Australian human resources software company ELMO is eyeing a $40 million float on the Australian Securities Exchange, 15 years after it started its growth in a dimly lit bunker.
When Danny Lessem founded the cloud-based software company in 2002 with co-founder Manuel Garber, ELMO was an e-learning platform and the term “cloud” had yet to enter everyday vernacular.
Tech stocks that listed on the ASX in 2016 have comfortably outshone their counterparts from other sectors, with stronger returns for shareholders in their first year of public life.
A new report from OnMarket BookBuilds, a platform that gives retail investors access to initial public offerings, found there were 25 tech listings in 2016, which delivered a 69.5 per cent return to investors.
Message Media and Soprano Design are continuing to take a cautious approach towards listing on the Australian Securities Exchange.
Both companies placed their float plans on hold last year following the election of Donald Trump as US president, fearing that the markets would become too volatile for the deals to successfully proceed.
Cloud-based human resources company ELMO has hired boutique adviser Blackpeak Capital to consider capital raising initiatives, including an initial public offering.
As revealed by Street Talk on Wednesday, fast-growing ELMO, which snapped up e-learning provider Techniworks Action Learning last month, may seek to raise $40 million. It plans to expand into the United States within the next 12 months.
With large cap fund managers trying to work out the future of Australia’s complex national electricity market and how the $1.5 billion-plus float of Alinta Group will fare, small cap investors also have a bit to chew on.
First out of the block after reporting season is direct insurance business, Freedom Insurance.
Soprano Design is the latest technology company hoping to embark on an initial public offering, hiring Blackpeak Capital to work on the possible listing.
Run by former Credit Suisse bankers Scott Colvin and Max Billingham and Jamie Taylor, Blackpeak worked on the float of the $1.5 billion logistics technology software business Wisetech, which has staged a strong rally since its initial listing last year.
It’s understood Australis has hired Euroz Securities and Bell Potter Securities to oversee the mooted initial public offering, while Max Billingham’s Blackpeak Capital is also involved.
The raising will be as much as $50 million for a market capitalisation of about $100 million. An ASX listing is slated for the second half.
Soprano Design is the latest technology company hoping to embark on an initial public offering, hiring Blackpeak Capital to work on the possible listing.
Run by former Credit Suisse bankers Scott Colvin and Max Billingham and Jamie Taylor, Blackpeak worked on the float of the $1.5 billion logistics technology software business Wisetech, which has staged a strong rally since its initial listing last year.