Post on 20-May-2020
Capital with confidenceA launch pad to accelerate your growthQ1 2020
For more informationasx.com.au/ipowithasx
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Agenda
Introduction 01
Why ASX? 02
Technology
Healthcare
Resources03
Your home market 04
How to list 05
Sector Specialities:
01Introduction
4 |
As one of the world’sleading exchange groups,ASX offers access to a large pool of capital in the world’sfastest growing region
Listed entities^
Consistently ranks as a global exchange leader
Largest pension pool globally*
#4 Top 10
2,200+
Listing your company with ASX
Capital with confidence - Listing with ASXSource: *Willis Towers Watson Global Pension Assets Study 2019
^ASX Official List 31 December 2019
5 |
Australia is home to one of the world’s largest pools of capital
Capital with confidence - Listing with ASX Source: Willis Towers Watson Global Pension Assets Study 2019 ^Deloitte: Dynamics of the Australian Superannuation System November 2019
131%Ratio of Australian Pension
Assets to GDP
~A$10TnProjected Australian
Superannuation Assets by 2038^
10.2%10-year CAGR in Australian
Pension Assets
11.8
3.3
1.40.7 0.8 0.9 0.5
24.7
3.1 2.9
1.9 1.6 1.50.9
US Japan UK Australia Canada Netherlands Switzerland
Global Pension Market Assets (US$ Tn)
2008
2018
6 |
Proven track record
ASX underpins Australia’s robust capital markets in an economy that holds the record for the longest period of recession-free growth of any developed country
Achieve your growth ambitions, and take your place in the world’s markets
Capital with confidence - Listing with ASX
Robust regulatoryenvironment
Long history of successfullylisting and funding earlystage growth companies
Strong trackrecord of growth
Source: November 2018 Austrade Investor Update (28 years of recession-free growth as of 2019)
7 |
185
164
92 9080
57
36
112
An active capital raising platform
ASX is one of the world’s most active exchanges by volume of listings
Number of new listings by exchange: CY2019
Capital with confidence - Listing with ASX
Selected exchanges as at 31 December 2019.Source: NASDAQ, HKEX, ASX, TSE, TSX, NYSE, LSE and SGX data from exchange website. NZX data from Dealogic.
ASX includes stapled securities and debt listings; HKEX includes GEM; JPX includes TSE, JASDAQ, MOTHERS, TOKYO PRO;LSE includes AIM listings; NZX includes NXT listings; SGX includes Catalist; TSX includes TSX-V listings.
02Why ASX?
9 |9 |
The launch pad to accelerate your growth
ASX sits at the heart of
Australia’s financial markets
It is a highly active capital raising platform, consistently ranking in the world’s top equity markets.
IPO capital raised AUD
New listings
Annual average 2014-2019
#125+$10b
Capital with confidence - Listing with ASX
Follow-on capital raised AUD$42bSource: ASX data, 31 December 2019
10 |
One of the world’s leading exchanges
Capital with confidence - Listing with ASX
3rd largest stock market in the Asian region*
9th largest stock market globally*
Market capitalisation of approx. $2.6 trillion
ASX has outperformed its global peers since
2000, throughout the ‘Asian Century’
At the forefront of electronic trading and capital
raising
Efficient capital raising processes with minimal
documentation
Strong track recordof growth
Stand tall in theworld’s markets
Pioneering marketinnovation
Source: Austrade Benchmark Report 2019*by free-float market capitalization
11 |
ASX has outperformed leading global indices since 2000
Global index performance since 2000
Capital with confidence - Listing with ASX
0
50
100
150
200
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
S&P/ASX 200 S&P 500 FTSE 100 Hang Seng FTSE EUROTOP 100 Nasdaq Composite
Source: Bloomberg, 15 January 2020
Why list with ASX?
13 |
0 1 2 3 4 5 6 7 8 9 10
1998
2001
2004
2007
2010
2013
2016
2019
2022
2025
2028
2031
2034
2037
Capital with confidence - Listing with ASX
IPO Capital Raisedby Exchange 2014-19 (US$m)
Australian Superannuation Sector Growth Trajectory
Source: Dealogic, 31 December 2019, figures include junior markets where applicable
Access the 4th largest pension pool globally
> Supportive domestic investor base
> Investable funds forecast to grow to A$10 trillion by 2038*
> Robust economy and well-regulated financial markets
1Raise capital in a top-ranking equity market
$146,789
$135,024
$90,478
$75,885
$74,462
$51,102
$44,924
$39,136
$37,196
$32,310
$25,900
NYSE
Hong Kong
Nasdaq
London SE
Shanghai SE
Tokyo SE
Shenzhen SE
ASX
Frankfurt SE
Saudi SE
Mexican SE
National SE India
Source: Deloitte and APRA, November 2019^ Projected to 31 December 2038
Compulsory super introduced in 1992
Currently A$2.7 trillion
Growing to A$10 trillion in
2038^
$ 210,162
* Deloitte: Dynamics of the Australian Superannuation System, November 2019
14 | Capital with confidence - Listing with ASX
Breakdown by Number Breakdown by Market Cap
Join an impressive peer group of both mature and growth companies
> Small and mid-cap growth companies
> Dominant resources and financials sectors
> An emerging technology sector
> World-class healthcare sector
2Proven track record across all industry sectors
26% Resources (Energy + M&M)
25% Financials
11% Consumer Discretionary & Staples
11% Industrials & Materials (ex M&M)
10% Health Care
7% Real Estate
7% IT and Communication Services
3% Utilities
Source: Bloomberg & ASX Official List, 7 January 2020 aggregated across global markets. May exclude companies with suspended securities or subject to poor liquidity where market capitalisation cannot be determined.
42% Resources (Energy + M&M)
15% IT and Communication Services
11% Consumer Discretionary & Staples
11% Industrials & Materials (ex M&M)
8% Health Care
7% Financials
4% Real Estate
2% Utilities
Total Listed Entities: 2,240
Total Market Cap: A$2.6 trillion
15 |
Active market for both early stage and mature companies
Capital with confidence - Listing with ASX
Access a well-educated, sophisticated investor base interested in growth opportunities, as an attractive alternative to private funding
3Strength in small and mid-cap as well as early stage IPOs
Proportion of Listed Companies by Market Capitalisation (A$)
22%
29%
12%
18%
6%
13%
<$10m $10m-$50m $50m-$100m $100m-$500m $500m-$1b >$1b
Source: Bloomberg, 31 December 2019. Excludes suspended companies and those with $0 market capitalisation. Excludes ETFs, retail and wholesale debt listings, stapled duplicates and entities with no GICS classification.
