Top 3 Australian IPOs from 2019
With the ASX struggling on the final day of the 2019 calendar year, we take a look at three of the most successful companies to IPO over the last year.
Best ASX IPOs of 2019
It’s been an up and down year for Australian IPOs – with a number of companies listing to significant fanfare – while others, like Prospa Group (ASX: PGL) have faced an investor exodus.
Ultimately, with the ASX 200 itself rising more than 20% in 2019—it has generally speaking—been a good time to be in equities. Whether this bullishness will hold into 2020 however, is another matter entirely.
With all this in mind, below we examine the three best performing IPOs of the 2019 calendar year.
Osteopore share price: +265%
Osteopore (ASX: OSX) is centrally involved in the commercialisation ‘of patented 3D printed bioresorbable products, specifically engineered to facilitate natural bone healing.’
Through the company’s IPO – held in September 2019 – Osteopore raised $5.25m to further its health-focused ambitions. The company intends to use these funds to increase market penetration in the Asian region, further refine its current sales and distribution networks in the US and EU, and secure additional regulatory clearances (Australian TGA approval, for example) – among other uses.
Positively, the company is currently revenue positive, reporting revenue from the September quarter of $298,000 – on a market capitalisation of $73.9m.
At an issue price of $0.20 per share, the Osteopore share price, which currently trades around the $0.73 mark, is currently up around 265%.
Splitit share price: +229%
Likely buoyed by general optimism around the buy now pay later (BNPL) space, Splitit’s (ASX: SPT) share price currently trades some 229% ahead of its IPO issue price.
Some of the company’s key financial figures may help to explain this meteoric run-up since listing.
As part of the company’s latest investor presentation, for example, it was revealed that for the six months ending June 30, Splitit’s revenue had reached $1.14m – a 293% increase on a PCP basis. Profitability also improved in that period, with the company revealing gross profits of $1.03m, a 550% increase on a PCP basis.
Other operational metrics have also likely contributed to bullishness around the stock: Q3 FY19 figures revealed 634 merchants and 235,000 customers were using Splitit’s BNPL payment solutions.
Uniti Wireless share price: + 532%
Operating in the presumed slow-moving telecommunications sector, since listing in February 2019, Uniti Wireless (ASX: UWL) has gone on a spending spree, finalising eight 'accretive acquisitions’, including: Fuzenet, Pivit, Clublinks, Fone Dynamics, Call Dynamics, LBNCo, Open Networks and most recently 1300 AUSTRALIA.
Not only strategically focused, the company met its pro-forma prospectus forecast for FY19, and as the company recently wrote: 'Pro-forma FY20 EBITDA (F) is now in excess of $32 million.' Just as importantly, the company has around $30m in cash on hand after a recently completed capital raise.
Speaking of the company’s ambitions a little more than a year ago, the Uniti Wireless’s co-founder and CEO, Che Metcalfe said:
‘We wanted to build a $100 million company, but now there’s real potential that we can build a half a billion or a billion-dollar company.’
With a current market capitalisation of $506m, the company has thus far made good progress on the upper-end of such an ambition.
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