE INCORPORATED
Original article by Vesna Poljak
The Australian Financial Review – Page: 13 & 18 : 7-Nov-16
Inghams Group’s listing on the Australian sharemarket on 7 November is likely to be closely scrutinised by investors after the IPO had to be repriced. The stock has been issued at $A3.15 per share, compared with initial hopes of between $A3.57 to $A4.14. Bravura Solutions and the Charter Hall Long WALE REIT have also been forced to scale back the issue price of their stock. Some fund managers note that investor sentiment has changed in recent weeks, particularly with regard to IPOs.
CORPORATES
INGHAMS GROUP LIMITED – ASX ING, BRAVURA SOLUTIONS LIMITED – ASX BVS, CHARTER HALL LONG WALE REIT – ASX CLW, APOLLO TOURISM AND LEISURE LIMITED – ASX ATL, PENGANA EMERGING COMPANIES FUND, TPG CAPITAL LP, THE CARLYLE GROUP, PACIFIC EQUITY PARTNERS PTY LTD, HEALTHSCOPE LIMITED – ASX HSO, DICK SMITH HOLDINGS LIMITED, ANCHORAGE CAPITAL PARTNERS PTY LTD, INVESTORS MUTUAL LIMITED, AUTOSPORTS GROUP LIMITED – ASX ASG
Original article by Chris Kohler
The Australian – Page: 20 : 10-Oct-16
Australia’s benchmark S&P/ASX 200 gained 3.9 per cent during the September 2016 quarter. However, data from OnMarket shows that the 24 IPOs during the quarter achieved an average return of 28.2 per cent over the period, and an average of 28.6 per cent in their first week as a listed company. Technology stocks in particular have performed well, although exceptions include Kogan.com, which is trading below its issue price.
CORPORATES
STANDARD AND POOR’S ASX 200 INDEX, ONMARKET, KOGAN.COM LIMITED – ASX KGN, VIVA ENERGY REIT – ASX VVR, MICHAEL HILL INTERNATIONAL LIMITED – ASX MHJ, PROPERTYLINK GROUP LIMITED – ASX PLG, SCOTTISH PACIFIC GROUP LIMITED – ASX SCO, QANTM INTELLECTUAL PROPERTY LIMITED – ASX QIP
Original article by Michael Bennet
The Australian – Page: 19 & 23 : 14-Sep-16
Commonwealth Bank of Australia CEO Ian Narev has used the 25th anniversary of the banking major’s sharemarket float to call for reforms that will promote long-term economic growth. He says the government of the day made the right decision in selling a publicly-owned bank. CBA shares have fallen by more than 10 per cent in recent weeks, with the stock closing at $A69.50 on 13 September 2016. However, investors paid just $A5.40 per share in the 1991 float.
CORPORATES
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, BELL POTTER SECURITIES LIMITED
Original article by Paul Garvey
The Australian – Page: 19 & 24 : 7-Sep-16
Resource Capital Funds, Taurus Funds Management and Tembo Capital are among the groups that have provided funding for Toro Gold, which is slated to commence production at its Mako mine in Senegal in 2018. Toro’s Mark Connelly says a decision will be made shortly on a potential sharemarket float for the gold hopeful. He estimates that Toro would boast a market capitalisation of more than $A250m, based on the valuations of listed gold producers.
CORPORATES
TORO GOLD PTY LTD, RESOURCE CAPITAL FUNDS, TAURUS FUNDS MANAGEMENT PTY LTD, TEMBO CAPITAL LLP, PAPILLON RESOURCES LIMITED, ADAMUS RESOURCES LIMITED, DACIAN GOLD LIMITED – ASX DCN, ROXGOLD INCORPORATED, MINERAL DEPOSITS LIMITED – ASX MDL, B2GOLD CORPORATION, ENDEAVOUR MINING CORPORATION
Original article by Misa Han
The Australian Financial Review – Page: 8 : 7-Jul-16
Documents filed in court show that Australian streaming music provider Guvera originally intended to list on the London Stock Exchange rather than the local bourse. Guvera abandoned plans for a London listing following the collapse of its UK subsidiary Blinkbox, which boasted about 2.5 million subscribers when it was bought in early 2015. Guvera had acquired Blinkbox in order to facilitate its British IPO. Guvera’s Australian IPO was subsequently rejected, prompting two subsidiaries to be placed in administration.
CORPORATES
GUVERA LIMITED, BLINKBOX, LONDON STOCK EXCHANGE, ASX LIMITED – ASX ASX, TESCO PLC, FEDERAL COURT OF AUSTRALIA, DELOITTE TOUCHE TOHMATSU LIMITED
Original article by David Swan
The Australian – Page: 19 : 14-Jun-16
Guvera CEO Darren Herft says the streaming music provider intends to proceed with its proposed IPO. The Australian Securities & Investments Commission has subjected the group’s prospectus to increased scrutiny, but Herft says Guvera is co-operating with ASIC to address its concerns. However, Guvera’s former commercial officer Michael Wallis-Brown disputes the number of active users that is claimed in the prospectus, and says the IPO should not proceed.
CORPORATES
GUVERA LIMITED – ASX GUV, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION
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