16 |
Australia North America Europe Asia RoW
Capital with confidence - Listing with ASX
Minimum Company Size* US$
Institutional Ownership of S&P/ASX 200 Index**
ASX is optimised for early stage growth companies, with a minimum market capitalisation of ~US$200 million for entry into the S&P/ASX 300 Index
> Early entry into a globally recognised index
> Attract institutional investment sooner
> Enhance liquidity in your company’s shares
4Access benchmark indices at a comparatively early stage
45% of institutional ownership by overseas institutions
Top institutional investors^
Source: *indicative values based on eligibility criteria or inclusions as at last rebalance. Exchange rates as at 8 Jan 19. **Orient Capital ^Factset
NASDAQ100
$19.1b
S&P 500
$8.2bHang Seng
$15.0b
FTSE 100
$7.1b
S&P/ASX 200
$853mS&P/ASX 300
$214m
Straits Times
$5.9bS&P/TSX Comp
$503m
17 | Capital with confidence - Listing with ASX
5Overall ASX valuations match or exceed those in other major markets
Valuations reflect demand/price dynamics:
> Demand from:
• Australian institutional investors
• International institutions (Asia/US/Europe
based)
• Retail/HNW investors
> Critical mass and growth of Australian pension fund market
> Investor knowledge and sophistication
IndexPrice/Sales
(forward)P/E
(forward)EV/EBITDA
(forward)
ASX 200 2.4 18.5 11.3
ASX 300 2.4 18.6 11.3
ASX 300 Info Tech 5.2 47.5 24.8
NASDAQ COMPOSITE 3.0 25.6 16.1
NASDAQ 100 3.7 23.5 14.6
S&P 500 2.3 18.9 12.8
S&P 500 Info Tech 5.0 23.5 15.9
FTSE 100 1.2 13.6 8.2
HANG SENG 1.8 10.8 9.8
STRAITS TIMES 1.8 12.9 14.9
Source: Bloomberg, 31 December 2019
Valuation indicators by index
18 | Capital with confidence - Listing with ASX
ASX is increasingly a destination for foreign companies seeking growth capital
> Critical mass of Technology and Healthcare listings to complement well established Financial and Resource sectors
> Sweet spot for companies listing with market capitalisations between $50 million and $1 billion
> Success in attracting foreign listings from markets such as New Zealand, Singapore, Malaysia, Israel, Ireland and the United States
6An expanding and diversified listings franchise
Top Ten Tech ‘Unicorns’
Top Ten Healthcare ‘Unicorns’
Source: Bloomberg Market Capitalisations (AUD) GICS Sector Information Technology, GICS Industry Communications Services
and GICS Sector Healthcare, 31 December 2019
$7.6b
$4.5b
$13.6b $7.4b
$2.7b $2.6$3.1b
$11.3b $9.1b
$4.1b
$125.2b $13.0b$13.7b$31.5b
$2.3b$12.1b $3.8b $3.7b $2.0b
$14.7b
19 | Capital with confidence - Listing with ASX
7Innovation and efficiency in follow on capital raising
Equity capital raising methods:
> Placements
> Rights Issues
> Share Purchase Plan
> Accelerated Issues
PlacementsCan issue up to 15% of your register with minimal documentation within 2 days
Rights IssuesAnother minimal documentation method with no limit to share issues if made pro-rata to existing shareholders
Share Purchase PlanCan issue up to $30,000 worth of additional shares in the company to existing shareholders in any 12 month period
Accelerated IssuesCapital raised quickly with limited exposure to market, with an offer price either fixed or determined by a book build process
20 | Capital with confidence - Listing with ASX
ASX Evolve is a program of initiatives designed to enhance the value of listing on ASX – providing services that connect listed companies to potential investors both locally and internationally
8Post-listing support:ASX Issuer Services
ASX CEO Connect Connect with retail investors on a scale never seen before in the Australian market – tell your story to the Australian investment community via a bi-monthly presentations livestreamed across the country.
ASX International Conferences ASX has been hosting investment conferences across Asia and the United States for over 10 years – giving our listed companies the chance to showcase their business strategies and achievements to an international audience through presentations and strategic one-on-one meetings with investors.
ASX Equity Research Scheme ASX has been funding the production of high-quality, independent research on micro and small-cap ASX-listed companies for over 5 years – this initiative has been able to provide multiple listed companies with the additional research coverage and analyst support they need, many for the first time.More information at:
asx.com.au/evolve
03 Sector Speciality:
Technology
22 |
Why Tech companies list with ASX
Capital with confidence - Listing with ASX
A strong market for early stage growth
companies
More than 100technology listings
2014-19
Strong peer groups in fintech, online
marketplaces and SaaS
An attractive fundraising alternative
Source: ASX data, 31 December 2019
23 |
A vibrant exchange for listed tech companies> Earlier entry to a globally recognised index
> Main board listing
> Active network of tech brokers and analysts
> Over $4.7b in IPO capital raised 2014-19*
> 100+ Tech IPOs 2014-19* with a strong
pipeline
> 18 ASX listed Tech ‘unicorns’
Capital with confidence - Listing with ASX
Market Cap at IPO^
$610m
$1.36b
$325m
Source: ^Company prospectuses*ASX Data
50
70
90
110
130
150
170
190
210
FY2014 FY2015 FY2016 FY2017 FY2018 FY2019
Total ASX Listed Technology Companies
$689m
$974m
Source: Bloomberg, 28 June 2019. GICS Information Technology sector. Australian Financial Year
$661m
24 |24 |
Appen (APX)
Capital with confidence - Listing with ASX
Established in 1996, Appen provides high quality language technology data and services in more than 140 languages and dialects to leading technology companies and government agencies via its two business lines, Content Relevance, which focuses on improving search products, and Speech and Data Collection, which provides training data
Listing on ASX provided Appen with:
> Financial flexibility to pursue growth opportunities
> Improved access to capital markets
> Improved capacity to attract and retain staff
> Allow existing investors the opportunity to monetise their investment
Listing milestones:
> March 2017 – S&P/ASX All Ords Index inclusion
> September 2017 – S&P/ASX 300 Index inclusion
> June 2018 – S&P/ASX 200 Index inclusion
Price performance, rebased at listing date Listing Snapshot
Institutional shareholders by geography*
At Listing
Listing Date: 07 January 2015
Market Cap at Listing: $47.3m
Capital Raised: $15.0m
Price/Sales: 11.8
EV/EBITDA: NA
Lead Manager(s): Bell Potter
Current (31 December 2019)
Market Cap: $2,720.1m
Share Price: $22.46
Price/Sales (Forward): 4.0
APX4392%
ASX20025%
ASX300Info.Tech
95%
0
1000
2000
3000
4000
5000
6000
7000
Jan
-15
Jul-
15
Jan
-16
Jul-
16
Jan
-17
Jul-
17
Jan
-18
Jul-
18
Jan
-19
Jul-
19
40% AUS
28% US
24% Asia
8% EU
Follow on raisings, $25m, 30 Nov 17$5m, 19 Dec 17
Follow on raisings, $285m, 12 Mar 19
$15m, 8 Apr 19
Source: Bloomberg, FactSet, 31 December 2019*Does not include insider ownership
25 |25 |
Kogan (KGN)
Capital with confidence - Listing with ASX
Kogan.com is an Australian based online retail website focusing on the sale of both in-house brand and third party electronics
In FY2015 Kogan also launched Kogan Travel and Kogan Mobile in partnership with Vodafone
Listing on ASX provided Kogan with:
> Funding support for marketing and inventory investment
> A liquid market
> The ability to pay down $4m of debt
> A platform for future growth through providing access to capital markets
Listing milestones:
