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2016 IPO Review Momentum continues - Pitcher IPO Review Momentum...2016 IPO overview 2 2016 IPO data...

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2016 IPO Review Momentum continues April 2017
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Page 1: 2016 IPO Review Momentum continues - Pitcher IPO Review Momentum...2016 IPO overview 2 2016 IPO data 3 2016 IPO sector review 6 ... RELIANCE WORLDWIDE $919M IPO Õs PER MONTH, CUMULATIVE

2016 IPO Review Momentum continues

April 2017

Page 2: 2016 IPO Review Momentum continues - Pitcher IPO Review Momentum...2016 IPO overview 2 2016 IPO data 3 2016 IPO sector review 6 ... RELIANCE WORLDWIDE $919M IPO Õs PER MONTH, CUMULATIVE

References and methodology

All dollar figures unless otherwise stated are in Australian dollars.

The data in this report has been compiled from IPO data from the ASX, S&P Capital IQ database, Merger Market and additional sources as referenced in the report. All company listings, share prices and performance metrics are based on closing prices as at 31 December 2016.

The report is based on initial public listings on the ASX only and does not include non-equity type issuances such as debt, exchange traded funds (ETF) and derivative instruments. Furthermore, the report excludes dual listings on the ASX where capital was not raised.

Disclaimer

Whilst reasonable care has been taken in the compilation of this report to ensure its accuracy, we accept no liability for any error or inaccuracy contained herein, whether negligently caused or otherwise, or for loss or damage suffered by any person due to such error, omission or inaccuracy.

This publication contains general information and is not intended to be comprehensive nor to provide financial or investment advice or services. This publication is not a substitute for such professional advice or services and it should not be acted on or relied upon or used as basis for any investment or other decision or action that may affect your business. Before making any such decision you should consult a suitable qualitied professional advisor.

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Contents2016 IPO overview 2

2016 IPO data 3

2016 IPO sector review 6

Focus sector 8

Updated ASX admission requirements 10

IPO’s across Australia 12

Emerging trends for 2017 14

IPO team – getting it right 15

2016 IPO’s by listing date 16

Case study: Veem Ltd 18

About Pitcher Partners 19

Our global reach 20

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2016 IPO overview2016 was another strong year for IPO’s on the ASX with a total of 98 new listings, more than $8 billion of equity capital raised and a total market capitalisation of $18.6 billion.Small cap IPO’s continued to be most prevalent during the year with 51% of new entrants having a market capitalisation of less than $50 million on listing.

Conversely, there were four new listings exceeding $1 billion in market capitalisation, which represented 39% of the total capital raised during the year.

Diversification across industry sectors continued in 2016. The real estate and financial sectors were by far the two largest in terms of market capitalisation, while information technology was the most active, with 26 new entrants or 27% of total listings for the year.

Volume by Market Capitalisation IPO Market Cap Capital Raised

4%

40%39%

4%

16%18%

11%

21%25%

13%10%

8%

16%

6% 6%

51%

6% 4%

<49 million 50-99 million 100-249 million 250-499 million 500-999 million +1 billion

2

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2016 IPO DATA% VALUE BY MARKET CAPITALISATION RANGE

SHARE PRICE PERFORMANCE

OUTPERFORMERS 48EVEN 5UNDERPERFORMERS 45

*BEST STOCK PERFORMANCEAURORA LABS

!1,395%

*WORST STOCK PERFORMANCE

DOMACOM

"73%

SECTOR ACTIVITY

INFORMATION TECHNOLOGY

27% OF TOTAL IPO’s

FINANCIALS

30% OF TOTAL MARKET CAPITALISATION

REAL ESTATE

30% OF TOTAL CAPITAL RAISED

LARGEST MARKET CAPITALISATION

CYBG

$3.5B

HIGHEST CAPITAL RAISE

RELIANCE WORLDWIDE

$919MIPO’s PER MONTH, CUMULATIVE CAPITAL RAISED and MARKET CAPITALISATION

*Performance based on issue price

9.5%AVERAGE RETURN

CAPITAL RAISED

MARKET CAPITALIPO’s

<$49m $50-99m $100-249m $250-499m $500-999m +$1b

98NUMBER OF IPO’s

$8.5bnCAPITAL RAISED

$18.6bnINDICATIVE MARKET CAPITALISATION

2230

9

1

19

# OF IPO’s LOCATION

17Nu

mber

of IP

O’s$000

18

16

14

12

10

8

6

4

2

0

JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

IPO’s Cumulative Market Capitalisation Cumulative Capital Raised

20,000

18,000

16,000

14,000

12,000

10,000

8,000

6,000

4,000

2,000

-

3

65

75

9 910

5

1112

16

3

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Top 25 IPO’s in 2016 by performance*RANK COMPANY PRICE PERFORMANCE %

ISSUE PRICE

($)

DAY 1 CLOSE

(%)

31 DEC 2016 (%)

MARKET CAP ($M)

CAPITAL RAISED

($M)

