You wouldn’t call it a comeback, but for the first time in a fair while the ASX will, fingers crossed, welcome four new debutants to the boards in the space of a couple of weeks.
All up there are six companies looking to raise $71m in new capital and list on the ASX over September and October. And should shareholders give it the nod, Webjet will split in two this month, creating the consumer-focused Webjet Group and WEB Travel Group which will house its WebBeds business.
Two of the aspirants – Cleantech Lithium, which is hoping to raise $20m, and Fulcrum Lithium, aiming for $10m – are, as the names suggest, looking to progress their lithium ambitions, which in the current market indicates a certain degree of courage.
Tungsten Metals Group is looking to raise $14m to produce tungsten from a facility in Vietnam, and last week extended the close date on its raise to October 3, saying: “The extended offer period will allow the company additional time to progress discussions with several strategic investors who have expressed interest in the company’s initial public offer since lodgement of the replacement prospectus.
“The extended offer period will also allow other investors additional time to consider the company’s investment proposition, which the directors consider to be strengthened off the back of the recent announcement by China’s Ministry of Commerce that it will place further export controls on certain global critical minerals and materials, most recently antimony and antimony-related materials.’’
Tungsten Metals was delisted from the ASX in February 2020 for “noncompliance with its financial reporting obligations and various other concerns”, but said it had undergone a restructure and now had a board which was up to the job.
The outlier in the minnows looking to list is luxury knitwear firm Merino & Co. The company is looking to raise $7.5m to make more stock under the MerinoSnug brand.
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