1st day, page-40

Some market commentary from Fridays close:

FCT – First Wave Cloud Technology has today closed at 27.5c on 800k worth of stock traded. FCT is a backdoor listing that has today began trading on the ASX. The offer was at 20c a share and was done by Wentworth Global Capital Finance Pty Limited (Wentworth) who were the Lead Manager to the listing.
Moelis & Company, were a co-manager to the offer and handled most of the insto book.
There are a number of listed companies on the ASX that are in the cloud security space, a key differentiation for FCT is it is Telco carrier grade and operates at the node level within Telstra.
I did have some clients that participated in this offer. A brief description on FCT is below and if anyone would like more information on them.
First wave is already a trusted and leading provider of carrier grade “cloud security” offering, to more than 350 government and enterprise customers including some of Australia’s largest financial institutions, State and Federal Government, utilities and ASX200 listed and private enterprises.
First wave represents a proven cloud security service model within a increasing global growth opportunity via Telco’s, cloud service and virtual data service providers.

First wave, via a contracted relationship with Telstra, offers a highly flexible multi cloud, multi-vendor solution.
Beyond Telstra, First wave is currently in discussions with Telco’s in Asia, Europe and North America.
First wave was founded by participants of the original Telstra Research Labs, and these founders continue to be key employees and significant stakeholders in the Company going forward.
The founders will represent almost 40% of the expanded share register post listing.