> March 2017 – S&P/ASX All Ords Index inclusion
> September 2018 – S&P/ASX 300 Index inclusion
Price performance, rebased at listing date Listing Snapshot
Institutional shareholders by geography*
At Listing
Listing Date: 07 July 2016
Market Cap at Listing: $168.0m
Capital Raised: $50.0m
Price/Sales: 0.7
EV/EBITDA: 20.2
Lead Manager(s): Canaccord Genuity
Current (31 December 2019)
Market Cap: $713.2m
Share Price: $7.59
Price/Sales (Forward): 1.5
KGN322%
ASX20029%
ASX300Info.Tech
86%
0
100
200
300
400
500
600
Jul-
16
No
v-16
Mar
-17
Jul-
17
No
v-17
Mar
-18
Jul-
18
No
v-18
Mar
-19
Jul-
19
No
v-19
72% AUS
24% US
3% EU
1% Asia
Source: Bloomberg, FactSet, 31 December 2019*Does not include insider ownership
26 |26 |
WiseTech Global (WTC)
Capital with confidence - Listing with ASX
A home grown SaaS success story built over 20 years, WiseTech listed on ASX in April 2016 as a billion dollar tech firm. WiseTech is a cloud based provider of software solutions for the logistics industry, and has over 6,000 customers in more than 125 countries
Listing on ASX provided WiseTech with:
> Funding to pursue future growth opportunities, and the flexibility to support that strategy
> The ability to repay existing debt
> An opportunity for existing investors to monetise their investment
> Increased brand profile and broaden their shareholder base
Listing milestones:
> December 2017 – S&P/ASX 200 Index inclusion
Price performance, rebased at listing date Listing Snapshot
Institutional shareholders by geography*
At Listing
Listing Date: 11 April 2016
Market Cap at Listing: $973.6m
Capital Raised: $170.4m
Price/Sales: 9.5
EV/EBITDA: 29.7
Lead Manager(s): Credit Suisse, Morgan Stanley
Current (31 December 2019)
Market Cap: $7,436.2m
Share Price: $23.37
Price/Sales (Forward): 14.0
WTC598%
ASX20035%
ASX300Info.Tech
93%
0
200
400
600
800
1000
1200
Ap
r-1
6
Au
g-16
Dec
-16
Ap
r-1
7
Au
g-17
Dec
-17
Ap
r-1
8
Au
g-18
Dec
-18
Ap
r-1
9
Au
g-19
Dec
-19
66% US
22% AUS
10% EU
2% Asia
Follow on raising, $100m, 24 May 18
Follow on raising, $300m, 27 Mar 19$35.9m, 15 Apr 19
Source: Bloomberg, FactSet, 31 December 2019*Does not include insider ownership
27 | Capital with confidence - Listing with ASX
Acquired by: Acquired by:
December 2017* August 2019*
Listing SnapshotAt ListingListing Date: 09 December 2014Market Cap at Listing: $312.3mCapital Raised: $140.0mPrice/Sales: 4.7Lead Managers: Macquarie, UBSValuation at acquisition: $1,600.0mP/S (Forward) at acquisition: 8.4
Price performance, rebased at listing date
ACX333%
ASX2009%
ASX300Info.Tech
39%
0
150
300
450
600D
ec-1
4
Au
g-15
Ap
r-16
Dec
-16
Au
g-17
Ap
r-18
At ListingListing Date: 8 December 2017Market Cap at Listing: $306.2mCapital Raised: $67.0mPrice/Sales: NALead Manager: Bell Potter SecuritiesValuation at acquisition: $585.0mP/S (Forward) at acquisition: 8.8
Listing Snapshot
0
50
100
150
200
Jan
-18
May
-18
Sep
-18
Jan
-19
May
-19
Sep
-19
CRD67%
ASX20011%
ASX300Info. Tech
45%
Price performance, rebased at listing date
Notable ASX Tech Acquisitions
Source: Bloomberg*publicly announced
Acquired by:
2016
Listing SnapshotAt ListingListing Date: 10 September 2007Market Cap at Listing: $25.6mCapital Raised: $7.5mPrice/Sales: 25.1Lead Manager: BBYValuation at acquisition: $750.8mP/S (Forward) at acquisition: 16.0
Acquired by:
November 2015*
0
500
1000
1500
2000
Oct
-07
Ap
r-09
Oct
-10
Ap
r-12
Oct
-13
Ap
r-15
IPP1430%
ASX20025%
ASX300Real Estate
25%
Price performance, rebased at listing date
28 |
Technology and Communication Services Indices S&P/ASX 200
Capital with confidence - Listing with ASX
A proven platform for tech growth
Total Capital Raised by Technology andCommunication Services Companies
Source: ASX data, 31 December 2019. Excludes capital raised through backdoor listing.
0
0.5
1
1.5
2
2.5
3
3.5
4
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
$A
Bill
ion
s
Secondary Capital Raised IPO Capital Raised
Source: Bloomberg, 31 December 2019.
50
100
150
200
250
300
350
400
Jan
-09
Jan
-10
Jan
-11
Jan
-12
Jan
-13
Jan
-14
Jan
-15
Jan
-16
Jan
-17
Jan
-18
Jan
-19
Jan
-20
S&P/ASX 200 Index S&P/ASX 200 Info Tech S&P/ASX 200 Communication Services
03 Sector Speciality:
Healthcare
30 |
Why healthcare companies list with ASX
Capital with confidence - Listing with ASX
Strong Australian healthcare, biotech and
med-tech ecosystem
More than 65healthcare listings
since 2013
Raise capital for commercialisation and future growth
Join an impressive peer group of emerging and
mature companies
Source: ASX data, 31 December 2019
65
31 |31 |
A diverse healthcare sector
Combined market capitalisation
Healthcare, biotech & med-tech companies
are listed on ASX
S&P/ASX 200 v Healthcare Indices
170+$248b
Capital with confidence - Listing with ASX Source: Bloomberg, 31 December 2019
0
100
200
300
400
500
600
700
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
S&P/ASX 200S&P/ASX 300 Health CareS&P/ASX 300 Pharma, Biotech & Life SciencesS&P/ASX 300 Health Care Equipment & Services
#16 Listed healthcare unicorns
32 |32 |
0
200
400
600
800
1000
1200
1400
1600
May
-07
May
-08
May
-09
May
-10
May
-11
May
-12
May
-13
May
-14
May
-15
May
-16
May
-17
May
-18
May
-19
Nanosonics (NAN)
Capital with confidence - Listing with ASX
A manufacturer and distributor of the trophon® EPR ultrasound probe disinfector and its associated consumables and accessories
Nanosonics is also involved in research, development and commercialisation of infection control and decontamination products and related technologies
Listing on ASX provided Nanosonics with:
> Funding to advance commercialisation efforts
> Funding to conduct R&D on further products and innovation
> Support for business development activities
> Working capital
Listing milestones:
> March 2010 – S&P/ASX All Ords Index inclusion
> March 2015 – S&P/ASX 300 Index inclusion
Price performance, rebased at listing date Listing Snapshot
Institutional shareholders by geography*
At Listing
Listing Date: 17 May 2007
Market Cap at Listing: $97.2m
Capital Raised: $27.0m
Price/Sales: NA
EV/EBITDA: NA
Lead Manager(s): Wilson HTM
Current (31 December 2019)
Market Cap: $1,908.0m
Share Price: $6.35
Price/Sales (Forward): 15.4
NAN1170%
ASX300Healthcare Services &
Equipment
134%
52% AUS
41% US
7% EU
Follow on raisings, $12m, 7 Dec 09
$3.6m, 11 Dec 09
Follow on raisings, $15.5m, 4 May 12$380k, 16 May 12
GE Investment$7.5m, 25 Jun 12
Follow on raisings, $25m, 5 Mar 15$3m, 5 Mar 15
ASX2006%
Source: Bloomberg, FactSet, 31 December 2019*Does not include insider ownership
33 |33 |
Telix Pharmaceuticals (TLX)
Capital with confidence - Listing with ASX
An Australian oncology company developing targeted radiopharmaceuticals, with a portfolio of products for kidney, prostate and brain cancer that has the potential to significantly impact the diagnosis and treatment of cancer
Listing on ASX provided Telix with:
> The ability to fund portfolio development, including milestone payments to third parties
> The financial flexibility to pursue further growth opportunities
> A liquid market for its shares
> An increased public profile
Price performance, rebased at listing date Listing Snapshot
Institutional shareholders by geography*
At Listing
Listing Date: 15 November 2017
Market Cap at Listing: $128.3m
Capital Raised: $50.1m
Price/Sales: NA
EV/EBITDA: NA
Lead Manager(s): Taylor Collison, Wilsons
Current (31 December 2019)
Market Cap: $392.6m
Share Price: $1.55
Price/Sales (Forward): 58.6
ASX300Pharma.
