Weekly IPO Update
New Offers Opening
Citation Resources (ASX: CTR) is the latest ASX recapitalisation after the company executed a DOCA (Deed of Company Arrangement) earlier this year. Previously focused on exploration for oil and gas, the company now shifts focus by entering into an acquisition agreement to purchase the unlisted Australian company Pearl. Pearl owns the worldwide licensing rights to a new industrial process that reclaims materials like high tensile steel and liquid hydrocarbon from waste rubber such as tyres. The offer opens July 24th and is seeking to raise $5m at a $22m valuation.
CropLogic (ASX: CLI) is an agricultural technology company utilising digital farm sensors to collect farm and crop data. The data is then analysed to make recommendations to growers that improve yields and decreased the amount of time spent in the field. The offer opens July 24th and is seeking to raise up to $8m at a $24m valuation.
TNT Mines (ASX: TIN) is focused on the assessment and evaluation of tin and tungsten projects in Tasmania, with the potential for rapid development. Unless extended, the offer is set to close July 28th.
On the Radar
Votiro Cybersec, an Israel based cyber security company has closed a pre-IPO round of funding from Australian investors, signalling a potential ASX listing imminently.
Owner of many of Australia’s petrol stations, the Convenience Retail REIT is raising $162.2 million from a broker firm and institutional bookbuild. If successful the stock will list on July 27th at $3 a share.
Another Israel based company, Optimax Eyewear have also completed a pre-IPO raising last week, with ASX IPO aspirations. The company is a global online only eyewear retailer focused on discounted prices and fast delivery times.