IPO watch: Almonty, Western Mines, NobleOak, 4 others to list on ASX next week

The busy month of July continues to see a surge in the initial public offering (IPO) activity. As many as six companies are expected to debut on the Australian Securities Exchange (ASX) next week.

In the first fortnight of July, more than 20 companies have already started trading on the ASX, including some big names such Aerison Group, 29Metals, BlueBet Holdings, and PEXA Group. Some more players such as Almonty Industries, BCAL Diagnostics, NobleOak Life, Openn Negotiation, Victory Goldfields, Western Mines Group and Western Gold Resources are slated to list on the ASX next week. 

Here is a list of the 7 IPOs set to commence trading on the ASX next week. The date and offer price may change, subject to market conditions. 

Almonty Industries (ASX: ALL)

The global mining company is expected to be listed on the ASX on 20 July 2021. The company looks to raise AU$13.5 million by the issue of CHESS Depositary Interests (CDIs) over fully paid ordinary shares at an offer price of AU$1.00 per share. The company, focused on tungsten mining and exploration, is already listed on the Toronto Stock Exchange. Almonty intends to use fund proceeds to finance the construction and completion of the Sangdong tungsten mine in Gangwon Province, South Korea.

BCAL Diagnostics (ASX: BDX)

The breast cancer detection company is expected to list its shares on the domestic exchange on 19 July 2021. Earlier, it was scheduled to list on July 16, but postponed the listing due to undisclosed reasons. The biotechnology company proposed raising AU$8 million at 25 cents a share via its IPO. The company is expected to have a market capitalisation of AU$49.7 million at the time of listing, implying an enterprise valuation of AU$41.7 million. Ahead of listing, the company had raised AU$4M in pre-IPO capital raise to fund trials of its breast cancer blood test.

NobleOak Life (ASX: NOL)

The life insurer is expected to debut on the national bourse on 21 July 2021 with security code “NOL”. The company proposed raising AU$62.2 million by issuing shares at an offer price of AU$1.95 apiece. As per the IPO prospectus, the company will use fund proceeds to expand its shareholder base, provide a liquid market for its shares, and improve its brand profile.

Openn Negotiation (ASX: OPN)

The Australian property technology company is set to commence trading publicly on the ASX on July 21. The company, which operates a property technology business through its subsidiary, looked to raise AU$9 million by issuing 45 million shares at an offer price of 20 cents apiece. Founded in Perth in 2016 by a group of experienced property professionals, the company provides a proprietary cloud-based software platform for the transparent negotiation and sale of residential property. It provides a real-time, online bidding process to achieve a property's market value through competitive price tension.

Victory Goldfields (ASX: 1VG)

The mining exploration company had filed an IPO prospectus to raise AU$5 million by issuing shares at 20 cents. The company is slated to commence trading on the ASX on 22 July 2021. Previously known as Hughes Drilling, the company is focused on gold exploration and has a portfolio of underexplored tenements in the Cue goldfields of Western Australia.

Western Mines Group (ASX: WMG)

The mineral exploration company is likely to commence trading on the ASX on 20 July 2021 with the code name “WMG”. The company looked to raise AU$5.5 million by issuing shares at an offer price of 20 cents. The IPO proceeds will be used to create significant shareholder wealth by exploring and discovering high-value gold and battery metal deposits across a portfolio of highly prospective projects located in Western Australia.

Western Gold Resources (ASX: WGR)

The Western Australia-focused gold explorer is set to list on the ASX on 19 July 2021 under the ticker name “WGR”. The company has successfully raised AU$7 million by issuing 35 million shares at an offer price of 20 cents. The IPO received strong demand from cornerstone and institutional investors. The fund raised by the company will help it to continue to focus on its Wiluna West Iron Ore project, which continues to deliver revenue from its C4 Iron Ore deposit.

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