95%
65% Asia
33% AUS
1% US
1%EU
TLX138%
ASX20012%
0
50
100
150
200
250
300
350
No
v-17
Jan
-18
Mar
-18
May
-18
Jul-
18
Sep
-18
No
v-18
Jan
-19
Mar
-19
May
-19
Jul-
19
Sep
-19
No
v-19
Source: Bloomberg, FactSet, 31 December 2019*Does not include insider ownership
Follow on raising, $5m, 24 Dec 18
Follow on raising, $40m, 23 July 19
03 Sector Speciality:
Resources
35 |
Why resource companies list with ASX
Capital with confidence - Listing with ASX
Over 375 resource listings since 2009
Specific gold and resources indices
A world leader in resource capital raising
145 year track record in a major global
mining region
Source: ASX data, 31 December 2019
36 |36 |
From junior explorers to world leaders
Countries where ASX listed companies operate
Listed companies
Join the world’s largest diversified and specialised resource companies
800+80+
Capital with confidence - Listing with ASX
Value of Metals and Mining Stocks by Sub-industry
Value of Energy Stocks by Sub-industry ASX’s largest industry sector
by number of companies#1
56% Diversified Metals & Mining
27% Gold
14% Steel
2% Aluminum
1% Copper
Market Cap:$353 billion
58% Oil & Gas Exploration & Production
12% Coal & Consumable Fuels
12% Integrated Oil & Gas
11% Oil & Gas Refining & Marketing
7% Oil & Gas Equipment & Services
Market Cap:$125 billion
Source: Bloomberg, 31 December 2019, aggregated across global markets. May exclude companies with suspended securities or subject to poor liquidity where market capitalisation cannot be determined.Metals and Mining market capitalisation numbers reflect ASX listed entity valuations for BHP & Rio Tinto
.
37 |
$11.1b
$13.5b
$7.6b
ASX: The global resources hub
Capital with confidence - Listing with ASX
$114.7b* $32.4b$37.3b*
$14.9b
$23.3b
$17.0b
Source: Bloomberg 31 December 2019*Market Capitalisation based on ASX listing entity only. BHP & Rio Tinto have a dual listed company structure
$32.9b
$13.3b
$8.5b $8.3b $8.0b
$13.2b
38 |
ASX: Global mining community by numberOver 80 nations with ASX listed mining explorers and producers
40
Source: Austex, 2019
South America
North America
87
112Africa
31Asia 36
24Pacific
Australia 410
Europe
32
Capital with confidence - Listing with ASX
39 |
A proven platform for resources growth
Developing exploration
projects requires the capital
equity markets can provide
Total Capital Raised by Resource Companies
Capital with confidence - Listing with ASX
Source: ASX data, 31 December 2019. Excludes capital raised through backdoor listings.
0
5
10
15
20
25
30
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019$
A B
illio
ns
Secondary Capital Raised IPO Capital Raised
04 Your home market
Australia
42 |
Equities traded daily**
Listing on ASX puts your
company at the heart of Australia’s financial markets,
in a highly active and globally
connected capital market
Listed Entities^
New listings per year*+125 2,200+
$6.9b
Why Australian companies list with ASX
Capital with confidence - Listing with ASX* Annual average 2014-2019
^ASX Official List, 31 December 2019**Includes ASX and CXA average for 2019
43 |
Be the next local success story
Join a peer group of leading local and international companies across a diverse range of sectors
Capital with confidence - Listing with ASX
Raise funds for growth
Build awareness of your brand, products and services
Access key indices, local and international institutional investors at an early stage
44 |44 |
-
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
May
-16
Au
g-16
No
v-16
Feb
-17
May
-17
Au
g-17
No
v-17
Feb
-18
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-18
Au
g-18
No
v-18
Feb
-19
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-19
Au
g-19
No
v-19
Afterpay Limited (APT)
Capital with confidence - Listing with ASX
Fintech Afterpay is a payments company, allowing customers to purchase an item and repay it in interest free instalments. It listed with ASX in 2016, raising $25 million at its IPO
Listing on ASX provided Afterpay with:
> Funding to accelerate Afterpay’s client base and product offering Capital for acquisitions
> A liquid market for its current shareholders
> Opportunities to expand its shareholder register
> The financial flexibility to pursue possible growth opportunities
Afterpay merged with Touchcorp in July 2017 to form Afterpay Touch Group
Listing milestones:
> September 2017 – S&P/ASX 300 Index inclusion
> June 2018 – S&P/ASX 200 Index inclusion
> June 2019 – S&P/ASX 100 Index inclusion
Listing Snapshot
Institutional shareholders by geography*
55% US
27% AUS
15% EU
3% Asia
At Listing
Listing Date: 4 May 2016
Market Cap at Listing: $165.0m
Capital Raised: $25.0m
Price/Sales: NA
EV/EBITDA: NA
Lead Manager(s):Wilson HTM
Bell Potter Securities
Current (31 December 2019)
Market Cap: $7,632.3m
Share Price: $29.28
Price/Sales (Forward): 11.5
APT2828%
ASX20025%
ASX300Info. Tech
82%
Follow on raising, $36m, 18 Oct 16
Matrix Partners Investment
US$15m, 16 Jan 18
Price performance, rebased at listing date
Source: Bloomberg, FactSet, 31 December 2019*Does not include insider ownership
Follow on raisings, $117m, 23 Aug 18$25m, 19 Sep 18
Touchcorp merger announced
23 Feb 17
Follow on raising, $317m, 12 June 19
45 |45 |
0.0
50.0
100.0
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200.0
May
-17
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17
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-17
No
v-17
Jan
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Mar
-18
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-18
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-18
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v-18
Jan
-19
Mar
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May
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Jul-
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No
v-19
BINGO Industries (BIN)
Capital with confidence - Listing with ASX
Bingo is a vertically integrated waste management operator having capabilities across the waste collection, processing, separation and recycling components of the waste value chain operating primarily in NSW
Listing on ASX provided BINGO with:
> Capital for acquisitions
> Ongoing access to capital markets
> A liquid market for its shares
> Capital to repay existing debt facilities
Listing milestones:
> September 2017 – S&P/ASX 300 Index Inclusion
> September 2018 – S&P/ASX 200 Index inclusion
Price performance, rebased at listing dateListing Snapshot
Institutional shareholders by geography*
51% AUS
37% US
12% EU
At Listing
