What’s cooking in the IPO kitchen?
NEX Exchange
Clean Invest Africa—Introduction due around 14 Nov. Vehicle established to identify investment opportunities and acquisitions in renewable and clean energy projects/companies or alternative technologies that are used in a socially and environmentally responsible way that will aid the development of the African continent.
AIM
City Pub Group - owner and operator of an estate of 34 premium pubs across Southern England. £30m raise. Consistent track record of strong revenue and EBITDA growth, with a three year CAGR from FY14 to FY16 of 34.9% and 44.8% respectively, and an EBITDA margin of 14.7% in FY16. Due Nov.
Boku - Independent direct carrier billing company. Revenues were up 21% to US$10.2 in HYJun17. Q32017, revenues grew to $6.5m, up by 44%. The Company also saw continued growth across all of its key metrics: user numbers, total payment and a positive adjusted EBITDA for the month of September 2017. Due 20 Nov. Offer TBA.
Ten Lifestyle Hldgs. Technology-enabled lifestyle and travel platform providing trusted concierge services to the world's wealthy. Net revenue increased from £20m in the year ended 31 August 2015 to £33m in the year ended 31 August 2017, a compound annual growth rate of 29%. Offer and date TBA.
AfriTin Mining—Demerger from Bushveld Minerals (LON:BMN). Offer TBA. Due 8 Nov. The Uis Tin project (Namibia) is considered the flagship tin asset within the portfolio, as this was once the largest open cast tine mine of its kind in the world. Expected 8 November 2017
OnTheMarket—Intention to float on AIM to raise c.£50m which will be used to fund the growth of the OnTheMarket.com portal, already the third biggest UK residential property portal provider. Expected valuation £200m to £250m.
OG Graphite, brownfield development-stage graphite company focused on the reactivation of its wholly-owned Kearney natural flake graphite mine and mill located 280 km north of Toronto, Canada. Offer TBA, expected mid November.
Main Market Standard Listing
Shefa Yamin minerals company focused on the exploration for precious stones in Northern Israel. Net Proceeds will be used to advance the Company's mining project. Offer TBA.
Main Market Premium Listing
Aviva Investors Secure Income REIT - Targeting £200m raise. Will invest in a diversified portfolio of high quality, long-lease commercial real estate assets located within the UK and leased to predominantly investment grade tenants. Due Dec.
Cabot Credit Management -one of the largest credit management services providers in Europe and the market leader in the UK and Ireland with total 120-Month ERC of £2.2bn. Raising c.£195m. Offer TBA. Due November.
ContourGlobal LP— contracted wholesale power generation businesses, with 69 thermal and renewable power generation assets in Europe, Latin America and Africa. In the year ended 31 December 2016 it generated $905.2m of combined revenue and $440.4m of Adjusted EBITDA. Raising c.$400m. Expected November.
M7 Multi-Let REIT—Intends to raise up to £300m at 100p. Aims to acquire and hold a portfolio of UK regional light industrial and regional office assets diversified by geography, asset type and tenants that is expected to generate stable income returns and, where appropriate, offer the potential to leverage and enhance returns through active asset management initiatives. Due 30 Nov.
En+, international vertically integrated aluminium and power producer with core assets located in Russia. Priced at $14 per GDR. $1.5bn offer of which $0.5bn primary to pay down debt. Dual listing in Moscow. Unconditional dealings 8 Nov.
TMF Group, which provides tax, admin and legal support services, reported to be seeking London IPO to raise c. £200m.
Breakfast buffet
Avation (LON:AVAP) 220.5p £135.4m
• Avation PLC's wholly owned subsidiary, Avation Group (S) Pte. Ltd., to issue fixed rate senior notes due 2022
• Avation PLC is rated B+/Stable by S&P Global Ratings and B+/Stable by Fitch Ratings
• The bonds are expected to be rated B by S&P Global Ratings and B+ by Fitch Ratings
The proceeds from the New Bond Offering will be used for the purchase of aircraft and to refinance secured debt.
FUJun18E rev £77.34m rev and PBT £12.5m. PE c.12x and yield c. 2.3%.
Nasstar (LON:NASA) 10.25p £58.86m
The ‘provider of hosted managed and cloud computing services, is pleased to announce that following a successful proof of concept with a global media company it has secured a three year contract to deliver a fully managed public/private Hybrid cloud solution to a global workforce of 1,000 users. The contract is expected to generate at least £2.1m of revenues over the three-year term, with up to £3.3m of revenues possible if client user numbers remain as they are today. The contract will go live during a phased migration project which is expected to be fully complete by the end of June 2018.’
FYDec17E rev £25m and £3.5m PBT.
