interesting IPO but so far a few key red flags
1. Using a significant part of IPO funds raised to pay off existing directors leaving circa $125m net funds raised
2. Currently loss making ($18.4m actual FY19) with forecast of further losses forecast on FY20 although off a higher gross profit which is good to see
3. FY13-17 performance options have an exercise price of $0.375 - $1.76 respectively so will be in the money right away for the early periods ie 2013/14. In Future years even if they are restricted from being exercised for a period they may dilute eventually and at a significant discount. note all these have a 5 year vesting period.
on the plus side an interesting company, have impressive growth and senior shareholders with a track record eg Cannon Brookes.
I will certainly be waiting for the IPO and deciding if I buy on market or not after it floats
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Mkt cap ! $485.2M |
Open | High | Low | Value | Volume |
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1 | 8926 | 0.920 |
4 | 70987 | 0.915 |
4 | 20889 | 0.910 |
5 | 36338 | 0.905 |
Price($) | Vol. | No. |
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0.940 | 32723 | 3 |
0.945 | 3797 | 1 |
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