KOL Withdrawn

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Well there you have it, after a bit of back and forth Koligo Therapeutics has now officially withdrawn its IPO.

After what seemed like a fair amount of interest from retail investors, it appears that Koligo was unable to attract the level of institutional investment needed to warrant pressing forward, despite having dropped its valuation by 5M back in April.

There were eyebrows raised as to why a US business would opt to list first on the ASX and some noted that perhaps the company wasn’t quite where it needed to be to drum up the interest required back home.

Looks like we wont be seeing a repeat of Exopharm.

Where are all the IPOs?

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One of our followers on Twitter asked us for our thoughts last night and it’s something we’d been thinking about but hadn’t really discussed with our readers. Where are all the IPOs this year?

By the end of the March in 28, 28 IPOs had listed on the ASX (We tend to ignore ETFs). By the same time last year, there’d been 21 listings.

In stark contrast, we’ll have seen a paltry 7 IPOs come to market so far this year, including today’s listing of Kina Petroleum.

We’ve seen plenty of IPOs missing scheduled dates, that’s fairly normal, but there’s also far less in the works and some of those simply withdraw completely.

Give us your thoughts in the comments below, What do you think is driving this?




Watch List Update: ReadyTech (RDY) added.

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ReadyTech, claimed as “a leading software as a service (SaaS) provider of mission critical people management systems” has just been added to the watch list, expected go live is April 17 at this stage.

A quick look at the prospectus shows the company has been around for 20yrs and is forecasting “$35.1 million in revenues and $14.6 million in EBITDA on a pro forma basis” for CY19F.

Asking $1.51 per share, there’s obviously some confidence in this being a strong proposition, but as always do your own research. You can take a look at the prospectus here.