1 Aurora Labs 0.20 150% 1395% 4.4 2.8

2 Abundant Produce 0.20 175% 230% 9.3 3.5

3 Afterpay Holdings 1.00 25% 152% 165.0 25.0

4 CFOAM 0.20 250% 135% 18.7 9.0

5 Noxopham 0.20 (8%) 110% 15.0 6.0

6 Neurotech International 0.20 43% 93% 17.6 7.0

7 MotorCycle Holdings 2.00 36% 89% 75.9 46.3

8 Graphex Mining 0.20 83% 80% 11.0 7.0

9 Oneview Healthcare PLC 3.58 3% 79% 194.4 62.4

10 Soon Mining 0.20 (10%) 75% 6.4 4.5

11 ApplyDirect 0.20 53% 75% 32.9 8.0

12 LiveHire 0.20 (10%) 70% 40.0 10.0

13 WiseTech Global 3.35 16% 69% 973.6 170.4

14 Broo 0.20 40% 65% 121.6 10.5

15 Sensera 0.20 68% 65% 14.4 10.0

16 Henry Morgan 1.00 2% 51% 15.6 15.6

17 GetSwift 0.20 50% 50% 25.2 5.0

18 GTN 1.90 12% 43% 382.3 187.9

19 Freedom Insurance Group 0.35 7% 43% 83.8 15.0

20 Lithium Power International 0.20 38% 43% 22.3 8.0

21 DroneShield 0.20 50% 40% 27.0 7.0

22 Oventus Medical 0.50 40% 32% 36.0 12.0

23 Apollo Tourism & Leisure 1.00 33% 32% 145.0 50.0

24 VEEM 0.50 22% 30% 65.0 25.0

25 Reliance Worldwide Corporation 2.50 18% 28% 1,312.5 918.8

Total 3,815.0 1,626.8

% of 2016 total 20% 19%

Bottom 10 IPO’s in 2016 by performance* RANK COMPANY PRICE PERFORMANCE %

ISSUE PRICE

($)

DAY 1 CLOSE

(%)

31 DEC 2016 (%)

MARKET CAP ($M)

CAPITAL RAISED

($M)

1 DomaCom 0.75 150% (73%) 83.0 7.3

2 CoAssets 0.40 175% (73%) 66.6 6.5

3 Silver Heritage Group 0.40 25% (50%) 76.1 25.0

4 Great Boulder Resources 0.20 250% (38%) 13.7 6.1

5 Pushpay Holdings 2.10 (8%) (37%) 525.7 54.7

6 Total Face Group 0.40 43% (35%) 29.2 6.0

7 Redbubble 1.33 36% (35%) 267.7 39.8

8 Ding Sheng Xin Finance Co. 0.60 83% (34%) 310.3 10.3

9 OpenDNA 0.20 3% (33%) 22.6 8.0

10 China Dairy Corporation 0.20 (10%) (33%) 130.7 17.0

Total 1,525.5 180.8

% of 2016 total 8% 2%

*Performance based on issue price

1,395%

230%

152%

135%

110%

93%

89%

80%

79%

75%

75%

70%

69%

65%

65%

51%

50%

43%

43%

43%

40%

32%

32%

30%

28%

(73%)

(73%)

(50%)

(38%)

(37%)

(35%)

(35%)

(34%)

(33%)

(33%)

4

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Top 25 largest IPO’s by market capitalisationRANK COMPANY INDICATIVE MARKET CAPITALISATION

MARKET CAP ($M)

CAPITAL RAISED

($M)

31 DEC 2016 (%)

1 CYBG PLC 3,508.5 877.7 21%

2 Viva Energy REIT Limited 1,518.3 911.0 9%

3 Reliance Worldwide Corporation 1,312.5 918.8 28%

4 Inghams Group 1,197.8 596.4 1%

5 WiseTech Global 973.6 170.4 69%

6 Charter Hall Long WALE REIT 826.7 826.7 0%

7 Propertylink Group 628.7 503.5 (12%)

8 Pushpay Holdings 525.7 54.7 (37%)

9 Tegel Group Holdings 494.7 268.0 1%

10 Autosports Group 482.4 159.3 5%

11 Scottish Pacific Group 445.4 293.5 (17%)

12 WAM Leaders 394.3 394.3 5%

13 GTN 382.3 187.9 43%

14 Antipodes Global Investment Company 313.3 313.3 0%

15 Bravura Solutions Pty 310.6 148.1 (4%)

16 Ding Sheng Xin Finance Co. 310.3 10.3 (34%)

17 Qantm Intellectual Property 295.0 146.7 (4%)

18 Australian Unity Office 280.7 152.1 0%

19 Redbubble 267.7 39.8 (35%)

20 Oneview Healthcare PLC 194.4 62.4 79%

21 Midway 187.0 37.4 (1%)

22 Elanor Retail Property 173.8 109.3 0%

23 Kogan.Com 168.0 51.2 (26%)

24 Afterpay Holdings 165.0 25.0 152%

25 Range International 150.0 50.0 20%

Total 15,506.8 7,307.8

% of 2016 total 83% 86%

Top 10 smallest IPO’s by market capitalisationRANK COMPANY INDICATIVE MARKET CAPITALISATION

MARKET CAP ($M)

CAPITAL RAISED

($M)

31 DEC 2016 (%)

1 Technology Metals Australia 4.3 4.0 7%

2 Aurora Labs 4.4 2.8 1395%

3 Soon Mining 6.4 4.5 75%

4 Berkut Minerals 6.5 3.5 (25%)

5 Bod Australia 9.2 6.0 (8%)

6 Abundant Produce 9.3 3.5 230%

7 Race Oncology 10.5 4.3 (5%)

8 Shark Mitigation Systems 11.0 3.5 (25%)

9 Graphex Mining 11.0 7.0 80%

10 Creso Pharma 11.5 5.0 18%

Total 84.2 44.1

% of 2016 total 0.5% 0.5%

5

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2016 IPO sector reviewNew listings in 2016 were well represented across a variety of industry sectors. Technology listings dominated the IPO landscape by volume. However, it was the more traditional real estate and financial sectors which stood out in terms of capital raised and market capitalisation.