Listing Date: 3 May 2017
Market Cap at Listing: $628.2m
Capital Raised: $439.5m
Price/Sales: 2.4
EV/EBITDA: 8.8
Lead Managers: Macquarie Capital
Current (31 December 2019)
Market Cap: $1,856.7m
Share Price: $2.84
Price/Sales (Forward): 3.1
BIN58%
ASX300Industrials
25%
ASX20012%
Follow on raisings, $106m, 29 Nov 17$14m, 18 Dec 17
Follow on raisings, $352m, 23 Aug 18$73m, 11 Sep 18
Source: Bloomberg, FactSet, 31 December 2019*Does not include insider ownership
46 |46 |
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NEXTDC (NXT)
Capital with confidence - Listing with ASX
NEXTDC develops next generation data centres focused on delivering smart, secure, scalable and energy efficient facilities to the Australian and New Zealand markets
Listing on ASX provided NEXTDC with:
> Funding for the establishment of initial facilities
> Capital for the acquisition of a site in Sydney
> A liquid markets for its shares
> A broader shareholder base
Listing milestones:
> March 2012 – S&P/ASX 300 Index inclusion
> September 2016 – S&P/ASX 200 Index inclusion
Price performance, rebased at listing date Listing Snapshot
Institutional shareholders by geography*
68% AUS
19% US
11% EU
2% Asia
At Listing
Listing Date: 13 December 2010
Market Cap at Listing: $80.0m
Capital Raised: $40.0m
Price/Sales: NA
EV/EBITDA: NA
Lead Managers:Moelis
RBS Morgans
Current (31 December 2019)
Market Cap: $2,272.7m
Share Price: $6.58
Price/Sales (Forward): 10.0
NXT575%
ASX20041%
ASX300Info. Tech
102%
Follow on raising, $41m, 20 Apr 12$10m, 20 Apr 12
Follow on raising, $50m, 21 Aug 13
Follow on raising, $150m, 6 Sept 16
Follow on raisings, $33.6m, 18 Mar 11$15.3m, 18 Mar 11
Follow on raisings, $50m, 1 Aug 11
Follow on raisings, $120m, 23 Nov 15
Source: Bloomberg, FactSet, 31 December 2019*Does not include insider ownership
Follow on raisings, $297m, 17 Apr 18$80m, 21 May 18
Constrained by home market
48 |
Connect with one of the world’s
largest pool of investable funds in a highly active capital market
– ideal if your home market has
limited access to capital or a relatively small listed peer group
Equities traded daily**
Listed Entities^
New listings per year*+125 2,200+
$6.9b
Outward looking opportunities for growth
Capital with confidence - Listing with ASX* Annual average 2014-2019
^ASX Official List, 31 December 2019**Includes ASX and CXA average for 2019
49 |49 |
ASX International Listings – Key Markets
Where are the ASX International Listings coming from?
Capital with confidence - Listing with ASX
56 47 21 17 10
New Zealand United States SingaporeIsrael Canada Ireland
3
Total Foreign Listings: 270+
Source: ASX Data, 22 January 2020
10
Malaysia
50 |50 |
Fluence (FLC)
Capital with confidence - Listing with ASX
Fluence is the global leader in the delivery of innovative, cost-effective decentralised water, wastewater, and reuse solutions for businesses and communities anywhere in the world
Listing on ASX provided Fluence with:
> Capital for further Research and Development
> Funding for ongoing company administration expenses
> Working Capital
RWL Water LLC and Emefcy Ltd merged to become Fluence in July 2017
Listing milestones:
> March 2017 – All Ordinaries Index Inclusion
Price performance, rebased at listing date
0
100
200
300
400
500
600
Dec
-15
Mar
-16
Jun
-16
Sep
-16
Dec
-16
Mar
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Jun
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Mar
-18
Jun
-18
Sep
-18
Dec
-18
Mar
-19
Jun
-19
Sep
-19
Dec
-19
Listing Snapshot
Institutional shareholders by geography*
90% US
10% EU
At Listing
Listing Date: 23 December 2015
Market Cap at Listing: $35.5m
Capital Raised: $15.0m
Price/Sales: NA
EV/EBITDA: NA
Lead Managers: Henslow
Current (31 December 2019)
Market Cap: $268.6m
Share Price: $0.43
Price/Sales (Forward): 1.1
FLC115%
ASX20031%
ASX300Industrials
45%
Follow on raising $31.6m, 25 Jul 16
RWL Water merger announcement
5 May 17
Follow on raising$33.1m, 30 Oct 18$3.3m, 26 Nov 18
Source: Bloomberg, FactSet, 31 December 2019*Does not include insider ownership
Follow on raisings, $36.0m, 18 Nov 19$2.4m, 20 Nov 19
New Zealand
52 |
0
100
200
300
400
Total Funds UnderManagement
Fund Mandate Available to ASX-listedNZ Companies
Fund Mandate Available to NZX-listedNZ Companies
$ b
illio
n
$342b
$254b
$61b
Orient Capital Australian Institutional Investor Survey, June 2019
Multiply your business impact,
attract a diversified investor base and benefit from a
streamlined dual listing process
New Zealand-based companies have found their natural
home on ASX
Access a pool of investable funds over four times larger
than available in NZ4x56
Why New Zealand companies list with ASX
Capital with confidence - Listing with ASX
53 |
ASX-Listed New Zealand Companies
$130m
Total NZX Market$144m
Total ADV:$274m
48% Market Share
Australian vs New Zealand market trading activityAverage Daily Value Traded comparison (A$)
Capital with confidence - Listing with ASXSource: Bloomberg, ‘ASX-Listed’ includes ASX and Chi-X trading, 31 December 2019
* Excludes delisted companies
2017
Top NZX Value Traded Top ASX-Listed Traded
1 Fletcher Building Ltd. a2 Milk Co.
2 Spark NZ Ltd. Fletcher Building Ltd.
3 Fisher & Paykel Health. Fisher & Paykel Health.
4 a2 Milk Co. Trade Me Group Ltd.
5 Contact Energy Ltd. Spark NZ Ltd.
6 Auckland Intl. Airport Ltd. Sky City Ent. Group.
Total ADV:$243m
2019
Top NZX Value Traded Top ASX-Listed Traded*
1 Spark NZ Ltd. a2 Milk Co.
2 a2 Milk Co. Xero Ltd.
3 Fisher & Paykel Health. Fisher & Paykel Health.
4 Contact Energy Ltd. Fletcher Building Ltd.
5 Auckland Intl. Airport Ltd. Spark NZ Ltd.
6 Meridan Energy. Chorus Ltd.
ASX-Listed New Zealand Companies
$85m
35% Market Share
Total NZX Market$158m
54 | Capital with confidence - Listing with ASX
-100
-50
0
50
100
150
200
250
3 months 6 months 9 months 12 months
% C
han
ge in
Tra
din
g V
olu
me
acro
ss b
oth
ASX
& N
ZX
Change in total monthly trading volumes since ASX listing*
Source: Bloomberg *Selected companies**Pushpay Holdings raised capital at the time of ASX listing. 9 months after listing Pushpay experienced a 307% increase in monthly trading volumes
^Contact Energy figures exclude Origin Energy Sell-down Transaction
New Zealand companies
dual listing on ASX
16 New Zealand companies have undertaken a secondary listing on ASX since 2010.
> Trading volumes increased regardless of free float
> One company raised capital at the time of listing**
> On average, there was a 145% increase in trading volume across all companies within 12 months of listing on ASX^.
