Any IPO where $183.5m is being raised, but $118.5m is being used to pay out existing shareholders is a big red flag, and I would suggest on this basis alone this IPO should be avoided with a tentpole.
Additionally, the offer puts the Market Cap at $637m and EV at $536m, for a company that lost $3.4m last year and historically has not been operationally cashflow positive.
So where is the value in this one exactly? I will look to short this on IPO if I can
General discussion, page-6
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Last
$4.93 |
Change
-0.060(1.20%) |
Mkt cap ! $566.8M | |||
| Open | High | Low | Value | Volume |
| $5.00 | $5.02 | $4.59 | $1.465M | 300.3K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 8 | 25385 | $4.88 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $4.94 | 792 | 1 |
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| Last trade - 16.10pm 26/07/2024 (20 minute delay) ? |
| C79 (ASX) Chart |