Greater access to IPOs through OnMarket BookBuilds

State One has partnered with OnMarket BookBuilds to provide our clients with even more investment opportunities. In addition to the exclusive capital raisings that State One undertakes and offers to our clients, you can now take advantage of offers from OnMarket. Our association with OnMarket will allow you to bid directly on IPOs and have the shares allocated straight to your holdings at State One. Through OnMarket our clients will also be able to access free research, management interviews and get notifications on upcoming IPOs.

OnMarket is Australia’s first online platform that lets all investors buy shares in IPOs free of any fees other than the cost of the shares. Since launching in October 2015 OnMarket has hosted 1 in 3 ASX IPOs, so we are obviously excited to be able to offer our clients access to this cutting-edge platform. For each offer hosted by OnMarket you get easy bidding & payment, free independent research, and a chance to 'meet the management' via exclusive video interviews. Best of all, when you invest in IPOs via OnMarket, any shares you buy can be allocated directly to your State One Stockbroking account so you can manage your portfolio without disruption.

How does it work?

We will display the list of current offers from OnMarket on our website. If you see an offer that you want to invest in then click on the Bid Now button to apply for shares. You will leave State One website and be redirected to our partner's (OnMarket) bidding platform where you will need to sign up with your Holder Identification Number (HIN). If you have already signed up then you will be taken straight to the bidding page for the selected offer.

It is important that you enter your HIN correctly when you set up your login at OnMarket. This will make for a seamless experience if you want your shares to be automatically allocated to your State One account.

Current OnMarket Offers

IPO
Biotech
$0.20
Size of Offer $4-6 million
Minimum Bid $2,000.00
Opening Date 8/06/2017
Closing Date 16/07/2017

Sienna Cancer Diagnostics Limited (ASX: SDX) is an Australian company that has developed, and commercialised, a new technology with application in the early detection of cancer.

Sienna has launched an in vitro diagnostic (“IVD”) test to detect human TElomerase Reverse Transcriptase (“hTERT”), recognized as an important cancer-related biomarker. The first application of the test is as an adjunct to urine cytology to assist in the diagnosis of bladder cancer. 

Regulatory approvals

Sienna has registered its IVD test for human clinical use with the relevant authorities in the USA, Europe  and Australia. The technology is currently in routine use in commercial laboratories in the USA, generating revenues of $292k for the six months to December 2017.

Distribution channels

Supply and distribution agreements have been executed with partners in the USA, the UK and Switzerland, with additional partnerships being developed in a number of other countries. StatLab, a pathology supply company that has significant presence in the US market, has been appointed as the distribution partner for the USA.

Market opportunity

Sienna will be targeting a market segment of urine cytology, including bladder cancer detection. In the USA alone this market opportunity is estimated to be between 1.3 and 1.6 million tests per annum.  Sienna’s test is eligible for an average reimbursement of US$108.38 per test in the USA creating a total market value for laboratories in the USA of over US$140 million per year.  The rest of world outside the USA represents a significant additional market opportunity.

Future growth

The company believes future revenue growth may be achieved through:

  • increased market penetration in the USA.
  • geographical expansion into additional countries across Europe, Asia and the rest of the world.
  • expanding the clinical applications of the product into additional cancer types.
  • adding new biomarker products to the pipeline through in-license or acquisition.

Historical revenues

Sienna received first product revenues during the 2015 FY. Total revenue for the half-year to 31 December 2016 was $935,793, including $291,588 of product revenue and $637,523 received from the Australian Government’s R&D Tax Incentive program.

Offer overview

Sienna is looking to raise between $4 million and $6 million via its IPO and on listing, the expected market capitalisation at IPO will be $35.5 million to $37.5 million.

 

As set out in Section 14 of the Prospectus, Sienna Cancer Diagnostics Limited is subject to a range of risks, including but not limited to commercialisation and intellectual property risks, sufficiency of funding and the expenditure program.