Information Technology Financials

26# IPO’s

$2,990MARKET CAP

($M)

$648CAPITAL RAISED

($M)16

# IPO’s

$5,521MARKET CAP

($M)

$2,204CAPITAL RAISED

($M)

Materials Consumer Discretionary

13# IPO’s

$480MARKET CAP

($M)

$161CAPITAL RAISED

($M)11# IPO’s

$1,580MARKET CAP

($M)

$685CAPITAL RAISED

($M)

Healthcare Real Estate

10# IPO’s

$421MARKET CAP

($M)

$127CAPITAL RAISED

($M)7

# IPO’s

$3,519MARKET CAP

($M)

$2,526CAPITAL RAISED

($M)

Consumer Staples Industrials

7# IPO’s

$2,215MARKET CAP

($M)

$1,004CAPITAL RAISED

($M)6

# IPO’s

$1,750MARKET CAP

($M)

$1,106CAPITAL RAISED

($M)

Utilities Energy

1# IPO’s

$70MARKET CAP

($M)

$42CAPITAL RAISED

($M)1

# IPO’s

$85MARKET CAP

($M)

$30CAPITAL RAISED

($M)

6

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2015 v 2016 ASX listings by number and sector Real estate

As sign of the persistent strength of the Australian real estate market, the highest volume of capital raised during 2016 was for real estate investment trusts (REITs). The top three listings, Viva Energy REIT, Charter Hall Long WALE REIT and Propertylink Group, accounted for 89% of the total $2.5 billion in capital raised in the sector

Viva Energy REIT was the star performer of the sector. The trust, which holds a portfolio of over 425 service station sites across Australia, had the second largest market capitalisation and capital raising of the year, $1.5 billion and $911 million respectively, and generated the sector’s highest return, 9.1%.

FinancialThe sector had the largest market capitalisation due to the $3 billion listing of U.K. bank CYBG. The bank made up 64% of the sector’s market capitalisation and its $878 million capital raising was the third largest of year.

The sector added six funds to the ASX over the course of 2016. These funds raised a combined total of $944 million, of which two generated a positive stock price return, two broke even and two closed lower than their offer price. Henry Morgan was the stand out performer with a 51% price appreciation from its listing price.

Excluding CYBG, the ratio of market capitalisation to capital raised was $1.51:$1.00

Consumer discretionaryAutomotive companies were the flavour of the year, with four companies listing on the ASX, ranging from motorcycle and luxury car dealerships to caravan rentals and 4WD vehicle solutions. These companies made up 48% of the sector’s market capitalisation and 42% of the capital raised and generated an average return of 30%.

The sector also included the high profile listing of online retailer Kogan.com which, following a $51 million capital raising and ranking at number 25 by amount raised, finished the year 26% below its issue price.

Materials Materials experienced the largest year on year increase in the number of IPO’s, taking up 3rd position with 13 IPO’s. This included nine resources based IPO’s, seven of which were focused on gold. All of the resources IPO’s were small caps, with no listings above the $25 million market capitalisation, and raised on average $6.5 million..

Contrary to the market hype, only one lithium focused company IPO’d on the ASX in 2016, however a number of lithium hopefuls joined the board through RTO transactions.

Industrials Industrials were the star share price performers in 2016, generating an average price return of 248%. The triple figure return was at the hands of the year’s top stock performer, Aurora Labs, who produced an outstanding return of 1,395%. The company manufactures 3D metal printers and recently commenced shipping its products from its facility in Western Australia. The tightly held stock had the smallest capital raising of the year, $2.8 million, and listed with the 2nd smallest market capitalisation.

Reliance Worldwide was the largest IPO of the year, raising $919 million for a market capitalisation of $1.3 billion and finishing the year up 28%

Excluding Aurora Labs, the sector still produced a solid average return of 18%, driven by strong performances from Reliance Worldwide, Veem Ltd, 30%, and Droneshield, 40%.

Information TechnologyAlthough technology showed strength by numbers, it only accounted for 8% of the total capital raised in 2016, with two companies, WiseTech Global and Bravura solutions, representing 49% of the total capital raised in the sector.

The majority of the technology companies were software based, providing a payment service, internet security services or financial services based platforms, and consisted of a mixture of startups and companies with an established business.

Most capital raised by technology companies was below the $10 million mark, 62%, compared with the overall average of $19 million for all capital raisings below $100 million. This reflects the general early stage nature of technology companies listing on the ASX and how startups and technology companies are resorting to the ASX as a source of funding due to the lack of venture capital in Australia compared to other parts of the world.

The sector produced an average share price gain of 8%, however, this was a result of a handful of companies generating gains above 50% which offset the losses incurred by the majority of the companies. In fact, the sector produced the highest number of “outperforming and underperforming” share prices, with 10 companies generating positive price gains, being 21% of all outperforming stocks, and 14 companies generating negative price returns, being 31% of total losers.

1% 1%1% 2%7% 5% 7% 6%10% 15%11% 17%13% 3%16% 23%27% 22% 6% 5%

Information technology

Financials Materials Consumer discretionary

Healthcare Real estate Consumer staples

Industrials Utilities Energy

Sector % of total annual IPO’s – 2016 v 2015 2016 2015

7

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Focus sector

Technology and Innovation

The technology, media and telecommunications (TMT) sector in Australia again outperformed in 2016 in terms of the number of new listings. There were a total of 26 IPO’s in the sector raising a total of $648 million, however representing only 8% of the total $8.5bn raised.Innovation and disruption were common themes, with many TMT stocks operating in the software and financial technology sector attracting strong investor support.

Melbourne based financial technology startup Afterpay Holdings, which allows consumers to shop online and pay later via fortnightly instalments, was a standout in the sector based on performance. The company raised $25 million, listed with a market capitalisation of $165 million and finished up 152% on its issue price, the highest for the TMT sector and third overall.

