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Radiopharm Theranostics debuts on the ASX, raises AU$50M via IPO

Radiopharm Theranostics Limited issued 83.33 million shares at an offer price of AU$0.60 a piece, giving a market capitalisation of AU$152 million at the issue price.

The Offer comprises: 

(a) the Broker Firm Offer, which is available to Australian resident retail clients of Brokers who have been assigned a firm allocation of Shares by their Broker.

(b) the Institutional Offer, which is an invitation to Institutional Investors in Australia and a number of other eligible jurisdictions to apply for Shares; and 

(c) the Chairman’s List Offer, which is an invitation to selected Australian investors who have received an invitation from the Chairman or the Company to apply for Shares.

Use of funds

 (a) make payments under the Licence Agreements 

 (b) conduct research and development into other cancer targets

 (c) provide working capital; and 

 (d) set up commercial and academic collaborations.

Important dates

EventsDates
Prospectus dateThursday, 14 October 2021
Offer opensFriday, 22 October 2021
Offer closes Friday, 5 November 2021
Anticipated date of allotmentTuesday, 16 November 2021
Shareholding statements expected to be dispatchedFriday, 19 November 2021
Anticipated commencement of ASX tradingThursday, 25 November 2021

Subscription Status:  The shares of  Radiopharm Theranostics Limited  were oversubscribed.

Company Profile:

Formed in February 2021, the homegrown health care company focuses on the development of radiopharmaceutical products for diagnostic and therapeutic uses in areas of high unmet medical needs. The Company aims to become an industry leader in the development of radiopharmaceutical products, targeting some of the largest markets in cancer.

The Company has a balanced portfolio of four licensed platform technologies, with diagnostic and therapeutic applications in both pre-clinical and clinical stages of development, from some of the world’s leading universities and institutes such as Imperial College London and Memorial Sloan Kettering.

The portfolio comprises five Phase 2 clinical trials and two Phase 1 trials, which are underway along with five Phase 1 trials, which have been wrapped up across hospitals and medical centres globally. The clinical trials target a range of cancers including that of breast, lung, kidney, head & neck, pancreatic and brain.

( Source:  https://www.radiopharmtheranostics.com/)

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Any advice/ information provided is general in nature only and does not take into account the personal financial situation, objectives or needs of any particular person.

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IPO Watch

Bootstrapped company Latent View debuts on exchange with 169.04% premium

Latent View Analytics is a pure-play data analytics services company in India that offers consulting services, data engineering, business analytics and digital solutions. Its IPO was open for subscription from November 10 to November12, 2021 with issue price-band ranging from INR 190-197 and lot size of 76 shares.

Latent View has received subscription for 572.18 crore shares worth Rs 1.12 lakh crore against its requirement of INR 600 Crores. It was oversubscribed by 338 times, much higher than the high-profile IPOs that were previously listed. The qualified institutional investors subscribed 145.48 times, Non-institutional buyers subscribed 850.66 times and retail investors subscribed 119.44 times.

The stock was listed on exchange on 23rd November 2021 at INR 530, which was a whopping 169.04% premium above its issue price. At the issue price, the company commanded a market capital of Rs 3,896 crore, which shot up to Rs 10,484.16 crore.

The proceeds from the IPO are expected to be used inorganic growth initiatives (to the tune of Rs 147 crore), investment in the subsidiaries (Rs 130 crore) and funding working capital requirements of a material subsidiary Latent View Analytics Corporation.

The company has never raised external capital and has been completely bootstrapped. It operates as per the age old traditions and finds it suitable for itself. Currently the promoters hold 68% of the total equity, which earlier was 80%. 

The company reported a CAGR of 3 per cent during FY19-21 but saw a 20 per cent growth in EBITDA and 24 percent in growth of PAT. Since the company’s existence, it has witnessed loss in only a single period i.e. in 2010 due to financial crisis.

About the company:

Founded in 2006, Latent View offers data analytics services, consulting, and data engineering solutions to customers across the banking, technology, industrial, and retail verticals, among others. In its 15 years of existence, the company has reported a loss only for one quarter, in early 2010. Viswanathan, an alumnus of IIT Madras and IIM Kolkata, is the founder of Latent View Analytics Ltd.

