Next Science comes up with formula for success!

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Biofilm technology provider Next Science has made quite the entrance to the ASX today as shares began moving around 11am.

We were confident this would be a good launch and investors have reaped the rewards with initial prices hitting $1.43 vs the $1 ask.

According to the chairman, “The proceeds from the Offer will be used to expand Next Science’s product development activities, for administration costs and working capital, and to pay for the costs of the Offer.” and given wha the business is working on, we think the future is very bright for this one.

The Scorecard has been updated accordingly.

ReadyTech posts immediate 15%+ gains at open.

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We were ready, the market was ready and ReadyTech Holdings (RDY) was definitely ready as shares began trade at 12pm today.

A provider of People Management software, ReadyTech already had solid financials prior to the IPO, with funds received set to accelerate growth across the board.

The market seems to have confidence in the proposal with prices peaking at $1.80 per share, almost 20% above the ask.

Keep tabs on future progress on the 2019 Scoreboard.

Poor start for Kina, no issues for Ricegrowers though.

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Quickly catching up on what we missed while being away and it seems that Kina investors did not have a good day at the office on Friday.

Prices are currently sitting at less than 6 cents per share, vs the 20 cent ask of the IPO.

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No such issues for lovers of Sunrice though, with Ricegrowers Ltd class B shares kicking off this morning at over $7, peaking at $7.50 for a short period.

Kina has been added to the 2019 Scorecard, as it was a true IPO, Sunrice has not.

Ecofibre investors enjoying the high.

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Hemp technology provider Ecofibre Limited (ASX:EOF) has given investors quite the buzz this morning as trade began around 11am. Prices peaked as high as $1.75, up 75% from the ask, and have since settled to a little over $1.60 per share.

Ecofibre is involved in the entire gamut of hemp products, including flower, food, oil and clothing, and will use the IPO funds primarily to accelerate the commercialisation of Hemp Black (a composite material product) and to provide working capital for the accelerated future growth of its Food products.

Whilst we expect shares of this stock to be in high demand, volume shows that at least a few are just taking a quick hit before passing it on - You can keep track of prices via the 2019 Scorecard.
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Canterbury gets off to uninspiring start.

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After quite a wait, Canterbury Resources Limited (CBY) has joined the ranks today, opening at 25 cents vs the IPOs 30 cent ask.

It could be worse, but it’s not exactly the type of start we like to see to an IPO, but given the delays it’s hardly surprise.

Canterbury first lodged a Prospectus all the way back in September last year and ended up with with an unusually high 5 supplementary documents before finally making it to market.

African Gold showed us there’s still interest in Resource stocks, but interest appears to be quite low in this one. We’ve updated the 2019 Scorecard to make it easier to see if this one lifts and we’ll keep an eye on it over the course of the day and update as necessary.

EDIT: Looks like it clawed some back this afternoon, to finish just short of the ask on day 1.