While the sector included listings such as Afterpay and the $170m IPO of WiseTech Global, a cloud based software company which was the largest ASX listing in the TMT sector and fifth overall, the majority of activity was at the smaller end of the market.

Sixteen new listings raised $10m or less, to fund product development in industries such as internet safety, gaming social media and shark detection.

While some market observers point to this indicating an evolution of investors’ appetite from a pure resources focused market, others simply put it down to risk tolerance moving from one sector to another.

Irrespective of the reason, TMT companies are benefiting from positive investor sentiment which will ideally see more companies remain in Australia rather than being forced to go offshore too early to raise funds.

We are seeing a trend for tech companies to list on the ASX, instead of raising further venture capital or prior to, or instead of, the NASDAQ given the higher valuations they are able to achieve.

Virtual Reality, Augmented Reality, Artificial Intelligence and RoboticsWithin the TMT sector, VR, AR, AI and robotics appear to be emerging subsectors gathering interest and should be ones to watch.

8

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Annual IPO’s IPO’s Capital raised

20

18

16

14

12

10

8

6

4

2

0

2010 2011 2012 2013 2014 2015 2016

IPO’s by month, quarter and cumulative capital raised

IPO’s Cumulative Capital

100

80

60

40

20

0

18 9,000

16 8,000

14 7,000

12 6,000

10 5,000

8 4,000

6 3,000

4 2,000

2 1,000

0 -

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

14 21 3924

Capi

tal r

aise

d ($

bn)

IPO

’s

9

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Maintain and enhance the integrity and reputation of the ASX2016 saw the ASX issue and revise a number of material changes to the listing rules.In May the ASX released an initial Consultation Paper outlining a number of proposed changes to the Listing Rules. These proposed changes were aimed at tightening the requirements for new listings and improving the standard of disclosure – “to ensure the ASX market continues to be a market of quality and integrity, and remains internationally competitive”.

Advisors active in the small cap market space were well aware that the ASX had been considering for some time its intent to enhance the admission requirements for new listing applications.

In November the ASX released the Response to Consultation on ASX admission requirements, together with the Final Listing Rules and Guidance Note changes applicable to all new IPO’s, which came into effect on 19 December 2016.

Updated ASX admission requirements

The key listings admission rule changes are:

Admission rule Ruling change

Profit test • An increase in the requirement for consolidated profits for the 12 months prior to admission from $400,000 to $500,000.

Assets test • An increase in the net tangible assets (NTA) test from $3 million to $4 million.

• A proposal to increase it to $5 million was subject to consultation.

Market capitalisation test • An increase in the market capitalisation test from $10 million to $15 million.

• A proposal to increase it to $20 million was subject to consultation.

Minimum free float • A new 20% minimum free float requirement.

Single tier spread test • A test requiring at least 300 security holders each holding at least $2,000 of securities.

Audited accounts • New audited accounts requirements for assets test entities requiring the disclosure to the market of two full financial years of audited accounts for the entity seeking admission and any significant entity or business that it has acquired in the 12 months prior to applying for admission or that it proposes to acquire in connection with its listing.

Working capital requirement

• A standardised $1.5 million working capital requirement for all entities admitted under the assets test. This is consistent with the consultation proposal.

Further guidance was also given relating to

• Amendment to ASX Listing Rules and GN 1 to emphasise ASX’s absolute discretion on admission and quotation

• For a foreign entity to be eligible to list on the ASX as a foreign exempt entity it must have its primary listing on an overseas stock exchange that is acceptable to the ASX

10

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Back door listingsPolicy change to back door listings:

The previous policy change required the immediate suspension of securities on announcement of a back door listing and the requirement for compliance of ASX admission and quotation. The ASX has made further a policy change to prescribe new minimum disclosure requirements for the announcement of the back door listing transaction. Under these new arrangements, the ASX will allow an entity’s securities to resume trading if all the new information requirements are disclosed and the ASX is otherwise satisfied the announcement contains sufficient information about the transaction.

With the implementation of these changes, the ASX has demonstrated that it will engage with stakeholders to maintain and enhance its reputation as a leading securities exchange. However, the ASX has also emphasised that it has absolute discretion on admission and quotation of companies seeking to list through either an IPO or via the back door, taking into account the reputation, integrity and efficiency of its market in exercising these discretions.

These factors include:

• The ASX have concerns about an applicant’s structure, business, financial condition, governance arrangements, board or management;

• The main business of the entity is in an emerging or developing market;

• The ASX have concerns about the genuineness of the applicant’s interest in accessing the Australian equity markets;

• The ASX has had prior unacceptable dealings with the applicant;

• The ASX is not satisfied with the experience or qualifications of the auditor who audited the accounts or any other advisor who provided a service to the offer;

• The applicant has not engaged (experienced) legal and/or accounting advisors, or has not engaged a broker or other financial advisor;

• ASIC has raised concerns about the applicant;

• The applicant has been denied admission to listing on another exchange; or

• The ASX otherwise has concerns about any risk to its reputation if it was to allow the listing,

An overarching message that can be taken from these changes and the discretionary powers is that a company intending to undertake an IPO or back door listing is encouraged to engage with the ASX as early as possible and cannot undertake a listing without experienced advisors.

Back door listings during 2016 Monthly back doors Annual back doors

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

67

2

6

2

97

55

10

15

7 32

66

81

49

11

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IPO’s across Australia New South WalesNew South Wales was the most active State, with 31% of IPO’s and the highest amount of capital raised, accounting for 44% of the total capital raised. This result was supported by three IPO’s which together raised over $500 million in capital, including the high-profile IPO of Inghams Group which raised $596.4 million and listed with a market capitalisation of $1.2 billion.