(Source: economictimes.com, Moneycontrol)

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IPO Watch

Stellar debut of Nykaa; lists at 80% premium and market cap crosses 1000 billion mark

The issue price of the shares was in the range of INR 1085- 1125 per share, with a lot size consisting of 12 shares amounting to INR 13,500. The subscription in retail category was 12.24 times, in the QIB category 91.18 times and in NII category 112.02 times, taking the whole subscription to 81.78 times.

The proceeds of issue were aimed to use for investment in their subsidiaries (FSN Brands, Nykaa Fashion) for setting up new stores, towards capital expenditure, repayment or prepayment of borrowings, enhancement of visibility and general corporate purposes.

The IPO saw a magnificent listing on the stock exchange by gaining 80% premium, thereby opening at INR 2001 apiece. It closed at a day’s high of INR 2206 per share. The market capitalization of Nykaa exceeded INR 1040 billion.

Founder, MD and CEO Falguni Nayar is very optimistic about the performance of Nykaa. She maintains that beauty and fashion are very high growth businesses with large market size. Nykaa already holds a bunch of brands that they are continuously building. They have recently acquired Dot & Key that adds to their skincare offering. Besides this, Nykaa has entered into inorganic acquisition of 20Dresses, a western wear brand and Pipa Bella, a jewellery brand. The holistic business model of Nykaa makes it a potential investment opportunity.

About the company:

Nykaa is an Indian e-commerce company, founded by Falguni Nayar in 2012 and headquartered in Mumbai. It sells beauty, wellness and fashion products across websites, mobile apps and 76 offline stores. As of 2020, it was valued at ₹85 billion (US$1.1 billion) making it the first unicorn startup headed by a woman in India. 

It sells products which are manufactured in India as well as internationally. In 2015, the company expanded from online-only to an omnichannel model and began selling products apart from beauty. In 2020, it retails over 2,000 brands and 200,000 products across its platforms.

(Source: economictimes.com)

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IPO Watch

Nykaa receives approval form SEBI to launch an Initial Public Offering

The share sale will value the company at as much as $7.1 billion, giving Nayar and her family a combined net worth of about $3.5 billion if it meets the target. FSN E-Commerce Ventures, the formal entity that operates Nykaa, on Friday set a range of Rs. 1,085 – Rs. 1,125 a share. 

Nykaa was promoted by former Kotak investment banking head honcho, Falguni Nayar. The promoter and the family trusts will also participate in the OFS, but will continue to remain majority shareholders post the IPO. Nykaa offers a digital platform to sell beauty and fashion care products as well as apparel and accessories of marquee brands.

Summary of Financial Information (Restated Consolidated)

ParticularsFor the year/ period ended (RS. In millions)
30-Jun-2130-Jun-2030-Mar-2130-Mar-2030-Mar-19
Total Assets16,314.8210,071.8413,019.9011,244.827,756.57
Total Revenue8,217.142,910.4624,526.3717,778.5011,163.82
Profit After tax35.22(545.07)619.45(163.40)(245.39)

Nykaa had filed a draft prospectus for its IPO in August this year. The upcoming IPO includes a fresh issue of shares worth Rs 630 crore and an offer for sale (OFS) which will see existing investors offload up to 4.197 crore equity shares, according to the final prospectus. 

The online retailer posted a net profit of Rs 62 crore in FY21 compared to a loss of Rs 16.3 crore in FY20. Nykaa’s total income stood at Rs 2,452.6 crore in FY21, a 37.9% growth from Rs 1,777.8 crore in FY20. Its expenses stood at Rs 2,377.2 crore in FY21, a 32.7% increase from Rs 1,790.2 crore in FY20.

Opening date of the IPO is 28th October 2021 and closing date for the IPO is 1st November 2021. Issue type is Book Built Issue IPO. Nykaa has a face value of Rs. 1 per equity share. Nykaa IPO is a main-board IPO of equity shares of the face value of ₹1 aggregating up to ₹5,351.92 Crores. Listing date of IPO is on 11th November 2021.

The main-board IPO of equity share 41,972,660 offered for sale is aggregating up to Rs. 4,721.92 Crores. Pre-issue shares holding for the promoters is 54.22% while Post-issue shares holding for the promoters is 52.56%.