> Half of the companies experienced greater than 100% increase in trading volume within the first three months of listing on ASX^.
55 |
ASX ‘NZ Foreign Exempt’ listing category
Capital with confidence - Listing with ASX
Listing rule category NZ ‘Standard’ Listing NZ Foreign Exempt*
Admission: Information Memorandum(compliance listings)
ASX requirement Not required
Admission: Prospectus (capital raising)Trans-Tasman mutual
recognitionTrans-Tasman mutual
recognition
Admission: Good fame & character ASX ASX
Release of information and announcements ASX & NZX ASX & NZX
Continuous disclosure standard ASX & NZX NZX only
Periodic disclosure (format and timetable) NZX only – waiver required NZX only
Subsequent capital raising limits NZX only – waiver required NZX only
Corporate Governance code ASX & NZX NZX only
Significant transactions ASX & NZX NZX only
Related party transactions ASX & NZX NZX only
Trading halts and suspensions ASX & NZX ASX & NZX
Share registry ASX & NZX ASX & NZX
* Listing requirements indicative only
Streamlines dual listing process for NZ companies
56 |56 |
Pushpay Holdings (PPH)
Capital with confidence - Listing with ASX
Pushpay was established in New Zealand in 2011 and dual listed on ASX in 2016, raising $40m in the process
Pushpay dual listed on ASX in 2016, allowing it to:
> Attract international investors, particularly from the US
> Diversify the current shareholder base
> Gain index inclusion
The company is now based in Seattle, with a US centric business operating a SaaS model focused on the faith sector providing mobile commerce tools that facilitate fast, secure and easy mobile payments
Listing milestones:
> March 2018 – S&P/ASX All Ords Index inclusion
Price performance, rebased at listing date
0
50
100
150
200
250
Oct
-16
Dec
-16
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-17
Ap
r-17
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-17
Au
g-17
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r-18
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r-19
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g-19
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-19
Listing Snapshot
Institutional shareholders by geography*
49% US
34% NZ
16% AUS
1% EU
At Listing
Listing Date: 12 October 2016
Market Cap at Listing: $525m^
Capital Raised: $40m
Price/Sales: NA
EV/EBITDA: NA
Lead Managers: Ord Minnett
Current (31 December 2019)
Market Cap: $1,062.0m
Share Price: $3.92
Price/Sales (Forward): 4.9
PPH87%
ASX20022%
ASX300Info. Tech
70%
Follow on raising, NZ$35m, 12 July 17
Source: Bloomberg, FactSet, 31 December 2019^First trading day closing price
*Does not include insider ownership
Follow on raising, NZ$100m, 19 June 18
Follow on raising, NZ$45m, 4 July 19
57 |57 |
0
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Nov-12 Nov-13 Nov-14 Nov-15 Nov-16 Nov-17 Nov-18 Nov-19
Xero (XRO)
Capital with confidence - Listing with ASX
Xero was founded over 10 years ago in New Zealand, and provides cloud based accounting software targeted at SMEs. It is a market leader in New Zealand, Australia and the UK. Forbes recognised Xero as the world’s most innovative company in 2014 and 2015
Xero dual listed on ASX in 2012, allowing it to:
> Improve visibility, awareness and marketing within Australia
> Improve liquidity and access to capital markets
> Give Australian investors direct access to its shares
In February 2018, Xero consolidated to a sole listing on ASX
Xero communicated that the consolidated listing:
> was in the best interests of its shareholders
> provide access to a larger market, increased liquidity, increased relevance to a more diverse range of larger investors and broader analyst and broker coverage
Shortly after its consolidation on ASX, Xero entered the S&P/ASX 100 Index
Price performance, rebased at listing date Listing Snapshot
Institutional shareholders by geography*
51% US
27% Asia
14% AUS
8% EU
At Listing
Listing Date: 08 November 2012
Market Cap at Listing: $480m^
Capital Raised: NA
Price/Sales: 31.7
EV/EBITDA: NA
Lead Managers: NA
Current (31 December 2019)
Market Cap: $11,321.5m
Share Price: $80.00
Price/Sales (Forward): 13.4
XRO1686%
ASX20049%
ASX300Info. Tech
131%
Follow on raising, NZ$180m, 14 Oct 13
Accel, Matrix Investment
US$111m, 25 Feb 15Matrix, Valar Investment
NZ$60m, 30 Nov 12
Follow on raising, A$413m, 27 Sep 18
Follow on raising, NZ$95m, 17 Nov 17
Source: Bloomberg, FactSet, 31 December 2019^First trading day closing price
*Does not include insider ownership
58 |58 |
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Capital with confidence - Listing with ASX
Xero (XRO) ASX consolidation case study
> Dual listing on ASX and NZX in 2012, de-listing from NZX to consolidate on ASX in February 2018
> Consolidated listing to increase liquidity and attract new investors
ASX Listing8 November 2012
Sole Listing on ASX5 February 2018
S&P/ASX 100 Index Inclusion
19 March 2018
Source: Bloomberg, 31 December 2019
S&P/ASX 300 Index Inclusion
18 September 2017
59 |59 |
The a2 Milk Company (A2M)
Capital with confidence - Listing with ASX
A2 Milk was founded in New Zealand in 2000 with a core focus on understanding the A2 protein type so that people who have digestive discomfort as a result of drinking ordinary cows milk can obtain the nutritional goodness that comes from milk containing only the A2 protein type
The company has trading activities in Australia, New Zealand, China, USA and the UK
A2 Milk dual listed on ASX in 2015, allowing it to:
> More closely align its business with its capital markets profile given A2 Milk’s Australian operations were the most significant
> Provide Australian investors with an easier opportunity to own shares in the company
> Improve liquidity and access to capital markets
Price performance, rebased at listing date
0
500
1000
1500
2000
2500
3000
3500
Mar
-15
Jul-
15
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v-15
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-16
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v-17
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-18
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-19
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v-19
Listing Snapshot
Institutional shareholders by geography*
39% AUS
28% US
20% EU
13% NZ
At Listing
Listing Date: 31 March 2015
Market Cap at Listing: $358m^
Capital Raised: NA
Price/Sales: NA
EV/EBITDA: NA
Lead Manager: Goldman Sachs NZ
Current (31 December 2019)
Market Cap: $10,607.9m
Share Price: $14.30
Price/Sales (Forward): 6.1
A2M2818%
ASX300Consumer Stap.
32%
ASX20014%
Follow on raisings, NZ$40m, 8 Oct 15NZ$3m, 8 Oct 15
Source: Bloomberg, FactSet, 31 December 2019^First trading day closing price
*Does not include insider ownership
60 |60 | Capital with confidence - Listing with ASX
The a2 Milk Company (A2M) dual listing case study
Dual listing on ASX in 2015. ‘Compliance’ listing (without capital raise) offered:
> Incremental investor access and liquidity in Australia
> Increased liquidity in New Zealand
> Subsequent visibility and capital raising opportunities
$0
$2
$4
$6
$8
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$12
$14
$16
$18
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D)
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ASX Listing31 March 2015
S&P/ASX 300 Index Inclusion
18 March 2016
S&P/ASX 200 Index Inclusion
17 September 2016
S&P/ASX 100 Index Inclusion
14 December 2017
Source: Bloomberg, 31 December 2019
61 |61 |
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2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
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)
FPH (NZX) Volume FPH (ASX) Volume FPH (NZX) Price
Capital with confidence - Listing with ASX
Fisher & Paykel Healthcare (FPH) ASX dual listing case study
> Fisher & Paykel is a designer, manufacturer and marketer of medical device products and systems for use in respiratory care, acute care and the treatment of obstructive sleep apnea.
