OnMarket in the news

Gerry Harvey gets richer while small shareholders shrug

Gerry Harvey gets richer while small shareholders shrug

by Stephen Mayne (Crikey) 17 Dec 2014

So how do you protect non-participants? The simple answer is that you make a pro rata capital raising renounceable, with a bookbuild at the end. This means that the entitlements to forfeited new shares are sold off to the highest bidder in a competitive auction.

OnMarket BookBuilds looks offshore after first year putting reason back into raisings with ASX

OnMarket BookBuilds looks offshore after first year putting reason back into raisings with ASX

by Caitlin Fitzsimmons (BRW) 30 Oct 2014

OnMarket BookBuilds has completed its first year in the Australian market with ASX BookBuild and is looking at international expansion. ASX BookBuild is integrated into the ASX to let brokers set prices based on demand from the entire market, rather than just their own clients.

Democracy comes to the stockmarkets with ASX BookBuild

Democracy comes to the stockmarkets with ASX BookBuild

by Mike McCarthy (The Australian) 09 Sep 2014

ASX BookBuild is a pioneering new initiative that adds significant value to the online broking business. Until recently clients of online brokers were rarely able to participate in initial public offerings (IPOs) or other capital raisings.

Creating the ASX Bookbuild Facility: Principles, Hurdles, Successes and Implications for Policy

Creating the ASX Bookbuild Facility: Principles, Hurdles, Successes and Implications for Policy

by Ben Bucknell (Australian Centre for Financial Studies) 08 Sep 2014

The ASX BookBuild Facility was launched in October 2013. It allows companies seeking to raise capital to reach every eligible investor, using existing ASX securities market infrastructure. This is a world first both in terms of the technology deployed and the adoption by a market operator.

To use ASX BookBuild, or not to use ASX BookBuild...

To use ASX BookBuild, or not to use ASX BookBuild...

by Scott Shuttleworth (Roger Montgomery) 05 Aug 2014

That is the question. And it’s one that many companies and investors are able to reconsider as a result of the launch of ASX BookBuild (ABB). The process breakdown of the tool used by brokers and investment banks can be found here.

MacPhersons looks to raise $10.4m

MacPhersons looks to raise $10.4m

by Nick Sas (The West Australian) 28 Jul 2014

Goldfields explorer MacPhersons Resources is looking to raise as much as $10.4 million to finance a bankable feasibility study and further drilling for its Nimbus silver-gold-zinc project.The company announced this morning Orion Mine Finance ...

Don't let a rigged market stop you investing

Don't let a rigged market stop you investing

by John Addis (Sydney Morning Herald) 14 Jul 2014

Too frequently the interests of insiders like institutional shareholders, banks and boards prevail over those of ordinary retail investors. Elizabeth Warren, chair of the US Congressional Oversight Panel in the aftermath of the global financial crisis, said ...

Fairness needed in Medibank IPO

Fairness needed in Medibank IPO

by Tony Boyd (AFR) 11 Jul 2014

One of the least understood aspects of the Australia Japan free trade agreement signed this week is the profound change it will bring to foreign direct investment into Australia. The agreement lifts the screening threshold at which private Japanese investment in ...

Smartgroup suffers on market debut

Smartgroup suffers on market debut

by news.com.au 02 Jul 2014

Vehicle leasing and salary packaging company Smartgroup has made a lacklustre stock market debut. Shares in the company dropped nearly 10 per cent below their $1.60 issue price to close at $1.445 on Wednesday.

Retail investors get in on the book-build game

Retail investors get in on the book-build game

by Brendan Swift (AFR) 26 Jun 2014

Access to placements and floats has often been reserved for the favoured clients of large or full-service brokers - until now. The launch of ASX Bookbuild last year allows companies to raise capital from every eligible investor across the market while preserving the key role ...

Dimerix launches $9m IPO to fund kidney therapy trial

Dimerix launches $9m IPO to fund kidney therapy trial

by Sally Rose (AFR) 16 Jun 2014

Dimerix Bioscience, a junior Perth-based biotechnology company developing treatments for kidney disease, will become the third company to launch an initial public offer through the ASX On-Market BookBuild process on Monday in a bid to raise $9 million.

Australian startup looks to change the way companies list for IPOs

Australian startup looks to change the way companies list for IPOs

by Kye White (Startup Smart) 23 May 2014

Australian startup On-Market BookBuilds could be about to change the way companies around the world raise money and list for initial public offerings. The company’s patented product has been licensed to the ASX, which has used it to create ASX BookBuild ...