Leading managers of Nykaa IPO are BoFA Securities India Limited, Citigroup Global Market India Private Limited, ICICI Securities Limited, JM Financial Consultants Private Limited, Kotak Mahindra Capital Company Limited, Morgan Stanley India Company Pvt Ltd. Lead manager reports performance tracker and list of IPOs handling 

IPO Lot Size

ApplicationLotsSharesAmount (Cut-off)
Minimum112Rs. 13,500
Maximum14168Rs. 1,89,000

The Nykaa IPO market lot size is 12 shares. A retail-individual investor can apply for up to 14 lots (168 shares or ₹189,000).

Company Profile 

Nykaa is an operator of an e-commerce portal designed to sell cosmetics and beauty products online. The Company sells branded products under the categories of skincare, makeup, luxury products, fragrance, hair care, bath and body products for men and women, enabling customers to choose from a wide range of offers and discounts on all beauty, makeup and wellness products across the brands.

(Source: Financial Express, Mint.com)

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Any advice/ information provided is general in nature only and does not take into account the personal financial situation, objectives or needs of any particular person.

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IPO Watch

Mitre Mining Corporation Limited launched IPO to raise $5 million

Mitre Mining Corporation Limited opened the offer for its IPO on 21 August 2021 and closed the offer on 10 September 2021. The shares get listed on ASX on 30 September 2021.

The Offer is for an initial public offering of 25,000,000 Shares at an issue price of $0.20 each to raise $5 million. The Offer is open to investors with a registered address in Australia. The Company does not expect to pay dividends in the near future as its focus will primarily be on growing the business.

PURPOSES OF OFFER

The purposes of the Offer are to: 

  • Raise $5,000,000 pursuant to the Offer (before associated cost)
  •  Assist the Company to meet the requirements of ASX and satisfy Chapters 1 and 2 of the Listing Rules, as part of the Company’s application for admission to the Official List.
  •  Position the Company to seek to achieve the objectives.
  •  Provide the Company with access to equity capital markets for future funding needs; and 
  •  Enhance the public and financial profile of the Company.

PROPOSED USE OF FUNDS 

Following the Offer, it is anticipated that the following funds will be available to the Company.

SOURCE OF FUNDS($)
Existing cash reserves187,518
Proceeds from Offer5,000,000
TOTAL FUNDS AVAILABLE5,187,518

The following table shows the intended use of funds in the two-year period following admission of the Company to the Official List:

USE OF FUNDS – YEAR 1$%
Exploration expenditure1,900,00064.19
General administration and working capital513,54717.35
Estimated expenses of the Offer546,21518.46
Total – Year 12,959,762100.00
USE OF FUNDS – YEAR 2$%
Exploration expenditure1,512,14667.88
General administration and working capital715,61032.12
Total – Year 22,227,756100.00
TOTAL FUNDS ALLOCATED5,187,518100.00

Financial Information

ParticularsPeriod ended 30 june 2021 (in$)
Loss after income tax(98,535)
Cash at end of financial period254,321
Total current assets272,110
Total liabilities18,575

Mitre Mining Corporation Limited IPO Subscription Status (Bidding Detail)

Mitre Mining Corporation Limited IPO was oversubscribed and closed the trading at AUD$0.255 on 30 September and took a steep fall on 4th October at AUD$ 0.23.

About the company

Mitre Mining Corporation Limited  is a public company incorporated in Australia.The Company is an early stage mineral exploration and development company focused on gold and base metals discoveries within the Project.

Since its incorporation on 2 November 2020, the Company has secured the Tenement (EL9146) and has undertaken initial geological and geophysical desktop studies, interpretations and reconnaissance field work.

Following completion of the Offer, the Company intends to undertake exploration activities on the Project.

(Source: https://mitremining.com.au/prospectus/)

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IPO Watch

Paras Defence launched its IPO; hitting 185% from its issue price and got locked in upper circuit

The Paras Defence and Space Technologies IPO market lot size was 85 shares with a price brand of Rs. 165-175 per share. A retail-individual investor can apply for up to 13 lots (1105 shares or ₹193,375).The face value for each share is Rs. 10 per share and is listed on both BSE and NSE.

Paras Defence IPO Shares offer:

CategoryShare offersAmount (Rs.)
Fresh Issue80,34,286140.60 Cr.
Offer for sale1,724,49030.18 Cr.
Total97,58,776170.78 Cr.

Paras Defence IPO Reservation:

CategoryReservationShare Amount
QIB50%48,79,38885.39 Cr.
NII15%14,63,81625.62 Cr.
RII35%34,15,57259.77 Cr.
Total100%97,58,776170.78 Cr.