ASX ListingNovember 2001
S&P/ASX 200 InclusionMay 2015
Source: Bloomberg, 31 December 2019
Stand out
63 |
If your business could be
lost in your larger home market, ASX is a chance to gain
visibility on a world leading
exchange with a flexible fundraising strategy
Option to dual-list once you scale
Cost-effective IPO and ongoing expenses
Average market cap requirement for the S&P/ASX 300 Index*US$300m
Stand out in an active market
Capital with confidence - Listing with ASXSource: S&P/ASX 300 rebalance announcements:
*Calculated using the average minimum of the last rebalance
64 |64 |
0
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LiveTiles (LVT)
Capital with confidence - Listing with ASX
LiveTiles is a United States incorporated company that develops tools to easily create dashboards, employee portals, and corporate intranets that can be further enhanced by artificial intelligence and analytics features
Listing on ASX provided LiveTiles with the ability to:
> Fund enhanced product development and other products and services opportunities;
> Expand sales and marketing with direct sales and partner sales teams focused on increasing penetration with existing customers and seeking new customers;
> Fund the operating costs of the Company;
> Benefit from an increased profile that arises from being listed.
Listing milestones:
> March 2019 – S&P/ASX All Ords Index inclusion
Price performance, rebased at listing date Listing Snapshot
Institutional shareholders by geography*
92% AUS
8% US
At Listing
Listing Date: 18 September 2015
Market Cap at Listing: $57.0m
Capital Raised: $12.0m
Price/Sales: NA
EV/EBITDA: NA
Lead Managers: NA
Current (31 December 2019)
Market Cap: $236.6m
Share Price: $0.28
Price/Sales (Forward): 3.9
LVT83%
ASX20030%
ASX300Info. Tech
96%
Follow on raising, A$11m, 2 Aug 2017
Follow on raising, A$25m, 8 Aug 2018A$2m, 12 Sep 2018
Follow on raising, A$20m, 15 Feb 2018
Follow on raising, A$15m, 12 Feb 2019
Follow on raising, A$50m, 25 Sep 2019A$12.8m, 3 Dec 2019
Source: Bloomberg, FactSet, 31 December 2019*Does not include insider ownership
65 |65 | Source: Bloomberg, 31 December 2019*Ord Minnett, 3 September 2019
50
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19
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-19
Sezzle (SZL)
Capital with confidence - Listing with ASX
Sezzle is a company incorporated and based in the United States with a mission to ‘Financially Empower the Next Generation’.Sezzle’s base product is an interest-free instalment payment solution that reaches consumers through its merchant partners as a payment option in the online checkout
Listing on ASX provided Sezzle with the ability to:
> Funding and financial flexibility to support the Company’s growth strategy and future growth opportunities
> A liquid market for its CDIs and the opportunity for others to invest in its Securities
> Benefits of an increased brand profile that arises from being a listed entity.
Price performance, rebased at listing date Listing Snapshot
Shareholders at IPO by geography*
80% USA
19% AUS
1% Asia
At Listing
Listing Date: 30 July 2019
Market Cap at Listing: $217.0m
Capital Raised: $43.6m
Price/Sales: NA
EV/EBITDA: NA
Lead Manager: Ord Minnett
Current (31 December 2019)
Market Cap: $415.7m
Share Price: $2.09
Price/Sales (Forward): 10.9
SZL71%
ASX300Info. Tech
1%ASX200
-2%
66 |66 |
0
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300
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-19
Janus Henderson Group PLC (JHG)
Capital with confidence - Listing with ASX
Janus Henderson, created from the merger between Janus Capital and Henderson Group in May 2017, is dual listed across ASX and NYSE. Janus Henderson provides investment management services throughout Europe, North America, Asia, Australia, Middle East and Africa
> Prior to merging with Janus Capital, Henderson Group (UK incorporated) had maintained a dual listing between the LSE and ASX, first listing in December 2003
> Henderson Group and Janus Capital Group merged in May 2017
> The ASX listing of Henderson Group had greater liquidity on ASX and was included in the S&P/ASX 100 index
> As a result the newly formed Janus Henderson made the decision to delist from LSE and commenced a dual listing of Janus Henderson on NYSE and ASX.
Price performance, rebased at listing date^ Listing Snapshot
Institutional shareholders by geography*
82% Aus
14% EU
3% Asia
1% US
At Listing
Listing Date: 23 December 2003
Market Cap at Listing: $1,760.0m
Capital Raised: $465.0m
Price/Sales: NA
EV/EBITDA: NA
Lead Managers: NA
Current (31 December 2019)
Market Cap: $6,521.2m
Share Price: $35.09
Price/Sales (Forward): 2.1
JHG51%
ASX 200105%
ASX300Financials
49%
Janus Henderson created - 31 May
2017
Source: Bloomberg, FactSet, 31 December 2019*Does not include insider ownership
^ Rebased at close of first trading day
67 |67 |
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Capital with confidence - Listing with ASX
Janus Henderson Group (JHG) ASX/NYSE dual listing case study
> A global asset management group incorporated in USA. JHG provides a wide range of financial products to retail investors, intermediary advisors and institutional investors.
Source: Bloomberg, 31 December 2019 *HGG LN volume adjusted to reflect split consolidation ratio applied to JHG AU line after Janus Capital merger
Janus Capital / Henderson Groupmerger - LSE delisting
ASX/NYSE listings maintained – 31 May 2017
05How to list
69 |
When can you IPO?
ASX offers a main board IPO at an
earlier stage than other major markets
Capital with confidence - Listing with ASX
A ‘traditional’ funding cycle…
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ASX listing criteria
You must satisfy minimum admission criteria, including:
Capital with confidence - Listing with ASX
Note: This is a general guide to listing requirements and is not exhaustive, nor a guarantee of a successful listing application. For full details of the ASX Listing Rules please refer to ASX Compliance at www.asx.com.au/regulation/compliance/listings.htm
Admission Criteria General Requirement
Number of shareholders Minimum 300 non-affiliated investors @ A$2,000
Free float 20%
Company size
Profit test:
A$1 million aggregated profit from continuing operationsover past 3 years + A$500,000 consolidated profit fromcontinuing operations over the last 12 months
Assets test:
A$4 million net tangible assetsorA$15 million market capitalisation
or
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Is listing for you?
Capital with confidence - Listing with ASX
Raise capital at IPO and through follow-on offerings
Use shares for acquisitions
What is your growth strategy?
Media and research coverage
Share market indices
Do you want to raise your company profile?
Increased business credibility
Wider and stable business networks
Would you like to attract institutional investment?
Easier to offer shares
Incentives attract and retain quality staff
Would you like to reward key employees?
Perception of financial and business strength
Reassurance through due diligence and compliance
What will listing mean for your customers and suppliers?
