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1.IPO results

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27 Jan 2023 (AFR) – This is exactly how bad it was for IPOs in 2022

(27 Jan 2023, AFR, p15, Michael Bailey Rich List co-editor). My personal view about IPOs is that there is too much downside risk for me as a trader/investor. So I now avoid them altogether. My own research and further comment is available here. Meanwhile, here is a snippet of today’s AFR article with reference to … Continue reading

14 July 2021 (AFR) – Retail investor’s guide to the truth of IPOs

(14 July 2021, AFR, Mark Draper) “Every retail investor dreams of doubling their money on day one of a hot initial public offering (IPO). But Myer, Dick Smith and, more recently, Nuix demonstrate that not all IPOs turn out to be profitable. With the likelihood of a flood of IPOs in the second half of … Continue reading

10 Jan 2020 (TheAge) – ASX IPO: Tech firms to try their luck on ASX despite rocky IPO run last year

(10 January 2020, The Age, Business, p22, By Emma Koehn) ‘Big valuations and a new ASX technology index are expected to fuel plans of early-stage tech businesses to try their luck on the local stock market in 2020 despite mixed success for IPOs last year. While the country’s technology darling ‘WAAAX’ – Wisetech, Afterpay, Altium, … Continue reading

3 Jan 2020 (TheAge) – Macquarie pulled into massive Dropbox class action

[COMMENT: Here is another good example for the investors and traders who try to read the stories in the price charts. The share price of Dropbox had been down trending for months, and astute traders and investors would have sold out months ago. This news story (below) might cause more ructions for the share price.] … Continue reading

17 Dec 2019 (TheAge) – IPO: Buy now, pay later hopeful Openpay falls hard on ASX debut

(17 December 2019, The Age, Business, p26, By Emma Koehn) ‘Afterpay rival Openpay (ASX:OPY) had a tough first day of trading on the ASX, plummeting 17 per cent but chief executive Michael Eidel is confident investors see long-term value in the startup as buy now, pay later platforms become the “new normal”. The fintech, which … Continue reading

12 Dec 2019 (TheAge) IPO watch: ‘Enduring’ aims: Nitro’s shares fall in trading debut after $100m IPO

(12 December 2019, The Age, Business, p26, By Emma Koehn) ‘Digital document management startup Nitro (ASX:NTO) has faltered on its first day of trading on the ASX, with its shares falling more than 10 per cent from their IPO price of $1.72. The rocky trading debut began in the first half hour of trading, which … Continue reading

7 Dec 2019 (AFR) – IPO: Tyro pops in ‘confidence-boosting’ $1.4b ASX debut

(7 December 2019, AFR, p25, Aleks Vickovich, Reporter) ‘Tyro Payments (ASX:TYR) completed the biggest public float of 2019 on Friday in a move chairman David Thodey says should give Australians confidence in the local tech sector and financial markets after a string of botched listings. The 16-year-old fintech company debuted on the Australian Securities Exchange … Continue reading

4 Dec 2019 (AFR) – Carbon Revolution draws inspiration, aspiration from CSL, Cochlear

(4 December 2019, AFR, p17, Simon Evans, Senior Reporter) ‘The chief executive of lightweight wheels maker Carbon Revolution says  corporate powerhouses CSL and Cochlear are the ultimate role models for the company, which has made a strong start to life on the ASX. Jake Dingle said it was ”encouraging” that Carbon Revolution was trading at … Continue reading

19 Nov 2019 (AFR) – Prospa hammered on earnings downgrade – slumps 27pc

(19 November 2019, AFR, p11, James Eyers, Senior Reporter) ‘Prospa’s largest shareholders say the small business lender’s shock earnings downgrade five months after listing is a major disappointment, but its strategy to chase higher quality customers – which hit its revenue margin in recent months – will ultimately make it a stronger company. Prospa shares … Continue reading

4 Nov 2019 (AFR) – ASX:BEE – Happy hour over as craft brewer Broo’s shares go flat

[COMMENT: This is just for filing – a record of the share price performance since floating in October 2016. A rather sad result.] (4 November 2019, AFR, p25, Simon Evans, Senior Reporter) ‘… Broo listed on the ASX in October 2016 as a brewing ”underdog” using its Australian-owned status as a challenger to beer giants … Continue reading

