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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

10 Dec 2018 (AFR) – IPOs: Year of shame – Equity capital raisings on ice after disastrous 2018

[COMMENT: I cannot help but comment on this really good news article. Some time ago I wondered about the usefulness for retail investors of participating in IPOs, so I did some research. My conclusion was that they are too dangerous, and my notes and other IPO performances are available here (which I need to update … Continue reading

22 Nov 2018 (TheAge) – Coles launches as ASX top-20 giant at a discount to Woolworths

(22 November 2018, The Age, Business, p22, Patrick Hatc) ‘Coles landed on the Australian Stock Exchange as a standalone company on Wednesday with a market value of $17 billion – certifying it as a ASX 20-top giant, but one that is trading at a discount to its direct competitor Woolworths. Retail conglomerate Wesfarmers finalised the … Continue reading

23 Oct 2018 (AFR) – IPO (fail): Coronado pitch falls flat with core constituency

(23 October 2018, AFR, p17, by Peter Ker) ‘Some of Australia’s biggest resources-focused investors bypassed the opportunity to invest in Coronado Global Resources’ local float, fearing it was a top-of-the-cycle sell-down by US private equity firm Energy and Minerals Group (EMG). The offering relied heavily on foreign investors amid weak interest from Australian fund managers. After failing … Continue reading

28 Aug 2018 (AFR) – Big Un appoints Deloitte as administrator

(28 August 2018, AFR, p19, by Jonathan Shapiro) ‘Big Un Limited, the controversial ASX listed online video producer has called in the administrators, dashing the faint hope among shareholders that they will recover their money. Deloitte Restructuring Services said it was appointed on Friday in a statement posted to the exchange on Monday. It comes … Continue reading

20 Aug 2018 (AFR) – IPO: Nickel Mines hits the boards on back of China steelmaker’s punt on Indonesia

(20 August 2018, AFR, p18by Brad Thompson) ‘Veteran investor and deal maker Norm Seckold expects nickel prices to soar over the long term after playing his part in one of the biggest initial public offerings on the Australian Securities Exchange in the past year. Nickel Mines will list on the ASX on Monday with a … Continue reading

31 July 2018 (AFR) – IPO perf: Big Un reports $52m half year loss

(31 July 2018, AFR, p27, by Jonathan Shapiro) ‘Big Un Limited, the controversial small business video production company, has reported a $52.2 million net loss for the half year to December 2017 as it published its long overdue accounts. The delay in filing its half-year accounts had already forced the regulator to ban the company … Continue reading

14 July 2018 (AFR) – IPO: Viva Energy shares hit the ASX boards lower

(14 July 2018, AFR, p25, by Angela Macdonald-Smith ‘Viva Energy (ASX:VEA), the country’s biggest float in three-and-a-half years, has made an underwhelming debut onto the listed sharemarket, disappointing any investors looking for quick profits. After hitting the boards at $2.43, 7¢ off the sale price in the $2.65 billion mega-IPO, the shares closed at the … Continue reading

9 July 2018 (AFR) – IPO performance: Bulls & Bears: Bingo Industries

(9 July 2018, AFR, p21, by Jemima Whyte) ‘The Dial-a-Dump founder and owner of the country’s largest private waste management business is branching into the superyacht business. But the ASX’s newest waste management entrant, Bingo Industries, is sticking to its core strategy: building a national network to collect, sort and dispose rubbish. But in doing … Continue reading

3 July 2018 (AFR) – IPO: Wooden spoon for Marley Spoon in poor ASX debut

(3 July 2018, AFR, p17, by Simon Evans\) ‘The chief executive of home meal kits group Marley Spoon says he expects “distortions” in the first year between the price at which the sharemarket values the company and what the inherent worth of the firm is, as he shrugged off a disappointing debut on the ASX … Continue reading

23 June 2018 (AFR) – IPO performance: 99-year-old John Johnston to end Godfreys’ ASX nightmare

[COMMENT: I can’t help but comment that any astute investor in this stock would have seen the writing on the wall many months ago, and ought to ahve quit their position. Sadly, many investors get emotionally attached to stocks, and can’t let go, and many hold on to a belief in the stock – a … Continue reading

24 May 2018 (AFR) – Big Un investors turn dark after ‘life changing’ losses

[COMMENT: This is another very good example of why we should not be committing a large chunk of our investing portfolio to just one stock. No matter how convincing or compelling the story from the company, there is a possibility that something might go wrong.] (24 May 2018, AFR, p52, by Jonathan Shapiro) ‘ “Think … Continue reading

19 May 2018 (AFR) – IPOS and Tech unicorns: will they keep soaring or are valuations fantasy?

(19 May 2018, AFR, p30, by Tony Featherstone) ‘The rise of billion-dollar software stocks is forcing investors to decide if a new generation of tech unicorns will keep soaring or if their valuations are fantasy. The tech-listings boom is spawning stars. There are 17 tech unicorns – an industry term used to describe tech companies … Continue reading

15 May 2018 (AFR) – IPO: Evans Dixon shares gain on ASX debut

(15 May 2018, AFR, p18, by Jonathan Shapiro) ‘Shares in wealth manager Evans Dixon made a solid debut on the Australian stock exchange, with investors pushing the stock up 8.4 per cent to close at $2.71. The shares listed at $2.50 per share, and traded as high as $2.80 on light trading volumes. Around 50,000 … Continue reading