Make amends for FOFA with the Medibank float

Make amends for FOFA with the Medibank float

by Alan Kohler (ABC) 22 May 2014

The Finance Minister should (partly) redeem himself for the Future of Financial Advice fiasco by sidestepping investment banks when he floats Medibank Private, writes Alan Kohler. The Federal Government will soon "unpause" its disembowelling of the Future of Financial ...

At least make the Medibank float fair

At least make the Medibank float fair

by Alan Kohler (Business Spectator) 21 May 2014
The federal government will soon ‘unpause’ its disembowelling of the Future of Financial Advice legislation, and the word from the industry is that there will be virtually no change. It looks like the hopes of the Financial Planning Association and consumer groups that ...
G scores big win from thinking small

G scores big win from thinking small

by Barry Fitzgerald (The Australian) 08 May 2014

The gloom surrounding cash-starved junior explorers is pretty much justified on the basis that, as most of them have nothing on the boil, either from a managment or project point of view, they dont deserve the support of equity markets.

Retail Investors Draw the Short Straw

Retail Investors Draw the Short Straw

by Matt Ryan (Forager Funds) 01 Apr 2014

Submissions are now flying in thick and fast to the government’s financial system inquiry headed by David Murray. The Murray inquiry, a broad one-in-twenty year review, aims to ensure the financial system transfers money from savers to borrowers in a sane, equitable ...

Rumblings over the fairness of capital raising

Rumblings over the fairness of capital raising

by Jennifer Hewett (AFR) 01 Apr 2014

The float of Medibank Private is going to raise more tricky questions about the pricing of shares in an IPO and whether certain investors should get priority access to them. As the mispriced float of Royal Mail in Britain indicates, selling an asset cheaply may delight investors ...

Chris Cairns' comeback grabs media spotlight as $6m copper-gold IPO goes live

Chris Cairns' comeback grabs media spotlight as $6m copper-gold IPO goes live

by Resources Rising Stars 28 Mar 2014

Offer opens to the public as former Integra Mining team gets back in the saddle. The impending ASX comeback of Chris Cairns and key members of the team behind WA gold miner Integra Mining grabbed national headlines this week with the much-anticipated launch ...

ASX BookBuild eyes string of IPOs, raisings

ASX BookBuild eyes string of IPOs, raisings

by Amanda Saunders (The Australian) 25 Mar 2014

ASX BookBuild managing director Nick Motteram is bullish on the new facility's ECM pipeline despite a slow start, with Wednesday's float of copper hopeful Stavely Minerals to be the new system's second since launching in October.

Stavely's $8m copper gamble

Stavely's $8m copper gamble

by Barry Fitzgeral (The Australian) 25 Mar 2014

The big time copper potential of otherwise flat wheat and canola country in western Victoria is about to be put to the test with the $6-8 million planned listing of Stavely Minerals. Flanked by the wine growing districts of the Grampians and the Pyrenees ...

Integra team moves to IPO copper miner Stavely (AFR)

Integra team moves to IPO copper miner Stavely

by Sally Rose (AFR) 24 Mar 2014

The team that netted investors $426 million in junior gold producer Integra Mining via a sale to Silver Lake Resources last year is now trying to raise $8 million through the listing of junior copper explorer Stavely Minerals. A bookbuild for the initial public offering will ...

Retail shareholders still treated unfairly

Retail shareholders still treated unfairly

by Mike King (The Motley Fool) 14 Mar 2014

You’d think that ASX-listed companies and their boards would have gotten the message by now. Retail shareholders are sick and tired of investment banks and brokers taking large fees for institutional placements, diluting retail shareholders and favouring their institutional clients.

Investors blocked from buying cheap shares

Investors blocked from buying cheap shares

by Matt Smith (AFR) 05 Mar 2014

Investors are missing out on potentially discounted shares on offer during secondary capital raisings, according to Geoff Wilson, chairman of Wilson Asset Management. Wilson plans to raise the issue in a submission, which he intends to submit next month, to the so-called ...

ASX on the hunt for revenue

ASX on the hunt for revenue

by Michael Smith (AFR) 03 Mar 2014

There was a farewell party at the Australian Securities Exchange (ASX) on Friday night. The exchange’s popular head of government relations and Julia Gillard’s former chief of staff, Amanda Lampe, was leaving for a new opportunity at Cochlear.

ASX sees strong IPO pipeline

ASX sees strong IPO pipeline

by Brett Cole (Business Spectator) 21 Jan 2014

The good times for initial public offerings may continue to roll. “Our visibility of the IPO pipeline in the second half of this financial year is strong,” Max Cunningham, general manager of listings and issuer services at the ASX, told DataRoom.