25 Oct 2019 (AFR) – IPO performance: Ten years on the Myer float still rankles

(25 October 2019, AFR, p8, Sue Mitchell, Senior Reporter) ‘Why are some shareholders willing to forgive and forget when companies fail to achieve profit guidance, while other shareholders take them to court to recover losses? In the case of Myer, shareholders are still rankled over the circumstances behind the department store chain’s $2.3 billion initial … Continue reading

24 Oct 2019 (AFR) – IPOs: Third failed float sinks confidence – KKR’s PropertyGuru in latest float flop

(24 October 2019, AFR, p1,17, Jemima Whyte) ‘PropertyGuru’s $1 billion Australian sharemarket listing has become the third initial public offering in just over a week to be pulled at the eleventh hour, sinking the IPO market to its lowest level since 2009. As the sharemarket climbs higher, fund managers are increasingly worried about buying companies … Continue reading

15 Oct 2019 (AFR) – IPO: HomeCo shrugs off retail gloom with strong debut

(15 October 2019, AFR, p33, Larry Schlesinger, Reporter) ‘Home Consortium boss David Di Pilla is keen to distinguish the freshly floated retail landlord from its most obvious rival, listed large-format player Aventus, after its shares surged on debut to defy the retail gloom in some quarters. Trading under the ticker HMC, shares ended the day … Continue reading

9 Oct 2019 (AFR) – ‘Sober’ public markets tempering Uber, Lyft, WeWork hubris

(9 October 2019, AFR, p25, William McInnes, Reporter) ‘The terrible performance of some of the most hotly anticipated initial public offerings of the year has some investors questioning when the breakdown between public and private market valuations blew out so widely. Ride-sharing services Uber and Lyft both came to Wall Street with lofty valuations but … Continue reading

2 Sept 2019 (AFR) – IPO perf: $19m of red ink flows out of Smiles Inclusive mess

(2 September 2019, AFR, p15, Simon Evans Senior Reporter) ‘Smiles Inclusive [ASX:SIL], which trades under the Totally Smiles brand and operates 56 dental practices, tumbled to a horror loss of $19 million in an unnerving display of wealth destruction after an ASX float 16 months ago. Smiles Inclusive listed on the ASX in April, 2018 … Continue reading

31 July 2019 (TheAge) – Sezzle sizzles: new buy now, pay later stock jumps 80% on first day

(31 July 2019, The Age, Business, p30, By Colin Kruger) ‘There’s more to life than Afterpay. Minneapolis-based Sezzle showed there is plenty of room for rivals in the ‘buy now, pay later’ sector, with a stunning ASX debut on Tuesday. The stock closed more than 80 per cent above its $1.22 IPO price after the … Continue reading

31 July 2019 (TheAge) – IPO performance: Redbubble shares soar 45 per cent after first operating profit

[COMMENT: This is a report on the performance of an earlier IPO. The shares might have soared in recent days, but the share price chart shows they have not our performed much since listing in 2016.] (31 July 2019, The Age, Business, p33, By Dominic Powell) ‘Shares in Redbubble surged 45 per cent as the … Continue reading

24 July 2019 (AFR) – IPOs rarer in first half, but performing better

(24 July 2019, AFR, p13, Michael Bailey, Rich List Editor) ‘Only 23 companies joined the Australian Securities Exchange in the first six months of 2019, barely half the five-year average, but the group that did list has trounced the performance of the broader All Ordinaries Index. While there were 39 initial public offerings in the … Continue reading

13 March 2019 (AFR) – The final kick in Shoes of Prey collapse for Blue Sky backers

(13 March 2019, AFR, p16, Jonathan Shapiro) ‘Investors in a Blue Sky fund that backed start-up Shoes of Prey are set to lose all their money, including a portion of the $1 million in management fees that were paid five years in advance. On Monday, Blue Sky told investors in its Blue Sky Private Equity … Continue reading

11 March 2019 (AFR) – IPOs: Super funds wasting money paying brokers for access to IPOs, data shows

(11 March 2019, AFR, p21, Jonathan Shapiro and Jemima Whyte) ‘Australian fund managers are wasting their investors’ money by paying brokers for access to IPOs, with new global research suggesting the cost of getting in early on hot floats is barely worth it. Global investment advisory firm Parametrics has sought to debunk the myth that … Continue reading