14 May 2018 (AFR) – IPO:Kerry Stokes, Robert Millner back $170m Evans Dixon float

[IPO Update (with no recommendations or advice).] (14 May 2018, AFR, p16, by Carrie LaFrenz) ‘Wealth adviser Evans Dixon Group has received backing from business magnates Kerry Stokes and Robert Millner, executive chairman of fund manager Washington H. Soul Pattinson, for its $170 million initial public offering. The company, which was formed by the merger … Continue reading

11 May 2018 (AFR) – Godfreys hoists white flag on John Johnston takeover bid, downgrades profit

(11 May 2018, AFR, p27, by Simon Evans) ‘Ailing retailer Godfreys has warned of an alarming 27 per cent tumble in sales in the past two weeks as it revealed a hefty profit downgrade of at least 30 per cent after a disastrous switch in its television advertising approach away from discount sales. The vacuum … Continue reading

10 Apr 2018 (TheAge) – Half of Myer investors stuck with shares they can’t sell

[COMMENT: Here is a salutary lesson for investors who purchase shares in a company, including supposed blue chip stocks. In the case of Myer, anyone who didn’t spot the declining share price over a long period, or who decided to hold on and prayer for a turn around, if the share parcel value has declined … Continue reading

5 Mar 2018 (AFR) – Big Un fallout: There is a ‘segment of trash’ on the ASX, say VC funds

(5 March 2018, AFR, p3, by: Alice Uribe, Jonathan Shapiro, Brad Thompson) ‘Large venture capital funds have hit out at the Australian Stock Exchange’s relationship with technology companies in the wake of revelations about Big Un Limited and GetSwift. Daniel Petre, one the country’s best-known tech investors via his fund AirTree Ventures, said cases like Big … Continue reading

20 Feb 2018 (AFR) – Big Un revelations as ASX market darling goes into trading halt

[COMMENT: This revealing news story is an eye opened about how some companies finance their operations. Investors beware.] (20 February 2018, AFR, p16, by Jonathan Shapiro) ‘Big Review TV, a subsidiary of ASX listed Big Un Limited, granted security over its assets to FC Capital, the small business lender that is advancing funding to facilitate the … Continue reading

20 Feb 2018 (AFR) – GetSwift plummets 55pc on reinstatement to ASX

(20 February 2018, AFR, p1, p13, by Michael Bailey) ‘GetSwift shares plummeted 55 per cent on Monday after the logistics software maker told the market that less than half its announced contracts had progressed to a revenue generating stage. After last trading at $2.92, before their suspension on January 22, GetSwift’s shares closed on Monday … Continue reading

31 Jan 2018 (AFR) – Bigger number of smaller IPOs tipped for 2018 – Big IPOs elude ASX in 2017: HLB Mann Judd report

(31 January 2018, AFR, p20, by Michael Bailey) ‘Funds raised by initial public offerings on the Australian Stock Exchange plummeted 46 per cent in 2017, and a trend toward greater numbers of smaller raisings will continue in early 2018, a report has found. The analysis of IPOs by professional services firm HLB Mann Judd found … Continue reading

29 Jan 2018 (AFR) – Fund managers wary on IPOs despite bumper 2018 outlook

[COMMENT: This article is giving us a heads up regarding the IPO pipeline in the year ahead. This indicates something about the health of the economy. However, some people prefer not to participate in IPOs – read more about the reasons why in my Share Market Toolbox.] (29 January 2018, AFR, p18, by Joyce Moullakis) … Continue reading

9 Dec 2017 (AFR) – Wagners’ stock jumps 25 per cent after shares open on ASX in $197m IPO

(9 December 2017, AFR, p23, by Jenny Wiggins) ‘Wagners’ shares got off to a strong start on the Australian Securities Exchange after its $197 million initial public offering, with the Queensland construction group’s stock soaring 25 per cent on its first day of trading. The stock, which listed at $2.71, opened at $3.31 and traded … Continue reading

5 Dec 2017 (AFR) – How Bell Potter trader Damien Rodr bid to drive up DirectMoney share price

[COMMENT: Now this is an interesting article for investors and traders, because it describes the possible underlying actions that some people might undertake to move share prices – compelling reading.] (5 December 2017, AFR, p13, by Misa Han) ‘Bell Potter trader Damien Rodr bid a fraction higher to drive up the share price of a … Continue reading

2 Dec 2017 (AFR) – Godfreys in fresh turmoil even before Amazon – Godfreys sucks it up as shares hit record low

[COMMENT: It is very unfortunate for any investors still stuck holding this stock, who might have “believed in the company…”. But the real truth is that astute investors and traders would have watched the chart from week to week, and noticed when it fell below its IPO price (of $2.75 on 10th December 2014). This … Continue reading

30 Nov 2017 (AFR) – AMA Group picks up ASG wreckage after $30m blow-up

(30 November 2017, AFR, p26, by Simon Evans) ‘It started with high hopes by raising $30 million and listing on the ASX last December, after acquiring eight different businesses in the booming 4WD and SUV parts and accessories industry. But less than a year later, Automotive Solutions Group (ASX:4WD) has put up the white flag. … Continue reading