The State had the most diverse range of sectors listing onto the ASX, prominently featuring financials (7), technology (5), real estate (4) and materials (4).

Overall, NSW continued its dominance in the financial sector with 50% of all financial listings from Australia. This was closely followed by real estate, with four of the seven IPO’s.

VictoriaVictoria was the tech capital of Australia in terms of the number of IPO’s in 2016, listing nine technology companies, 35% of total technology listings. The technology companies mainly consisted of small caps with market capitalisations below $50 million, raising $10 million or less.

Victoria was the only state outside NSW to list real estate companies, with two of the three largest listings in the State coming from the sector, in terms of both market capitalisation and capital raised.

Consumer focused companies also featured heavily from Victoria, including the IPO of household brands Kogan.com, Redbubble, Murray River Organics and Shaver Shop.

Western Australia Western Australia lived up to its title as the mining capital of Australia with the highest amount of mining based IPO’s and the only oil & gas IPO of the year. The State was the only location other than South Australia to not list a company with a market capitalisation above $100 million and the only location without an IPO raising above $30 million. Three of the top five IPO’s from WA were technology companies, including stock market online chat forum HotCopper.

The State also produced two prominent industrial IPO’s, the $25 million capital raising for marine technology and company Veem, which had a market capitalisation of $65 million on listing, and Aurora Labs, the best performing IPO of 2016.

Queensland Queensland had a mix of consumer discretionary and financial companies listing on the ASX in 2016. The consumer discretionary companies were all involved in automobiles in some capacity and ranked in three of the top four IPO’s from the State. The largest IPO from Qld was the listed investment company, Antipodes Global Investment Partners with its $313.3 million capital raise, the 4th largest in the financial sector.

South Australia South Australia had only one IPO in 2016 compared to its two in 2015. Duxton Water, an agriculture water rights company, was the only IPO in SA in 2016, and the only utility IPO. The company raised $42 million and listed with a market capitalised of $70 million.

12

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InternationalThe ASX experienced a high level of cross-border activity with 17 IPO’s over the year, four more than last year. Two of the top three capital raisings were from international companies; valve manufacture Reliance Worldwide Corporation raised $919 million, the largest of the year, and UK bank CYBG Plc raised $878 million, the third highest of the year. These two capital raisings accounted for 21% of the total capital raised in 2016. Their positions were switched in the market capitalisation rankings, with CYBG listing with the largest market capitalisation and Reliance being the third largest of the year.

Eight of the 17 international companies listed with a market capitalisation above $100 million and raised over a $100 million, an indication of the level of maturity of the overseas businesses who listed on the ASX in 2016.

New Zealand had the highest number of IPO’s on the ASX of any country outside Australia. The New Zealand IPO’s were from companies which were either in technology or aquaculture.

The information technology sector was the clear favourite for international listings, accounting for a third of all listings. Excluding CYBG and Reliance, the technology listings had 37% of the international market capitalisation and 21% of the capital.

Western AustraliaIPO’S MARKET CAP CAPITAL RAISED

19% 2% 2%

QueenslandIPO’S MARKET CAP CAPITAL RAISED

9% 4% 6%

New South WalesIPO’S MARKET CAP CAPITAL RAISED

31% 37% 44%

VictoriaIPO’S MARKET CAP CAPITAL RAISED

22% 19% 19%South AustraliaIPO’S MARKET CAP CAPITAL RAISED

1% 1% 1%

InternationalIPO’S MARKET CAP CAPITAL RAISED

17% 38% 29%

Information technology

Financials Materials Consumer discretionary

Healthcare Industrials Consumer staples

Real estate Utilities Energy

Key volume of IPO’s, M cap and capital

Heat map by total M Cap

Icons = most popular sectors per location, order by Market Capitalisation where even

Note: the total %’s may exceed 100% due to rounding

22IPO’s

30IPO’s

9IPO’s

1IPO

19IPO’s

17IPO’s

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Technology and innovation to remain strongFollowing on from a strong performance in 2015, the technology, media and telecommunications (TMT) sector represented over a quarter of the total number of IPO’s in 2016. With the focus on disruptive technologies particularly in the banking and insurance sectors, the expectation is that investor interest will remain strong for TMT stocks.

Cobalt: The next technology metal playThe energy storage, electric vehicle, TESLA thematic that drove investors to seek exposure to firstly graphite and then lithium as key inputs in the high density lithium-ion battery making process appears to now be turning to another of those inputs: cobalt.

Cobalt Blue made its debut on the ASX on 2 February 2017 after a $10 million IPO and capitalising the company at $14.3m. Cobalt Blue has rights over one of the largest undeveloped cobalt resources, Thackaringa Cobalt in NSW.

Also noteworthy are a number of back door listings of cobalt projects that have occurred recently including Equator Resources and Berkut Minerals.

The return of the resources IPOAs expected, with the recent resurgence in commodity prices we are starting to see greater IPO activity in the materials sector. Notably, the majority of the listings for the material sector in 2016 occurred in the Dec quarter (6 IPO’s), which was a greater number than for the whole of 2015. Recent listings and upcoming listings for 2017 are already at seven and nine listings respectively. The current outlook is positive for the resources IPO.

Emerging trends for 2017

2017: The IPO market in the year ahead2017 has opened strongly for IPO’s. As at 28 February 2017, there were 21 new listing which is an increase of 145% over the same period as last year and the ASX website reports a further 22 potential listings over the next few months.While there is an expectation that interest rates may start to rise in 2017, this is unlikely to be until later in the year. The low rate, higher market volatility environment has driven investors to seek safer yield type investments, with some appetite to invest in ‘the next big thing’.

