IPO Wrap: Biggest IPO in years comes to Nasdaq, and LTR Pharma to wow ASX with erectile dysfunction drug

Chinese fashion company Shein to make US debut in the biggest IPO in years
Erectile dysfunction biotech LTR Pharma is expected to list next week
We look at other upcoming IPO listings on the ASX

Shares of newly listed German sandal maker Birkenstock (NYSE:BIRK) have risen by almost 20% since its debut in October.

The stock has benefited from strong spending by US shoppers during the Thanksgiving holiday, as well as Black Friday and Cyber Monday.

But despite its grand entrance as a public company, Birkenstock shares are actually heavily shorted in the market. According to data from analytics firm Ortex, 5.71 million shares of Birkenstock (worth roughly US$260 million) are shorted.

The company is backed by French billionaire Bernard Arnault and his luxury goods empire Louis Vuitton Moet Hennessy (LVMH).

Meanwhile, another fashion juggernaut, Shein, is expected to go public in the US at some point in 2024.

Founded in China in 2012 by little known entrepreneur Chris Xu, Shein is an e-commerce fashion house headquartered in Singapore with revenue of US$23 billion in 2022.

The company is known for its $10 tops and $5 biker shorts, has a massive online advertising presence, and ships the majority of its products directly from China to more than a hundred countries.

JPMorgan Chase, Morgan Stanley and Goldman Sachs have reportedly been hired as underwriters for the IPO, and Bloomberg reports that a valuation of US$80-90bn could be on the cards.

This would make Shein the largest initial public offering in years.

On to the ASX…

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 JBY James Bay Minerals 0.2 0.36 80% $11,680,200 12/9/2023 CC9 Chariot Corp 0.45 0.72 60% $52,798,729 30/10/2023 GHY Gold Hydrogen 0.5 0.79 58% $44,969,188 13/1/2023 GDM Great Divide Mining 0.2 0.31 55% $8,447,500 18/10/2023 GR8 Great Dirt Resources 0.2 0.26 30% $7,316,077 10/11/2023 PLN Pioneer Lithium 0.2 0.235 18% $6,679,875 28/9/2023 HTM High-Tech Metals 0.2 0.21 5% $5,197,812 23/1/2023 TOK Tolu Minerals 0.5 0.5 0% $29,380,422 10/11/2023 FCG Freedom Care Group 0.2 0.2 0% $4,776,782 30/11/2023 NDO Nido Education 1 0.97 -3% $214,450,117 16/10/2023 CHW Chilwaminerals 0.2 0.19 -5% $8,716,250 5/7/2023 COV Cleo Diagnostics 0.2 0.185 -8% $13,708,500 22/8/2023 RDX Redox 2.55 2.34 -8% $1,228,690,542 3/7/2023 NVO Novo Resources Corp 0.2 0.1675 -16% $7,339,890 11/9/2023 EG1 Evergreen Lithium 0.25 0.2 -20% $11,246,000 11/4/2023 LM1 Leeuwin Metals 0.25 0.2 -20% $9,203,126 29/3/2023 NGX NGX 0.2 0.16 -20% $14,497,894 16/6/2023 ASK Abacus Storage King 1.41 1.12 -21% $1,471,795,317 1/8/2023 ACM Aus Critical Mineral 0.2 0.15 -25% $4,811,438 3/7/2023 DYM Dynamic Metals 0.2 0.145 -28% $5,075,000 16/1/2023 ILT Iltani Resources 0.2 0.145 -28% $4,931,523 30/6/2023 PL3 Patagonia Lithium 0.2 0.135 -33% $6,615,473 31/3/2023 CVB Curvebeam Ai 0.48 0.31 -35% $56,687,838 23/8/2023 DY6 Dy6 Metals 0.2 0.125 -38% $4,820,312 29/6/2023 SQX SQX Resources 0.2 0.125 -38% $3,125,000 20/2/2023 CGR CGN Resources 0.25 0.14 -44% $12,708,947 18/10/2023 AUG Augustus Minerals 0.2 0.11 -45% $9,242,200 25/5/2023 VHM VHM 1.35 0.66 -51% $101,584,643 9/1/2023 ADC ACDC Metals 0.2 0.073 -64% $3,439,943 17/1/2023 ACE Acusensus 4 0.845 -79% $106,807,979 12/1/2023

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

There was only one listing over the past couple of weeks, Freedom Care Group (ASX:FCG). The shares have traded sideways since listing on 30th November.

