IPO Wrap: Chariot had a sluggish start but can Waystar and Kali Metals light up on their listing days?

Waystar to wait until 2024 to make debut
Back home, lithium spinoff Kali Metals is prepping for a possible December debut
We take a look at best and worst ASX IPOs in 2023

In October, Kentucky-based healthcare payments startup, Waystar Technologies, announced a filing with Nasdaq, but according to a source familiar with the matter, the company has now decided to wait until 2024 to make its long awaited public debut.

Valued at around US$8bn, Waystar made the decision to postpone due to the volatility in the broader market, according to a report from Reuters.

Waystar provides software that helps hospitals and clinics manage their finances, and was valued at only US$2.7 billion in 2019 when investment firm EQT and Canadian pension fund giant CPPIB acquired a majority stake in the company from Bain Capital.

Since then, Waystar has gained scale by acquiring some of its competitors, including eSolutions in 2020.

Waystar’s IPO was supposed to be one of the last big planned listings of 2023, and its decision to postpone reflects the poor performances of recent IPOs including Instacart and Arm Ltd.

A lithium spinoff to make ASX debut?

Back home, lithium explorer Kali Metals is fronting fundies and tabling a potential $12m ASX listing in December.

Kali Metals was established from the spinout of a portfolio of lithium assets owned by ASX-listed Kalamazoo Resources (ASX:KZR), with assets in the Lachlan Fold Belt.

The Lachlan Fold Belt is best known for its copper, gold and silver production.

But it has also become a focus of lithium explorers, with juniors hoping to repeat the success of their west coast counterparts in WA.

Two of those projects have been sitting in the portfolio of Kalamazoo – the Jingellic and Tallangatta.

Both have now been turned into a new company called Kali Metals, along with KZR’s DOM’s Hill and Marble Bar projects in the Pilbara and the lithium rights at Karora Resources’ Higginsville tenement package in WA.

KZR will own 55% of the entity, which will see Graeme Sloan as MD and Luke Reinehr as chairman.

Here’s how the 2023 ASX IPOs are performing

Swipe or scroll to reveal the full table. Click headings to sort.

Code Name IPO Price Current Price Return Market cap Listing date GDM Great Divide Mining 0.2 0.305 53% $7,630,000 25/8/2023 PLN Pioneer Lithium 0.2 0.3 50% $9,900,000 28/9/2023 ACM Aus Critical Mineral 0.2 0.28 40% $11,297,875 3/7/2023 JBY James Bay Minerals 0.2 0.27 35% $13,140,225 12/9/2023 LM1 Leeuwin Metals Ltd 0.25 0.305 22% $12,091,950 29/3/2023 NVO Novo Resources Corp 0.2 0.195 -3% $8,062,500 11/9/2023 NDO Nido Education 1 0.96 -4% $215,000,000 16/10/2023 CGR CGN Resources 0.2 0.19 -5% $17,200,000 18/10/2023 NGX NGX 0.2 0.185 -8% $18,122,368 16/6/2023 RDX Redox Limited 2.55 2.31 -9% $1,239,192,170 3/7/2023 CHW Chilwaminerals 0.2 0.18 -10% $7,798,750 5/7/2023 AUG Augustus Minerals 0.2 0.17 -15% $19,588,800 25/5/2023 HTM High-Tech Metals 0.2 0.17 -15% $4,685,683 23/1/2023 EG1 Evergreen Lithium 0.25 0.21 -16% $15,463,250 11/4/2023 COV Cleo Diagnostics 0.2 0.165 -18% $14,191,125 22/8/2023 DYM Dynamic Metals 0.2 0.16 -20% $8,050,000 16/1/2023 ASK Abacus Storage King 1.41 1.025 -27% $1,484,936,347 1/8/2023 ILT Iltani Resources 0.2 0.14 -30% $7,939,644 30/6/2023 PL3 Patagonia Lithium 0.2 0.14 -30% $5,880,420 31/3/2023 CVB Curvebeam Ai Limited 0.48 0.315 -34% $80,460,158 23/8/2023 SQX SQX Resources Ltd 0.2 0.13 -35% $3,250,000 20/2/2023 DY6 Dy6 Metals 0.2 0.1 -50% $6,169,999 29/6/2023 GHY Gold Hydrogen 0.5 0.235 -53% $12,523,065 13/1/2023 ADC Acdc Metals Ltd 0.2 0.075 -63% $3,389,220 17/1/2023 VHM VHM 1.35 0.48 -64% $78,389,800 9/1/2023 ACE Acusensus Limited 4 0.72 -82% $109,750,478 12/1/2023

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*Note: there was a 5:1 stock split for ACE

At this moment, only 5 IPO stocks in the school of 2023 are trading above their listing price.

There was one IPO listing in the last couple of weeks – lithium explorer Chariot Corporation (ASX:CC9).

Chariot had a disappointing first day on the ASX, with its shares finishing the day at 26c from the listing price of 45c.

Chariot owns a suite of early-stage lithium projects across the US, with its core focus on the flagship Black Mountain project in Wyoming.

In August, the company received formal approval from the US government to execute phase 1 of the Black Mountain drilling program.

In total, the company owns 12 lithium projects. Apart from the flagship Black Mountain Project, there’s also the Resurgent Project which is prospective for claystone lithium in Nevada and Oregon.

Chariot says assay results and initial geological work suggest that these two projects compare favourably with respect to grade and scale with similar early-stage hard rock lithium and claystone lithium projects in the US.

The company has also said that lithium exploration in the US is gathering momentum as companies seek to establish platforms for future lithium demand.

Upcoming ASX IPO listings

All dates are sourced from the ASX website. They could change without notice.

Freedom Care Group (ASX:FCG)

Expected listing: November 9th
IPO: $3.2m at $0.20

Freedom Care is a National Disability Insurance Scheme (NDIS) services provider head-quartered in Western Sydney that provides a full suite of allied health and care services to individuals accepted into the NDIS, predominantly in the greater Sydney area.

The Freedom Care business is now looking to expand both organically and by acquiring other NDIS providers.

The company says an ASX listing will allow it to pursue additional growth opportunities, including geographic expansion to areas outside of New South Wales and by expanding its current offerings.

Golden Globe Resources (ASX:GGR)

Expected listing: November 23
IPO:$6m at $0.20

GGR is a gold explorer with projects in Queensland, WA and NSW.

In the last four years, the company says it has acquired four projects with high prospectivity including Dooloo Creek and Alma in Queensland, Crossways in Western Australia, and Neila Creek in NSW.

GGR says each of these projects offers substantial opportunities for gold resources, including high-grade copper. The explorer has conducted extensive drilling and sampling at Dooloo Creek, yielding impressive results over the past two years.

There are plans for further drilling across all GGR projects, with an immediate focus on Neila Creek and ongoing efforts at Dooloo Creek.

Far Northern Resources (ASX:FNR)

Expected listing: November 24
IPO: $10m at $0.20

North Queensland gold and copper play FNR is planning to drill down into the Empire Gold Project 34km west of Chillagoe inland from Cairns.

Explored privately by FNR since 2018, the project already has a resource of 820,000t at 0.85g/t for 22,500oz, 16,890oz of those in the indicated category.

Drilling is planned to upgrade indicated and inferred resources to measured and indicated levels and extend Empire both along strike and at depth 50-100m below surface. But the big prize could be if FNR can identify a large copper-gold porphyry.

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