Objects of the Issue:

  • Fund capital expenditure requirements.
  • Funding incremental working capital requirements.
  • Repayment or prepayment of all or a portion of certain borrowings/outstanding loan facilities availed by the company.
  • General Corporate purposes.

Summary of Financial Statement (Restated Consolidated)

ParticularsFor the year/period ended (₹ in millions)
31-Mar-2131-Mar-2031-Mar-19
Total Assets3,627.583,423.863,297.48
Total Revenue1,446.071,490.511,571.69
Profit After Tax157.86196.57189.70

Paras Defence and Space Technologies IPO Subscription Status (Bidding Detail)

The Paras Defence and Space Technologies IPO was subscribed 304.26 times on Sep 23, 2021. The quota reserved for qualified institutional buyers category was subscribed about 170 times, the non-institutional investors’ quota 927.70 times and retail individual investors’ (RIIs) portion 113 times.

Paras Defence and Space Technologies shares had a blockbuster debut on the bourses on October 1, rising 185 percent to Rs 498.75 from its issue price of Rs 175 on the BSE.  Since it was a 5 percent rise from the opening price of Rs 475, the share got locked in upper circuit.

Company Profile

Paras Defence and Space Technologies are primarily engaged in the designing, developing, manufacturing, and testing of a variety of defense and space engineering products and solutions. The company has five major product category offerings – Defence & Space Optics, Defence Electronics, Heavy Engineering, Electromagnetic Pulse Protection Solutions, and Niche Technologies. Paras Defence and Space Technologies is the only Indian company with the design capability for space-optics and opto-mechanical assemblies and is one of the leading providers of optics for various Indian defense and space programs. The company also delivers customized turnkey projects in the defense segment. The company has partnered with some of the leading technology companies around the world to indigenize advanced technologies in the defense and space sectors for the Indian market.

The company has 2 manufacturing plants in Maharashtra and is in the process of expanding its current manufacturing facility at Nerul in Navi Mumbai.

(Source: https://parasdefence.com/,)

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ipo IPO Watch

First Watch Restaurant Group Inc announced pricing of Initial Public Offering

The shares are expected to being traded on NASDAQ Global Select Market on 1st October 2021, under the ticker symbol “FWRG” and it is expected to close on 5th October 2021. 

First Watch Restaurant Group Inc. announced the price of its Initial Public offering of 9,459,000 shares of its common stock at a price to the public of $18.00 per share.  

In addition, the company has granted the underwriters a 30 days option price to purchase up to an additional 1,418,850 shares of common stock at the Initial Public Offering price less underwriting discounts and commissions.

At the time of Initial Public Offering their Total Offering Expense is $5,000,000.00 while their total share outstanding is 57,629,596. 

Market capitalization of First Watch Restaurant Group Inc is 1.239 billion. First Watch intends to use the proceeds from the proposed offering to repay borrowings outstanding under its credit facilities.

Company Profile 

First Watch is an award-winning Daytime Dining restaurant concept serving made-to-order breakfast, brunch and lunch using fresh ingredients. First Watch offers traditional favorites, such as pancakes, omelets, sandwiches and salads, alongside specialty items like the Quinoa Power Bowl®, Avocado Toast and the Chickichanga. There are more than 420 First Watch restaurants in 28 states, and the restaurant concept is majority owned by Advent International, one of the world’s largest private-equity firms.

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IPO Watch

Freshworks becomes a first Indian SaaS start-up to get listed at NASDAQ

This IPO was led by Morgan Stanley, JPMorgan Chase & Co. and Bank of America Corp. Venture capital firm Accel Partners and New York-based technology investment giant Tiger Global Management were early investors in the company.

Freshworks Inc. made a stellar debut on NASDAQ exchange on 22 September, 2021, Wednesday. With this, the company becomes the first Indian ‘SaaS’ company and the first unicorn to be listed on the NASDAQ exchange.

The company was valued at $12.2 billion in its debut after shares opened 21% above the IPO issue price, indicating strong demand for firms that have thrived during the pandemic.

Freshworks boosted revenue about 40% last year after the coronavirus pandemic prompted businesses to go digital, and sales continued to grow in the first half of 2021 while its net loss declined. With 52,500 customers, the company witnessed its revenue growth in the first six months of year 2021 to $169 million, up from $110 million in the first half of 2020. Its net loss shrank to $9.8 million from $57 million which was a year ago, according to its filings.