From a demand perspective, institutional investors continue to remain on the sidelines with significant levels of funding available, all looking for the next quality listing to support.

However, with the materials sector, driven by resources listings, representing 37% of the new listings this year and 41% of IPO’s currently in the pipeline, it certainly indicates a return of risk appetite to the resources space, and could challenge TMT as one of the key themes that may define IPO’s in 2017.

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The IPO team – getting it right Selecting the right IPO team starts with appointing a corporate advisor An IPO is a complex process involving many moving parts and regulatory requirements.

The core IPO team is made up of key management, corporate advisors, legal, financial and tax advisors and the brokers. The management team will be heavily involved in the process and will need to manage their IPO responsibilities with the day to day operations of the company.

The corporate advisor will reduce the impact on management’s day to day operations by effectively taking a project manager position throughout the IPO process. Importantly, the corporate advisor will work with the company to ensure they are ‘IPO ready’ and that the listing produces an outcome which is in the best interests of the company and its stakeholders.

A corporate advisor also acts as an intermediary between all other advisors and the company, further limiting the potential distraction of management.

A fundamental aspect of the advisor’s role is sitting alongside the company for months or even years, working with them to develop their investment story and preparing them for corporate life in a listed environment.Where companies attempt to undertake a listing without a corporate advisor, a lot of additional work will be pushed back onto the management team.

Company

Corporate advisor

Lead manager / underwriter

Acts as the broker, assisting the company with raising the

required capital

Legal advisor

Advises the company on all legal issues relevant to its IPO

Tax advisor

Advises the company on all tax issues relevant to its IPO

Investigating accountant

Provides assurance to investors on the company’s historical

and forecast financials

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2016 IPO’s by listing dateCOMPANY LIST

MONTHISSUE PRICE

31 DEC 2016 (%)

RANK MARKET CAP

($000)

RANK2 CAPITAL RAISED

RANK3 LOCATION

Total Face Group Jan $0.40 (35.0%) (93) 29.2 (62) 6.0 (74) VICRecce Jan $0.20 (17.5%) (78) 13.2 (82) 5.0 (84) NSWNovatti Group Jan $0.20 2.5% (44) 17.6 (75) 7.0 (65) VICCYBG PLC Feb $3.99 20.8% (31) 3,508.5 (1) 877.7 (3) UKiCandy Interactive Feb $0.20 (30.0%) (85) 45.9 (49) 4.5 (91) VICGlobal Fortune Investment Feb $0.30 10.0% (36) 19.0 (72) 4.0 (93) NSWHenry Morgan Feb $1.00 51.0% (16) 15.6 (77) 15.6 (45) QLDTesserent Feb $0.20 (30.0%) (86) 20.5 (71) 7.0 (66) VICVectus Biosystems Feb $1.55 (6.5%) (64) 36.2 (55) 5.2 (82) NSWDing Sheng Xin Finance Co. Mar $0.60 (34.2%) (91) 310.3 (16) 10.3 (53) ChinaOneview Healthcare PLC Mar $3.58 78.8% (9) 194.4 (20) 62.4 (22) IrelandN1 Holdings Mar $0.20 (10.0%) (69) 16.2 (76) 5.0 (85) NSWSoon Mining Mar $0.20 75.0% (10) 6.4 (96) 4.5 (90) QLDJC International Group Mar $0.80 (3.8%) (58) 45.6 (50) 5.6 (80) ChinaChina Dairy Corporation Apr $0.20 (32.5%) (89) 130.7 (29) 17.0 (43) NSWWiseTech Global Apr $3.35 68.7% (13) 973.6 (5) 170.4 (12) NSWMonash Absolute Investment Company

Apr $1.00 (13.0%) (75) 52.5 (47) 52.5 (24) NSW

Abundant Produce Apr $0.20 230.0% (2) 9.3 (93) 3.5 (95) NSWVolpara Health Technologies Apr $0.50 27.0% (27) 61.2 (46) 10.0 (55) NZMotorCycle Holdings Apr $2.00 88.5% (7) 75.9 (41) 46.3 (28) QLDReliance Worldwide Corporation Apr $2.50 28.0% (25) 1,312.5 (3) 918.8 (1) UKTegel Group Holdings May $1.39 0.7% (46) 494.7 (9) 268.0 (10) NZAfterpay Holdings May $1.00 152.0% (3) 165.0 (24) 25.0 (36) VICShark Mitigation Systems May $0.20 (25.0%) (80) 11.0 (91) 3.5 (96) WARedbubble May $1.33 (34.6%) (92) 267.7 (19) 39.8 (30) VICWAM Leaders May $1.10 4.5% (43) 394.3 (12) 394.3 (7) NSWGTN Jun $1.90 43.2% (18) 382.3 (13) 187.9 (11) NSW9 Spokes International Jun $0.20 (20.0%) (79) 80.6 (38) 25.0 (37) NZLiveHire Jun $0.20 70.0% (12) 40.0 (51) 10.0 (56) VICGraphex Mining Jun $0.20 80.0% (8) 11.0 (90) 7.0 (67) WAAustralian Unity Office Jun $2.00 0.5% (47) 280.7 (18) 152.1 (14) VICDroneShield Jun $0.20 40.0% (21) 27.0 (63) 7.0 (68) NSWApplyDirect Jun $0.20 75.0% (11) 32.9 (58) 8.0 (61) VICLithium Power International Jun $0.20 42.5% (20) 22.3 (68) 8.0 (62) NSWChimpChange Jun $0.80 (30.0%) (87) 39.1 (52) 15.0 (46) QLDShaver Shop Group Jul $1.05 (28.6%) (84) 131.3 (28) 98.1 (18) VICKogan.Com Jul $1.80 (25.6%) (83) 168.0 (23) 51.2 (25) VICRace Oncology Jul $0.20 (5.0%) (61) 10.5 (92) 4.3 (92) WAScottish Pacific Group Jul $3.20 (17.2%) (77) 445.4 (11) 293.5 (9) NSWGARDA Capital Jul $1.00 (5.0%) (62) 24.0 (66) 16.0 (44) QLDOventus Medical Jul $0.50 32.0% (22) 36.0 (56) 12.0 (51) QLDRange International Jul $1.00 20.0% (32) 150.0 (25) 50.0 (26) NSWAustralis Oil & Gas Jul $0.25 (10.0%) (70) 85.4 (35) 30.0 (34) WAUS Select Private Opportunities Fund III

