IPO Wrap: Hot IPOs in 2024 from around the world; and a look at the final 2023 scorecard for ASX

A quick look at the biggest IPOs around the globe in 2024
Lithium stock Kali Metals soared on ASX debut this week
Upcoming listings on the ASX

After a tough 2023, IPOs worldwide could get a boost in 2024 with some hot listings expected to come on line over the next months.

In Asia, Alibaba’s spinoff of its logistics arm, Cainiao, will be the most high-profile IPO on regional investors’ radar this year with a valuation of around US$1 billion. Cainiao is set to list on the Hong Kong stock market.

Tokyo Metro, the company that runs subways in Japan’s capital, could go public after getting an approval from Japan’s Transport Ministry, at a valuation of around US$5 billion.

Then there’s India’s biggest electric-scooter company, Ola, which has fronted fund managers to raise around US$660 million. The startup, backed by Softbank, launched its first e-scooters just two years ago.

Over in Europe, IPOs are also set for a strong comeback in 2024 on the back of potential interest rate cuts and calmer markets.

The pipeline there looks promising too, and will include the likes of German perfume retailer Douglas, and Spanish fashion retailer, Tendam.

French drugmaker Sanofi is also reportedly starting preparations for an IPO spinoff of its consumer-health division, which could be valued at more than US$20 billion.

What about US IPOs?

In the US, Renaissance Capital estimates the market will see 120 to 170 IPOs in 2024, compared to 154 in 2023.

Reddit, Shein and Stripe are some of the biggest names expected to hit the New York bourse at various points this year.

Reddit’s IPO is a particularly highly anticipated one.

Founded in 2005 by Steve Huffman and Alexis Ohanian, two roommates studying at the University of Virginia, Reddit filed a confidential submission with the SEC in late 2021, but hasn’t actually gone ahead with the listing yet.

Reddit has never recorded a profit, and analysts are unclear as to when it will become profitable, but the company is still targeting a market valuation of around US$15 billion.

Here’s the final scorecard for 2023 ASX IPOs

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

Code Name IPO Price Current Price Return Market cap Listing date LTP LTR Pharma 0.2 0.33 65% $22,529,756 11/12/2023 LU7 Lithium Universe Ltd 0.02 0.032 60% $12,432,701 14/8/2023 GDM Great Divide Mining 0.2 0.315 58% $8,583,750 18/10/2023 GHY Gold Hydrogen 0.5 0.76 52% $58,647,213 13/1/2023 JBY James Bay Minerals 0.2 0.275 38% $9,084,600 12/9/2023 CC9 Chariot Corp 0.45 0.53 18% $35,565,810 30/10/2023 GR8 Great Dirt Resources 0.2 0.235 18% $6,612,608 10/11/2023 BRE Brazilian Rare Earth 1.47 1.68 14% $104,255,889 21/12/2023 TOK Tolu Minerals 0.5 0.55 10% $32,318,464 10/11/2023 ENL Enlitic CDI 0.83 0.86 4% $61,400,000 19/12/2023 NDO Nido Education 1 0.995 -1% $220,796,985 16/10/2023 HTM High-Tech Metals 0.2 0.19 -5% $4,702,783 23/1/2023 PLN Pioneer Lithium 0.2 0.19 -5% $5,400,750 28/9/2023 RDX Redox 2.55 2.31 -9% $1,186,684,027 3/7/2023 COV Cleo Diagnostics 0.2 0.18 -10% $13,338,000 22/8/2023 FCG Freedom Care Group 0.2 0.18 -10% $4,179,684 30/11/2023 NVO Novo Resources Corp 0.2 0.18 -10% $8,088,863 11/9/2023 ILT Iltani Resources 0.2 0.175 -13% $5,951,838 30/6/2023 CGR CGN Resources 0.25 0.205 -18% $18,155,638 18/10/2023 CHW Chilwaminerals 0.2 0.16 -20% $7,340,000 5/7/2023 DYM Dynamic Metals 0.2 0.155 -23% $5,425,000 16/1/2023 ASK Abacus Storage King 1.41 1.0875 -23% $1,406,090,169 1/8/2023 CVB Curvebeam Ai 0.48 0.37 -23% $78,057,100 23/8/2023 NGX NGX 0.2 0.14 -30% $12,685,658 16/6/2023 EG1 Evergreen Lithium 0.25 0.17 -32% $9,559,100 11/4/2023 PL3 Patagonia Lithium 0.2 0.135 -33% $6,632,348 31/3/2023 SQX SQX Resources 0.2 0.13 -35% $3,250,000 20/2/2023 ACM Aus Critical Mineral 0.2 0.12 -40% $3,849,150 3/7/2023 BM8 Battery Age Minerals 0.4 0.22 -45% $18,273,062 6/2/2023 AUG Augustus Minerals 0.2 0.105 -48% $8,832,600 25/5/2023 VHM VHM 1.35 0.705 -48% $109,280,449 9/1/2023 LM1 Leeuwin Metals 0.25 0.13 -48% $6,442,188 29/3/2023 DY6 Dy6 Metals 0.2 0.098 -51% $3,870,591 29/6/2023 TNC True North Copper 0.25 0.1 -60% $33,067,478 19/6/2023 ADC Acdc Metals 0.2 0.07 -65% $3,298,575 17/1/2023 ACE Acusensus 4 0.9 -78% $109,967,978 12/1/2023