The shareholding pattern of the company is as shown below:

The company provides a suite of products that helps businesses with customer management, such as a messaging platform and an artificial-intelligence powered chatbot for customer support. The technology offered by Freshworks is used by more than 50,000 companies, including high-profile names such as Delivery Hero SE, Swedish payments firm Klarna, Cisco Systems Inc. and General Electric Co.

About the company:

Freshworks Inc. provides software as a service platform that enables small and medium-sized businesses to support customers through e-mail, phone, website, and social networks. The Company offers multi-product support, a knowledge base, self-service portal, community forums, and tools to leverage mainstream social media for customer support. Freshworks serves customers worldwide. The company was founded by Mathrubootham and Shan Krishnasamy as Freshdesk in 2010 and was rebranded as Freshworks in 2017. Freshworks started from a 700 sq ft warehouse in Chennai and has gone on to disrupt the customer relationship management (CRM) market, where it competes with the likes of Salesforce.

(Source: bloomberg.com, economictimes.com)

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IPO Watch

IPO debut of SSH Group fetches 30% gain on listing

The issue was open for retail investors from 30th July, 2021 to 27th August 2021. GTT Ventures and Taurus Capital Group were appointed as lead managers. 

The company also offered 20,500,000 shares as Vendor offer, 3,250,000 shares as convertible note share offer, 7,000,000 shares as option offer to advisers and 10,000,000 shares as option offer to executives. 

The proceeds of the funds are said to be used mainly for purchasing capital equipment for site services, paying out short-term debts and for offers and acquisition.

SSH shares were listed on ASX on 17th September, 2021 and delivered a decent listing gains of 30% by opening at AU$0.265. The demand on first day led the stock to surge to a high of AU$0.295, garnering a volume of over 5.82 million. The market capitalization of SSH Group comes to be at AU$ 14.36 million and the enterprise value is AU$ 10,106,977. 

SSH Group has identified myriad opportunities for future growth and expansion of the divisions in Western Australia. It estimates that there is over $39.3 billion of market revenue that is not serviced by major players in the operating industries. It currently possesses total clients beyond 100.

About the company:

The company provides a range of safety and people services, including security, labour hire, and road safety services, to the construction, mining, civil and government market sectors in Western Australia. It was founded in Australia and headquartered in Perth, Western Australia. Currently it has the workforce of 700 plus people. The main purpose of the SSH Group is to improve outcomes for Australian projects and communities.

 (Source: asx.com.au, sshgroup.com.au)

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Any advice/ information provided is general in nature only and does not take into account the personal financial situation, objectives or needs of any particular person.

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IPO Watch

IPO debut of SSH Group fetches 30% gain on listing

The issue was open for retail investors from 30th July, 2021 to 27th August 2021. GTT Ventures and Taurus Capital Group were appointed as lead managers. 

The company also offered 20,500,000 shares as Vendor offer, 3,250,000 shares as convertible note share offer, 7,000,000 shares as option offer to advisers and 10,000,000 shares as option offer to executives. 

The proceeds of the funds are said to be used mainly for purchasing capital equipment for site services, paying out short-term debts and for offers and acquisition.

SSH shares were listed on ASX on 17th September, 2021 and delivered a decent listing gains of 30% by opening at AU$0.265. The demand on first day led the stock to surge to a high of AU$0.295, garnering a volume of over 5.82 million. The market capitalization of SSH Group comes to be at AU$ 14.36 million and the enterprise value is AU$ 10,106,977. 

SSH Group has identified myriad opportunities for future growth and expansion of the divisions in Western Australia. It estimates that there is over $39.3 billion of market revenue that is not serviced by major players in the operating industries. It currently possesses total clients beyond 100.

About the company:

The company provides a range of safety and people services, including security, labour hire, and road safety services, to the construction, mining, civil and government market sectors in Western Australia. It was founded in Australia and headquartered in Perth, Western Australia. Currently it has the workforce of 700 plus people. The main purpose of the SSH Group is to improve outcomes for Australian projects and communities.

 (Source: asx.com.au, sshgroup.com.au)

General Advice Warning

Any advice/ information provided is general in nature only and does not take into account the personal financial situation, objectives or needs of any particular person.