Jul $1.60 0.0% (49) 76.8 (39) 76.8 (20) USA

Viva Energy REIT Limited Aug $2.20 9.1% (37) 1,518.3 (2) 911.0 (2) VICPropertylink Group Aug $0.89 (12.4%) (74) 628.7 (7) 503.5 (6) NSWNoxopharm Aug $0.20 110.0% (5) 15.0 (78) 6.0 (75) NSWAurora Labs Aug $0.20 1395.0% (1) 4.4 (97) 2.8 (98) WAAdalta Aug $0.25 (32.0%) (88) 25.0 (65) 10.0 (57) VICFrontier Digital Ventures Aug $0.50 (2.0%) (55) 108.1 (32) 30.0 (35) Malaysia

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COMPANY LIST MONTH

ISSUE PRICE

31 DEC 2016 (%)

RANK MARKET CAP

($000)

RANK2 CAPITAL RAISED

RANK3 LOCATION

Family Zone Cyber Safety Aug $0.20 (7.5%) (65) 12.4 (86) 6.0 (73) WASilver Heritage Group Aug $0.40 (50.0%) (96) 76.1 (40) 25.0 (38) Hong KongBerkut Minerals Aug $0.20 (25.0%) (81) 6.5 (95) 3.5 (97) WAQantm Intellectual Property Aug $2.22 (4.1%) (59) 295.0 (17) 146.7 (16) VICDuxton Water Sep $1.10 (9.1%) (68) 70.4 (42) 41.7 (29) SACoAssets Sep $0.40 (72.5%) (97) 66.6 (44) 6.5 (70) WAKyckr Sep $0.20 25.0% (28) 12.1 (88) 5.2 (81) NSWEgan Street Resources Sep $0.20 25.0% (29) 12.9 (84) 6.0 (76) WAHotcopper Holdings Sep $0.20 0.0% (50) 22.0 (70) 12.2 (50) WAPowerhouse Ventures Oct $1.07 (25.2%) (82) 31.0 (59) 10.2 (54) NZPushpay Holdings Oct $2.10 (37.1%) (94) 525.7 (8) 54.7 (23) NZBroo Oct $0.20 65.0% (14) 121.6 (30) 10.5 (52) VICAntipodes Global Investment Company

Oct $1.10 0.0% (51) 313.3 (14) 313.3 (8) QLD

Gooroo Ventures Oct $0.20 (10.0%) (71) 12.3 (87) 5.0 (86) VICNew Zealand King Salmon Investments

Oct $1.07 12.1% (35) 147.8 (26) 73.9 (21) NZ

Creso Pharma Oct $0.20 17.5% (33) 11.5 (89) 5.0 (87) WAVEEM Oct $0.50 30.0% (24) 65.0 (45) 25.0 (39) WACFOAM Oct $0.20 135.0% (4) 18.7 (73) 9.0 (60) WABod Australia Oct $0.20 (7.5%) (66) 9.2 (94) 6.0 (77) NSWBoyuan Holdings Oct $0.20 (2.5%) (56) 68.6 (43) 18.6 (42) NSWApollo Tourism & Leisure Nov $1.00 32.0% (23) 145.0 (27) 50.0 (27) QLDNeurotech International Nov $0.20 92.5% (6) 17.6 (74) 7.0 (69) WADomaCom Nov $0.75 (72.7%) (98) 83.0 (37) 7.3 (64) VICInghams Group Nov $3.15 1.3% (45) 1,197.8 (4) 596.4 (5) NSWCharter Hall Long WALE REIT Nov $4.00 0.2% (48) 826.7 (6) 826.7 (4) NSWElanor Retail Property Nov $1.35 0.0% (52) 173.8 (22) 109.3 (17) NSWBravura Solutions Pty Nov $1.45 (4.1%) (60) 310.6 (15) 148.1 (15) NSWAutosports Group Nov $2.40 4.6% (42) 482.4 (10) 159.3 (13) NSWOpenDNA Nov $0.20 (32.5%) (90) 22.6 (67) 8.0 (63) WAGreat Boulder Resources Nov $0.20 (37.5%) (95) 13.7 (81) 6.1 (72) WAFaster Enterprises Nov $0.20 5.0% (41) 22.2 (69) 5.1 (83) VICMayfield Childcare Nov $1.00 6.0% (40) 30.0 (61) 24.0 (41) VICFreedom Insurance Group Dec $0.35 42.9% (19) 83.8 (36) 15.0 (47) NSWHearMeOut Dec $0.20 0.0% (53) 13.2 (83) 6.5 (71) IsraelDreamscape Networks Dec $0.25 (16.0%) (76) 86.0 (34) 25.0 (40) UAEMidway Dec $2.50 (0.8%) (54) 187.0 (21) 37.4 (31) NSWGetSwift Dec $0.20 50.0% (17) 25.2 (64) 5.0 (88) NSWLitigation Capital Management Dec $0.70 (11.4%) (72) 37.5 (54) 15.0 (48) NSWMurray River Organics Group Dec $1.30 (8.5%) (67) 113.2 (31) 35.0 (32) VICIntegrated Payment Technologies