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 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.

Meanwhile, the best ASX IPO this year has been that of James Bay Minerals (ASX:JBY).

The Canadian-based miner acquired a 100% interest in one of the largest lithium exploration portfolios in the James Bay region, covering an area of 34,572ha or 346km2.

James Bay has reported some positive news recently.

In early November, the company said it has strategically increased its La Grande Project area by 70% to 30,168ha (302km2) in James Bay, Canada.

The La Grande Project landholding has been strategically increased by 12,116ha (121km2), while the Aqua Property, which directly adjoins and sits along trend from FIN Resources’ (ASX:FIN) recent outcropping spodumene discovery, has been increased by 5,578ha (56km2).

The company’s La Grande Project is a highly prospective lithium property located along trend from Winsome Resources’ (ASX: WR1) Cancet Lithium Project, and Patriot Battery Metals’ (ASX:PMT) world-class CV5 deposit.

This week, the company reported that a significant number of new LCT pegmatite targets have been generated from airborne LiDAR at the Aqua Property.

Upcoming ASX IPO listings

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

LTR Pharma (ASX:LTP)

Expected listing: December 11th
IPO: $7m at $0.20

LTR Pharma is a clinical stage, biotech company pioneering a novel intranasal technology – SPONTAN – designed to treat erectile dysfunction in 10 minutes or less.

SPONTAN is said to provide on-demand delivery and faster effect. A lower dose provides less systematic exposure and reduced side effect.

According to LTP, benefits of SPONTAN include enhanced trans mucosal absorption, increased bioavailability and lower drug dose.

Erectile Dysfunction (ED) is a condition in which you are unable to get or keep an erection firm enough for satisfactory sexual intercourse. ED can be a short-term or long-term problem.

LTP is targeting a US FDA New Drug Application (NDA) filing for SPONTAN, which is expected to be completed by the end of the first quarter of 2025 under the 505(b)(2) approval pathway regulatory strategy.

Enlitic (ASX:ENL)

Expected listing: December 18th
IPO: $35m at $0.83

Enlitic is a healthcare IT company that harnesses AI to manage medical imaging data in radiology, such as MRI, CT, X-ray and ultrasound images.

The Enlitic platform standardises, protects, and analyses data to create a database that improves clinical workflows, increases efficiencies, and expands capacity.

The company says it owns the industry’s first localised real-world medical imaging database that unlocks the value of historical diagnostic images, aligned with real-time diagnostics, and linkage to real-world data across any critical care solutions.

Health care providers using the Enlitic platform would have their productivity increased, and have their costs decreased, says the company.

Fuse Minerals (ASX:FSE)

Expected listing: December 18th
IPO: $10m at $0.20

Fuse has three ongoing minerals exploration projects – Mt Sydney and Mt Sandman in WA, and Eastern Isaac in Queensland.

The flagship Mt Sydney Project covers a strategic landholding (100%-ownership) of 1119km2, and is located on the under-explored Pilbara Craton-Paterson Province margin in WA.

Fuse’s work on the Mt Sydney Project to date shows VHMS gossans high-grade polymetallic vein outcrops mineralised breccia, and magmatic copper-nickel drill targets across this very large area of tenure.

The project has limited past exploration, with only 1106m of drilling over 484km2.

The Mt Sandman Project is situated on the complex boundary of two major tectonic units of WA – the Proterozoic Gascoyne Province and the Palaeozoic Carnarvon Basin.

Rock chipping has confirmed base metal association with barite and carbonate rocks up to 6g/t Ag >1% Pb & 0.3% Zn.

The Eastern Isaac Project in Qld meanwhile is a 25% ownership project, with option to earn up to 80%.

The Project comprises three copper/gold project areas totalling 637km2: Gotthardt of 93km2, Valkyrie of 254km2, and Hamilton Park of 290km2.

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