5 March 2019 (AFR) – IPO: Why investors think ASX fintech stock Credible is undervalued

(5 March 2019, AFR, p20, Yolanda Redrup) ‘Bullish long-standing investors in ASX-listed US loans marketplace Credible Labs have been vindicated in their insistence that it had been one of the most undervalued stocks on the local boards, after its shares followed a 12.5 per cent rise on Friday with an even bigger 17 per cent … Continue reading

27 Feb 2019 (TheAge,SMH) – Top-10 tips for not losing money in the share market

(27 February 2019, The Age, MONEY supplement, p2, by Marcus Padley) ‘You don’t have to be a genius to work out that if only we could avoid the losses, we would all be winners. The first rule of making money in the share market is not to lose it. So here are my top-10 tips … Continue reading

26 Feb 2019 (TheAge) – Appen rockets on ‘mega trend’ of artificial intelligence

(26 February 2019, The Age, Business, p27, by Cara Waters and Lucy Battersby) ‘Shares in the search and language dataset company Appen rocketed on Monday on the back of its full-year results driven by the “mega trend” of artificial intelligence. Appen’s revenue increased 120 per cent to $364 million and underlying post-tax profit increased 148 per … Continue reading

26 Feb 2019 (TheAge) – Former AFL player loses $160m as GetSwift sinks on legal action

(26 February 2019, The Age, Business, p27, by Colin Kruger) ‘GetSwift shares tested record lows as the market reacted to Friday’s late news that the company and two of its executives, Bane Hunter and former Melbourne Football Club player Joel Macdonald, had been sued by the corporate regulator. GetSwift said it would vigorously defend itself against … Continue reading

19 Feb 2019 (AFR) – Bingo downgrades profit 20pc due to apartment building slowdown

(19 February 2019, AFR, p15, by Simon Evans) ‘Investor confidence in waste management group Bingo Industries has been shredded after the company cut its profit forecasts by up to 20 per cent just three months after re-assuring investors at its annual meeting that a downturn in construction wouldn’t hurt its outlook. Bingo shares tumbled by … Continue reading

31 Jan 2019 (AFR) – IPO queue shrinks after 18pc loss in 2018

(31 January 2019, AFR, p17, by Michael Bailey) ‘The market for initial public offerings will remain soft this year after last year saw the share price of new listings decline on average for the first time in recent history, an analysis by professional services firm HLB Mann Judd has found. IPOs on the Australian Securities … Continue reading

30 Jan 2019 (AFR) – IPO: Afterpay challenger Splitit up 90 per cent on first day of trade

(30 January 2019, AFR, p16, by Yolanda Redrup) ‘Israeli fintech start-up Splitit has got the tech initial public offering market off to a cracking start for the year, with the payments-splitting company jumping 90 per cent on it first day of trade. Having raised $12 million and listed with an issue price of 20¢ on … Continue reading

17 Jan 2019 (AFR) – Real estate floats hard to pump this year: Investment bankers’ view

(17 January 2019, AFR, p28, by Matthew Cranston) ‘Leading investment bankers in Australia’s commercial property market have admitted new floats and other corporate M&A activity will be softer this year due to volatile conditions and heated valuations. In an exclusive roundtable with The Australian Financial Review the majority of investment bankers agreed that commercial property … Continue reading

17 Jan 2019 (AFR) – IPOs – Hugh Dive: The Liar’s Poker theatrics behind the IPO process

[COMMENT: Now this is a very interesting article about what happens behind the scenes during the IPO (Initial Public Offer) process, regarding the allocation of shares to IPO participants, and the float pricing. It sounds like a bit of a game, except with lots of money at stake.] (17 January 2019, AFR, p27,  by Hugh … Continue reading

31 Dec 2018 (TheAge) – IPO: The good, the bad and the ugly: How new ASX stocks performed in 2018

[COMMENT: Since I did some research a few years ago, I am convinced that the average retail investor should NOT participate in an IPO (see more details here). The research that is described in the news article below simply confirms this, with some further facts. Please read it for yourself.] (31 December 2018, The Age, … Continue reading