Dec $0.20 15.0% (34) 30.9 (60) 5.0 (89) NSW

Dragontail Systems Dec $0.20 25.0% (30) 34.7 (57) 6.0 (78) IsraelAutomotive Solutions Group Dec $1.00 (5.0%) (63) 50.3 (48) 30.9 (33) QLDAxsesstoday Dec $1.00 27.5% (26) 37.7 (53) 10.0 (58) VICHorizon Gold Dec $0.40 (10.0%) (73) 15.0 (79) 15.0 (49) WATechnology Metals Australia Dec $0.20 7.5% (39) 4.3 (98) 4.0 (94) WAWatermark Global Leaders Fund Dec $1.10 (3.2%) (57) 91.1 (33) 91.1 (19) NSWKalium Lakes Dec $0.20 10.0% (38) 12.8 (85) 6.0 (79) WASensera Dec $0.20 65.0% (15) 14.4 (80) 10.0 (59) VIC

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Veem Veem Ltd is a West Australian family business which was founded 48 years ago and which operates as a high technology marine propulsion and stabilisation company. The company has built a reputation for quality, efficiency and the ability to deliver innovative products to its clients, through significant investment in R&D, robotic technology, global supply chains and, most importantly, its people.The family decided to pursue an IPO to support future growth opportunities and as a mechanism to manage succession planning,

Pitcher Partners acted as corporate advisor to Veem Ltd (ASX: VEE) $25 million IPO and listing on the ASX in 2016. The share price closed at a 22% premium to its listing price on the first day and was an increase of 30% at year end, finishing in the top 25 share price performers of 2016.

The transaction allowed the company to secure capital for its operations, distribute a return to the family for their many years of hard work, and create a highly desirable listed stock

Following the successful listing of the company the family retained a 62% equity interest.

Case study

“One of the most important factors to achieving a successful IPO is to select the right team of experienced advisors, which is why we selected Pitcher Partners as our corporate advisor to guide us through the entire process”

For an initial public offer of 50,000,000 Shares at an issue price of $0.50 per Share.The Offer is fully underwritten by Euroz Securities Limited

PROSPECTUS

Corporate AdviserPitcher Partners (WA) Proprietary Limited

VEEM LTDACN 008 944 009

Lead Manager and Underwriter to the OfferEuroz Securities LimitedAFSL:243302

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About Pitcher PartnersPitcher Partners is a full service accounting and business advisory firm with a strong reputation for providing quality advice to privately-owned, corporate and public organisations.In Australia, Pitcher Partners has firms in Adelaide, Brisbane, Melbourne, Perth, Sydney and Newcastle. We collaboratively leverage from each other’s networks and draw on the skills and expertise of 1,200+ staff, in order to service our clients.

Pitcher Partners is also an independent member of Baker Tilly International, the eighth largest network in the world by fee income. Our strong relationship with other member firms, particularly in Asia Pacific, has allowed us to open many doors across borders for our clients.

Our IPO CapabilitiesPitcher Partners has a depth of experience in assisting clients through the IPO process. We offer an extensive range of capabilities to clients contemplating an IPO, including:

• Independent corporate advisor

• Strategic assessment and valuation advice

• Pre IPO preparation and planning

• Investigating accountant’s reports of historical and forecast information

• Corporate and tax structuring advice

• Financial and tax due diligence

Should you have any queries in relation to an IPO, please contact us.

Recent TransactionsA selection of IPO’s Pitcher Partners were involved in during 2016

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25South American

Firms

18Middle East and

African Firms

13North American

Firms

Baker Tilly International is one of the world’s leading networks of independently owned and managed accountancy and business advisory firms united by a commitment to provide exceptional client service.

Every day, 30,000 people in 147 countries share experiences and expertise to help privately held businesses and public interest entities meet challenges and proactively respond to opportunities. International capability and global consistency of service are central to the way we work.

Our globalreach

GlobalExperts across a wide range of industry and business sectors, each Baker Tilly International member firm combines high quality services and in-depth local knowledge.

126 independent firms come together across f geographic areas. Sharing knowledge and resources, our business approach brings together the power of the global network to deliver exceptional results to clients globally.

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Key

20Asia Pacific Firms

50European Firms

18

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MELBOURNE+61 3 8610 5000 [email protected]

ADELAIDE+61 8 8179 2800 [email protected]

SYDNEY+61 2 9221 2099 [email protected]

BRISBANE+61 7 3222 8444 [email protected]

PERTH+61 8 9322 2022 [email protected]

PITCHER.COM.AU

NEWCASTLE+61 2 4911 2000 [email protected]

Pitcher Partners is an association of independent firms. Liability limited by a scheme approved under Professional Standards Legislation.

Get in touch…

insight_IPO_170406

Melbourne

Michael SonegoPartner

+61 3 8610 [email protected]

Brisbane

Warwick FacePartner

+61 7 3222 [email protected]

Adelaide

Andrew FalknerPrincipal

+61 8 8179 [email protected]

Perth

Matthew BowlesDirector

+61 8 9322 [email protected]

Newcastle

Scott EddenPartner

+61 2 4911 [email protected]

Sydney

Simon JohnsonPrincipal

+61 2 9228 [email protected]


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