WANdisco (LON:WAND) 825p £312.9m
“WANdisco (LSE: WAND), the world leader in Active Data Replication™, has entered into a non-exclusive OEM ('Original Equipment Manufacturer') sales agreement with enterprise-class cloud service and software leader, Virtustream, a Dell Technologies business, to sell WANdisco's patented Fusion product as an embedded replication solution for hybrid cloud. Virtustream will use WANdisco Fusion as an S3 object to S3 object active/active replication platform worldwide.”
FY Dec17E rev £13.85m and £7.68m pre-tax loss.
Trading update post Jun17 from the international supplier of engineered components to the door and window industry. Revenue and Underlying Profit before Taxation for the full year for Tyman are expected to be ahead of 2016, assisted by full year contributions from the acquisitions of Giesse and Bilco, synergy benefits and favourable exchange rates.
Underlying Profit before Taxation for the full year is now expected to be slightly below the current range of analyst expectations (£69.6m to £72.3m), principally due to increased input costs not yet recovered and the previously reported temporary operational issues in the AmesburyTruth Division. The Group expects to make further progress in 2018 with the market outlook in North America and Continental Europe remaining positive.
Lionsgold (LON:LION) 1.03p £2.61m
“The gold-focused exploration company with assets in India and Finland, and a financial technology ("fintech") subsidiary that provides online accounts for holding physical gold, is pleased to announce that its majority owned fintech subsidiary, TRAC Technology Ltd ("TRAC"), has received approval as an EMD Agent from the Financial Conduct Authority ("FCA") to act as a payment or e-money institution under an electronic money ("E-Money") licence (FCA reference number 902012).” "As announced to the market on 18 October 2017, Lionsgold has been developing TRAC's physical gold account product offering into "Goldbloc" - a global digital currency that represents direct ownership of physical gold (www.goldbloc.com). This approval is an important step to complete in the lead up to the initial product release."
Fever-Tree (LON:FEVR) 2169p £2.5bn
FYDec17 trading update form the supplier of premium carbonated mixers. “The Board is pleased to announce that the strong growth seen in the first six months of 2017 has continued during the second half. Fever-Tree's pioneering focus on taste and ingredients continues to transform the global mixer category driving growth across all the Group's regions. The exceptional performance in the UK, the Group's largest market, has been particularly impressive with the rate of sales growth and momentum strong across both the on and off trade.” “Given the strong performance in the period to date, the Board anticipates that the results for the full year ending 31 December 2017 will be materially ahead of current market expectations.” FYDec17E rev £150.7m and PBT £48.8m. PE c.58x. Yield c.0.4%
Ideagen (LON:IDEA) 88.5p £177m
HYOct17 trading update from the supplier of Information Management Software to highly regulated industries. “The Board is pleased to report that trading has remained strong in the first half of the financial year and expects to report revenue and adjusted EBITDA significantly ahead of the same period last year with an underlying organic revenue growth of approximately 12%. The Company continues to trade in line with market expectations for the full year to 30 April 2018.
Cash generation in the period was strong and the Company maintains a robust balance sheet with no debt. The cash balance at the period end was £5.9 million (30 April 2017: £4.8 million).”
FYApr18E rev £34.9m and PBT £9.73m.
Greatland Gold (LON:GGP) 1.82p £53.57m
The precious and base metals exploration and development company, yesterday announced the acquisition of the Black Hills 25 sq km gold project in the Paterson Region of Western Australia for A$225,000. The consideration consists of a cash payment of A$25,000 and the issuance of 6,500,000 new ordinary shares of 0.1 pence each in the Company with an approximate value of A$200,000.
Historical work at Black Hills by Newcrest Limited has demonstrated high grade gold at surface with rock chip results up to 90g/t gold and drill intercepts including 4m at 7.0g/ t gold from 25m;
• The Black Hills project is regarded as having high potential for hosting gold deposits similar to Newcrest's Telfer Mine
Walls & Future REIT (AQSE:WAFR) 84.5p £2.8m
HYSep17 results yesterday from the Real Estate Investment Trust and Social Stock Exchange member investing in UK residential property, focusing on the Supported housing sector.
- Net Asset Value ("NAV") improved to £3,104,354 (£2,234,469). NAV per share up 4.4% to 94p. "We have had an active six months implementing our strategy of focusing on the UK Supported Housing Sector successfully delivering our first project which has been let on a 25-year full repairing and insuring lease with rents adjusted in line with inflation ('CPI') to a major charity.” “Our aim is to start delivery of this pipeline of projects in early 2018, which will create much needed homes for some of the most vulnerable in society and add to our portfolio of high yielding residential properties, and deliver secure long-term income. To support our growth plans we will be seeking to raise further capital shortly.”