Pinned straw:
IPO Roadshow commences
[Morningstar article link here]
No details on pricing in this story, but a dilution of 14.8 million shares — for a previously stated raise target of $75 million USD — would put the IPO price at $5 USD per share. At $7.75 AUD that’s a discount of over 20% from last ASX close. Could be worse, and also means institutional investors are likely to take it up in its entirety (the successful IPO being a condition precedent to the NASDAQ scheme). Hopefully Anteris grows from here post-IPO, and less uncertainty re capital raising and cash-burn should help with that. The slashing need to stop here but.
It’s presently 2:30am in New York on Fri 13th Dec 2024 and this is the latest info I can access 7 hours ahead of the IPO. The IPO opening price appears to be $6 USD ($9.43 AUD) so an effective 10% discount on the last ASX close of $10.54 AUD [link to news article here]. I’m still hopeful of high demand resulting in a premium listing. Not sure of the precise process in the US, but it appears to be commencing trading Fr 13th, with the listing finalising on Mon 16th.
More recent article - confirming $6.78 USD per share to raise $100 million
They put the market cap upon IPO completion at $244 million USD. That gives a 4X runway to a $1 billion USD market cap.
For context, dominant TAVR player — Edwards Lifesciences — has a current market cap of $40 billion USD. That was over $55 billion USD in June this year. The negative re-rate was due to them not meeting their expected TAVR growth rate, which is in part due to their next generation TAVR offerings being inferior to competition. Competition is what Anteris offers.
The SEC filings suggest the starting point for IPO price negotiations is $6.78 USD. However, I sense discounts. Maybe the underwriters will get them for $5. I certainly can’t see it being higher than the last ASX close now.
