Frosty or fiery? Here’s how these IPOs fared this week

The Australian share market ended in the positive territory on Friday, led by stellar gains in energy, utilities, realty and industrial stocks.

Snapping the three-session losing streak, the domestic stock market ASX 200 ended higher by 31.5 points or 0.45% at 7014. Overall, the market closed the week on a bearish note with the index falling 0.94% in the last five days as inflation woes kept investors jittery.

This week was quite tough for the initial public offering (IPO) market also, with most of the newly listed companies making weak debuts on the ASX, delivering subdued returns.

Must Read: IPO Watch: 11 Companies to Make ASX Debut in May

Here’s how the following newly listed companies performed this week:

Juno Minerals | Listing: May 14 | Return over offer price: -32%

Iron ore producer Juno Minerals (ASX: JNO) has a forgettable debut on ASX on Friday, falling as much as 66% to AU$0.15, in an otherwise strong broader market.

It opened at AU$0.20 against an offer price of AU$0.25, where 10.8 million shares worth AU$1.824 million changed hands. Paring some of its early losses, the stock settled the day’s trade at AU$0.17, down 32%.

Juno commenced trading on the ASX after raising AU$3.9 million through an initial public offering. Besides, the company has received AU$5 million in seed capital from parent company Jupiter Mines Limited (ASX: JMS).

The company intends to use funds to advance the Mount Mason DSO Hematite Project, located in Western Australia’s Central Yilgarn region, to take advantage of the current high iron ore price. The company has set a target of Q1 FY22 for completion of construction and commencement of operations.

Also Read: Major movements at ASX; a look at potential IPOs

Australian Clinical Lab| Listing: May 14 | Return over offer price: -14.5%

Pathology provider Australian Clinical Labs (ASX: ACL) was another firm that made a lacklustre debut on the ASX on Friday.

The stock declined as much as 18% to hit an intraday low of AU$3.39 against the issue price of AU$4.00. Trimming some of its early losses, the shares closed the day’s trade at AU$3.42, down 14.5%.

The company, owned by private equity firm Crescent Capital Partners, has proposed to raise AU$315 million via IPO at a market valuation of AU$809 million.

Australasian Gold | Listing: May 13 | Return over offer price: -14%

Listed on May 13, Australasian Gold (ASX: A8G) has delivered a negative return of 14.28% in two sessions, against an offer price of AU$0.20. The stock declined as much as 20% to AU$0.16 on market debut, before closing 15% lower at AU$0.17.

The listing comes at a time when the price of gold and the valuations of many gold mining companies have increased significantly.

Ahead of listing, the gold exploration company raised AU$5.51 million via IPO by issuing 27,564,940 shares at an offer price of AU$0.20. Opened for subscription on 13 March, the offer closed on 23 April 2021.

Also Read: Is this the Hottest Gold stock on ASX?

EP&T Global | Listing: May 12 | Return over offer price: -7.5%

Building analytics company EP&T Global (ASX: EPX) has dropped 7.5% in the last three sessions, against an issue price of AU$0.20. The stock started trading on the ASX on May 12 following the successful completion of its IPO, which raised gross proceeds of AU$11 million.

The company issued 47,500,000 new shares at AU$0.20 per share as part of its AU$11 million IPO, giving it an indicative market capitalisation of AU$37.2 million upon listing.

In addition, 7,500,000 existing shares held by the company’s founder, Keith Gunaratne, were sold through retail and institutional offers to ensure adequate free float, shareholder spread and liquidity.

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