Blinklab has been the best ASX IPO performer this year
Life360 is the latest ASX company to announce plans for a dual listing overseas
And here are two upcoming IPOs on the ASX
As the dry spell for local capraising and IPOs continues, more Australian companies are exploring dual listing options overseas.
In January, Westgold Resources (ASX:WGX) became the latest ASX company to dual list in the US market. Westgold’s shares commenced trading on the OTCQX Best Market (OTCQX) under the symbol “WGXRF”.
Westgold’s decision came as its North American investor base has gradually grown to around 23% of its share register. The company is now gearing up to list on the Toronto Stock Exchange (TSX) after merging with Canada’s Karora Resources earlier this year.
Another ASX company that’s prepping itself to dual list in the US is Life360 (ASX:360), the $3bn company behind a popular family-tracking app.
Life360 announced on 10 May that it was gearing up to go to New York to list its common stock on the Nasdaq Global Select Market under the symbol “LIF”.
“The company, with headquarters in the San Francisco area and pre-existing SEC reporting obligations, views a US IPO and increased exposure to US investors as a natural next-step in its growth,” said a statement released to the ASX.
Life360 confirmed that its CHESS Depositary Interests (CDI) – which represent underlying shares of common stock on a 3 CDIs-for-1 share of common stock basis – will remain listed on the ASX.
The main benefit of a dual listing is that companies can reach a bigger audience, particularly as the US is the biggest capital market in the world.
This means more chances to raise capital and boost liquidity of the stock.
Listing on two exchanges also lets more investors buy and sell shares, and exchanges in the US often have a lot more active investors, which can be a big advantage.
And now…
Here’s how the 2024 ASX IPOs performed
Code Name IPO Price Current Price Return Market cap Listing date TEA Tasmea $1.56 $1.67 7% $363,651,101 29/04/2024 FNR Far Northern Resources $0.20 $0.17 -18% $5,898,061 12/04/2024 BB1 Blinklab $0.20 $0.38 88% $21,407,301 04/04/2024 LMS Litchfield Minerals $0.20 $0.21 2% $5,650,312 15/03/2024 MAC Metals Acquisition $16.00 $19.60 23% $604,010,574 20/02/2024 WAG Australian Wealth Advisors $0.25 $0.34 36% $25,284,100 16/02/2024 I88 Infini Resources $0.20 $0.17 -15% $6,457,165 15/01/2024 KM1 Kali Metals $0.25 $0.42 66% $31,681,969 8/1/2024
There’s only been 8 ASX IPO listings in 2024.
The latest one was that of Tasmea (ASX:TEA), a company that provides maintenance and engineering services across mining & resources, oil & gas, wastewater, power & renewable energy, and defence & infrastructure sectors.
Exciting? No. Dependable? Yes. Currently, Tasmea owns 18 businesses and has engorged its revenues via six acquisitions over in the last year.
Meanwhile, the best IPO performing stock this year is Blinklab (ASX:BB1), a $20m+ market capped mental health medtech company that has transformed a regular mobile phone into a tool for neurobehavioral evaluations.
Blinklab’s app allows for quick and remote testing, helping research on neurodevelopmental and neurodegenerative conditions like schizophrenia, autism, ADHD, and different types of dementia.
The AI-driven smartphone app was developed in collaboration with the big brains at Princeton University, and is primed to grab a share of the market worth a staggering $700 billion in the US alone.
“We can bring that diagnostic age to a lower age and we can totally disrupt the way these kids have been treated,” said BlinkLab chairman Brian Leedman at a recent investor lunch, adding:
“This is the world’s first digital application on a smartphone solely on a smartphone that can analyse a child’s face and diagnose autism or ADHD, simply by looking at their reflex action.”
Upcoming ASX IPO listings
All dates are sourced from the ASX website. They could change without notice.
Sun Silver (ASX:SS1)
Expected listing: May 15, 2024
IPO:$13 million at 20 cents/share
The ASX hopeful is keen to be one of the few pure play silver companies on the bourse.
Sun Silver has reason to be confident about its flagship Maverick Springs project in Elko County, Nevada.
The project hosts a JORC-compliant inferred resource of 292Moz of silver equivalent at an average grade of 72.4g/t within the Carlin trend – a deep penetrating fault that is known for Permian host rocks great for mining and processing.
The immediate region is also known to have a number of operating gold and silver mines including Coeur’s Rochester mine. Nevada is also well known around the world as a top tier mining jurisdiction.
Read more here: Sun’s shining on this pure play silver company seeking admission to the ASX
Resouro Strategic Metals (ASX:RAU)
Expected listing: June 4, 2024
IPO:$8 million at 50 cents/share
Resouro is developing rare earth elements, titanium, and gold deposits in Brazil.
The Novo Mundo project covers over 167km2 of the highly prospective Alta Floresta Gold Belt. The province has numerous small scale mining operations and at least 3 large mines are under development.
Novo Mundo released high-grade drill results from its 2022 fall exploration program – Hole 10 returned an impressive 16.21m @ 2.97g/t gold (Au) at a depth of 55.9m.
The Tiros Rare Earth Elements and Titanium project meanwhile is located within the Capacete Formation in Minas Gerais, the mining powerhouse of Brazil.
The Tiros licenses cover an area of approximately 450km2, and encompass the thickest portions of the prospective formation representing the areas with the greatest exploration potential.
Approximately 24% of the content of rare earth elements within the Tiros trend is comprised of Neodymium, Praseodymium, and Dysprosium.
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