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Key ingredients for a successful IPO
Capital with confidence - Listing with ASX
$
$
$
A clear,understandablemarket andcompellinggrowth story
Potentialfor globaloperationsand scale
A backableteam, with atrack record ofmeeting keymilestones
Strong supportfrom foundationand/or cornerstoneinvestors
Revenue andgood year onyear growth
Significantassets witha clearpathto revenue
Experiencedadvisersguidingthe companythrough thelisting process
An understanding that an IPO at an early stage is a fundraising event and the start of your journey
Commitment toongoinginvestorrelations andPR programs
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The listing process
Capital with confidence - Listing with ASX
1 2 3 4 5 6 7 8 109 11 12 13 14 15 16 17 18
Step 3
Institutional marketing
program commences
Step 2Preparatory Work
ASX
Step 5Processing of
listing application by ASX
$
Step 6Marketing and offer period
ASIC
Step 4Lodge prospectus with ASIC
Step 7Closing the offer, shares allocated, trading commences
$
Step 1Appointment of Advisors
19 WEEKS
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Corporate governance
Capital with confidence - Listing with ASX
Principles
8
Lay solid foundations
for management
and oversight
Structure the board
to add value
Promote ethical and
responsible decision
making
Safeguard
integrity in financial
reporting
Remuneratefairly
and responsiblyRecognise and
manage risk
Make timely and
balanced
disclosure
Respect the rights
of shareholders
Source: ASX Corporate Governance Principles and Recommendations 3rd Edition
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Escrow requirements
Capital with confidence - Listing with ASX
Profit TestASX does not require escrow
for companies admitted under the profits test
Voluntary Escrow
Underwriting Agreement
Assets Test
Arm’s length 12 months from issue
Non-Arm’s length 24 months from listing
Pre-float investors
Recognition for cash or equivalent contribution of pre-float investors – allows proportion to be unrestricted that represents the cash component
Escrow may not be applied to companies with revenue, IPO capital raised and post money valuations acceptable to ASX, or companies with a substantial proportion of assets such as tangible assets
Company
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CHESS Depository Interests (CDI)
Enabling foreign companies to list on ASX
Capital with confidence - Listing with ASX
A CDI is a financial product which is a unit of beneficial ownership in an underlying financial product which is quoted on the ASX market. A CDI confers a beneficial interest in the underlying financial product to which it relates
• CDIs came into existence because it is often not possible for companies incorporated overseas to allow share transfers through the ASX's paperless settlement system - CHESS. CDIs therefore enable foreign companies to have their securities cleared and settled electronically through CHESS
• Holders of the CDIs obtain beneficial ownership of those foreign shares instead of legal title. Legal title to the shares is held by a nominee company on behalf of CDI holders
• CDIs can trade on either a one-for-one basis with the overseas listed stock, or, as in many cases, on a broader basis such as ten-for-one
• CDI holders have the same rights as holders whose financial products are legally registered in their own name. This means that all economic benefits such as dividends, bonus issues, rights issues, interest payments and maturity payments or similar corporate actions flow through to CDI holder as if they were the legal owner of the corresponding financial product
• Voting is carried out by directing the depository nominee to cast proxy votes in accordance with the CDI holder’s written instructions
• CDIs are not required for companies incorporated in New Zealand, Israel, Bermuda and Papua New Guinea
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Total IPO Costs
Market Capitalisation
% of capital raised
(median)
Median Capital Raised
$10m to $50m
10.1% $8,000,000
$50m to $100m
8.9% $25,000,000
$100m to $500m
6.6% $81,800,000
$500m to $1,000m
4.6% $331,600,000
More than $1,000m
3.9% $877,666,540
Listings CostASX Costs
Capital with confidence - Listing with ASX
Source: compiled by ASX from disclosed figures in company prospectuses 2010-2017.
Market Capitalisation
Initial Fee Annual Fee
$50m $120,755 $35,347
$100m $159,177 $45,901
$200m $205,832 $50,167
$500m $345,799 $62,964
$1,000m $554,376 $84,292
The above fees apply as of 1 January 2020.Calculation based on securities for which quotation is sought.
All figures in AUD
78 | Capital with confidence - Listing with ASX
Listing Process
The listing rules are a minimum guidance, recommend to raise sufficient capital to gain investor attention
Be an industry leader, standout from local companies in the same industry
Have business ties to Australia
Leverage local expertise; engage quality local corporate advisors, lawyers and accountancy firms
Have a well known industry name on your share register ahead of listing – run a pre-IPO round to facilitate
Appoint a local director with previous ASX experience in a relevant industry
Have a reason to list beyond visibility e.g. raising capital
Tips for overseas companies Ongoing Engagement
Listing creates a new facet to the business prepare for this additional work
Spend on investor relations, employ a local firm to ensure ongoing communication in the local market
Investors want to hear directly from the CEO, be prepared to make regular trips to Australia
Engage with investors, particularly if you foresee needing to raise follow on capital
Be realistic with financial projections, investors judge companies against targets which are reflected in share price performance
Post Listing Support
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Supporting our listed companies – Investor Access
Capital with confidence - Listing with ASX
Largest diversified small and mid-cap
conference in Australia
450+ investors in person, 20+ companies,
and Trade Stands
Amplified reach via live national broadcast
Gain necessary access to capital overseas
Quality 1on1 and group meeting schedules
Cost and conflict-free for investors and corporates
National exposure to sophisticated investors
Distribution of your presentation and interview
videos
250+ investors in person and amplified reach via
live national broadcast
ASX Small and Mid-Cap Conference ASX CEO Connect ASX International Corporate Days
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Supporting our listed companies – Research, Analytics and Compliance
Capital with confidence - Listing with ASX
Access to Orient Capital’s IR Platform
Analyse in-depth share trading data on your stock,
peers, sectors and indices
Market Analytics
ASX-subsidised equity research for small-caps
Research provided by ASX brokers
Distributed widely through broker and ASX
networks
ASX Equity Research Scheme
Dedicated listings compliance advisor
Review of key documents prior to release
Distribution of news to market and media via ASX
Market Announcements Platform – no need to use
third party distribution service
Regular compliance roadshows and updates
Compliance Support
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Supporting our listed companies – Community and recognition
Capital with confidence - Listing with ASX
Well-respected investor relations publication
Published twice a year in hardcopy and via app
Widely distributed to capital markets professionals
Best practice, profile raising and compliance tips
Listed@ASX
Celebrate your listing ceremony, anniversary or
other special milestone at ASX
Open the market in front of your stakeholders
Videos provided for distribution
Ringing the Bell Peer to Peer Events
ASX hosted and sponsored luncheons, seminars
and networking events designed to create a
network of peers amongst ASX-listed company
management and the wider capital markets
community
83 | Capital with confidence - Listing with ASX
Be the next ASX success story
Strong track record of growth
Access one of the largest pension pools globally
A leading global stock exchange
Early access to globally recognised market indices
Main board listing
Innovative platforms and service
84 |
Eddie GrieveGeneral Manager, Listings & Issuer Services
T: +61 2 9227 0519E: eddie.grieve@asx.com.au
Capital with confidence - Listing with ASX
Next steps We are here to help at every stage
James PosnettSenior Manager,Listings Business Development
T: +61 2 9227 0282E: james.posnett@asx.com.au Kate Galpin
Business Development Manager
T: +61 2 9227 0627E: kate.galpin@asx.com.au
Josh CollardBusiness Development Manager
T: +61 2 9227 0122E: josh.collard@asx.com.au
More information at:asx.com.au/listings
Blair HarrisonSenior Manager,Listings & Issuer Services,
ASX New Zealand
T: +64 9 985 5630E: blair.harrison@asx.co.nz