Initial corporate capital raisings are termed as initial public offerings (IPOs) or floats. When a company is floated in the market, the shares in that company are sold to investors, and it can then be traded on a securities exchange such as ASX. Three IPOs that are currently under the investor’s eyes are discussed as follows:
SPLITIT PAYMENTS LTD (ASX: SPT) – It is a company engaged in technology and provides credit card-based installment solutions to retailers and businesses in Israel. Between its existing payment gateway and a merchant’s platform, the platform operates as an intermediate technology layer.
It has zero interest installments and no application or credit checks. To raise A$12,000,000 of up to 60,000,000 fully paid ordinary shares the company is registered for an offer at an issue price of A$0.20 per share. It is subject to a minimum subscription of A$10,000,000; the company applied to ASX for admission to the official list of ASX and quotation of the shares on ASX within seven days of the date of the Prospectus (i.e., before 27 Dec 2018). In respect of its securities or any other financial products, the company is not licensed to provide financial product advice.
UNITI WIRELESS LIMITED (ASX: UWL) – To raise between $12 million and $18 million, for the issue of between 48,000,000 shares and 72,000,000 shares at an issue price of $0.25 per share. A copy of this prospectus was lodged with ASIC on that date, and the prospectus is dated 7th December 2018. On completion of the offer ranging between 125,859,487 and 151,443,487 are the total number of shares on issue. The Market capitalization will be around $31.5m to $37.9m post the offer completion. It has agreed terms, under which Uniti proposes to acquire the entire issued capital of FuzeNet Pty Ltd. FuzeNet Pty Ltd, together with its subsidiaries. The company expects to issue and allot all new shares on Friday, 18th January 2019 and the offer will close at 5:00 pm (Sydney time) on Monday, 14th January 2019.
AFRICAN GOLD LIMITED (ASX: A1G) – The company with a team that has a proven track record is targeting large-scale gold deposits in major African mining districts. About the offer of 22,500,000 fully paid ordinary shares at an issue price of A$0.20 per share to raise A$4,500,000 the company had lodged a prospectus dated 6 December 2018 with the ASIC (Australian Securities and Investments Commission). It is proposed that the Offers will close at 5:00pm (WST) on 14 January 2019. The company is a newly incorporated mineral exploration company focussed on delivering shareholder value. The Agboville and the Sikensi Permits that secure a total area of 792 km are the company's assets and consist of rights over two granted exploration permits and two exploration permit application areas, Azaguie and Gomon, which cover 397 km2 and 214 km respectively. Upon Admission, approximately 30,475,001 Shares will be classified as restricted securities by ASX as the company anticipates.
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