WordPress Table Plugin

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

Best performing ASX IPO stock in 2023 was LTR Pharma (ASX:LTP).

The 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.

Iggy Tan’s Lithium Universe (ASX:LU7) was also a top performer following the completion of its 2023 summer/fall exploration work program at the Apollo lithium project in Canada.

The project boasts geological and geophysical characteristics similar to well-known spodumene pegmatites in the area such as Patriot Battery Metals’ (ASX:PMT) 109.2Mt Corvette property – just 29km away – and Winsome Resources’ (ASX:WR1) Adina property, another 28km away.

Great Divide Mining (ASX:GDM) meanwhile was the third best IPO stock in 2023.

Since listing, this Queensland gold, antimony and critical metals explorer reported a maiden inferred mineral resource estimate (MRE) at the Yellow Jack project of 1.84Mt at 0.86g/t gold (Au) for 51,100oz contained gold.

The project’s shallow, open resource is in close proximity to existing heap leach and Carbon-in-Pulp process plants, enabling project development with limited capital expenditure.

Worst performer in the 2023 class was minerals explorer ACDC Metals (ASX:ADC), which has fallen -65% since debut.

The explorer recently released its Douglas Heavy Mineral Sand drill results, which showed an intersection of shallow high grade heavy mineral sand, indicating potential as they are similar in style to the nearby HMS deposits that host Iluka’s (ASX:ILU) Douglas Mine.

Here’s how the 2024 ASX IPOs performed

Code Name IPO Price Current Price Return Market cap Listing date KM1 Kali Metals 0.25 0.495 98% $98,591,981 8/1/2024

WordPress Table Plugin

The only IPO so far in 2024 lithium explorer Kali Metals (ASX: KM1), which scooped the headlines this week after bursting onto the ASX on Monday and closing the day 88% higher.

Kali is backed by none other than MinRes boss Chris Ellison, among other deep-pocketed notables.

The company is a Kalamazoo Resources (ASX:KZR) spinout, with assets in WA (Pilbara and Goldfields tenements), and in the Lachlan Fold Belt of southern NSW and northeastern Victoria. Kali also controls the rights to lithium found on Goldfields tenements owned by Karora.

Upcoming ASX IPO listings

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

Infini Resources (ASX:I88)

Expected listing: January 15
IPO: $5.5m at $0.20 a share

I88 is looking to capitalise on lifting uranium prices with its planned ASX listing mid-month.

Focused on lithium and uranium exploration, I88 has eight projects including a mix of brownfield and greenfield assets in Canada and Western Australia.

Its WA lithium projects include Pegasus, Parna and Yeelirrie. In Canada it has the Des Herbiers Project and Valor projects in Quebec, the Tinco Project in Saskatchewan and Portland Creek Uranium Project (Newfoundland and Labrador) along with the Paterson Lake Project (Ontario).

Sixty Two Capital is lead manager of the float.

Golden Globe Resources (ASX:GGR)

Expected listing: February 1
IPO:$6 million at $0.20 a share

The gold explorer with projects in Queensland, WA and NSW was down to list on the local bourse in October 2023.

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.

K S Capital is lead manager of the float.

The post IPO Wrap: Hot IPOs in 2024 from around the world; and a look at the final 2023 scorecard for ASX appeared first on Stockhead.