 

Section 734(6) disclosure: The issuer of the securities is Sienna Cancer Diagnostics Limited ACN 099 803 460. The securities to be issued are ordinary shares. The disclosure document for the offer can be obtained by clicking on the link above. The offers of the securities are made in, or accompanied by, a copy of the disclosure document. Investors should consider the disclosure document in deciding whether to acquire the securities. Anyone who wants to acquire the securities will need to complete the application form that will be in or will accompany the disclosure document (which can be done via the electronic application form which will become available by clicking the bid button above).​

IPO
Materials
$0.42
Size of Offer $15-20 million
Minimum Bid $2,100.00
Opening Date 26/06/2017
Closing Date 18/07/2017

Nusantara Resources Limited (ASX: NUS) is an Australian company with a 100% interest in the Awak Mas Gold Project, located in the Luwu Regency of South Sulawesi Province in Indonesia.  The project is located in an established gold province and has an Indicated and Inferred resource of 1.74 million ounces of gold prepared in accordance based on JORC 2012 code.

Extensive technical evaluation work undertaken since 1991 by a succession of international exploration and development companies has provided an enhanced launching point for completing a Definitive Feasibility Study (DFS) planned for 2018, leading to a decision point for development in mid to late 2018.

Offer overview

Nusantara is looking to raise between $15 million and $20 million via its IPO, resulting in an expected market capitalisation of $44.7 million at maximum subscription. The Company also intends to issue 1 Loyalty Option for every 3 Shares held two months after Nusantara’s listing on ASX. The exercise price is proposed to be $0.42, and the Loyalty Options will expire September 2018. 

As at the date of the Prospectus, Patersons Securities Limited has received firm commitments for an aggregate amount of A$13.1 million representing 87% of the minimum subscription amounts, including $4.5 million from Lion Selection Group and $3.9 million from AustralianSuper.

Awak Mas Gold Project

The Awak Mas Gold Project is held under a 7th Generation Contract of Work (CoW), a foreign investment framework granted by the Government of Indonesia (GOI).  The CoW covers an area of 14,390 hectares and allows for a construction period of three years and an operating period of 30 years.  

Since its discovery in 1991, the Awak Mas Gold Project has been the focus of exploration by a succession of international exploration and gold mining companies.  To date over 125km of drilling, diamond and reverse circulation, and several development studies have been completed providing an enhanced launching point for completing a Definitive Feasibility Study (DFS).

The Awak Mas Gold Project has a Mineral Resource estimate (MRE) of 38.3 Mt at 1.41 g/t for 1.74 Moz of gold, with a further 0.3-0.5 million ounce Exploration Target reported in accordance with JORC Code (2012) guidelines. 

Company Strategy

Nusantara has planned an initial drill program of 8,050m to aid in the conversion of currently Inferred Mineral Resources to Indicated Mineral Resources. In addition, Nusantara has identified an Exploration Target to define additional material in the area of, but presently outside of, the current MRE.

They will conduct a Definitive Feasibility Study, commencing in 2017 to update and expand on previous work and favourable logistics including low cost grid power and are aiming for decision point for development in mid to late 2018.

Proposed use of funds

The proposed use of funds raised from the offer is to:

  • conduct in-fill and exploration drilling of the Awak Mas Gold Project;
  • fund the completion of a Definitive Feasibility Study on the Awak Mas Gold Project;
  • cover the expenses of the offer and the associated costs of listing the Company on ASX; and
  • meet the ongoing administrative costs of the Company, current liabilities and provide working capital. 

 

As set out in Section 4 of the Prospectus, Nusantara Resources Limited is subject to a range of risks, including but not limited to estimation of mineral resources, exploration and operations, development issues and licencing and permits.

 

Section 734(6) disclosure: The issuer of the securities is Nusantara Resources Limited ACN 150 791 290. The securities to be issued are ordinary shares. The prospectus for the offer can be obtained by clicking on the link above. The offers of the securities are made in, or accompanied by, a copy of the prospectus. Investors should consider the prospectus in deciding whether to acquire the securities. Anyone who wants to acquire the securities will need to complete the application form that will be in or will accompany the prospectus (which can be done via the electronic application form which will become available by clicking the bid button above).​

Placement
Materials
$0.25
Size of Offer Up to $78.3 million
Minimum Bid $500.00
Opening Date 27/06/2017
Closing Date 4/07/2017

Baralaba Coal Company Limited (ASX: BCL) is an ASX-listed coal exploration, development and production company. The Company's primary focus is restarting operations at its Baralaba North mine in the Bowen Basin in Queensland.  The Baralaba North mine is a producer of high quality, predominately ultra-low volatile pulverised coal injected (PCI) coal which is exported from Australia for use in the steel making process. 

Asset summary

The company has a large tenement portfolio with an estimated 64.3Mt of JORC marketable reserves and 1,530Mt of Coal Resources. The flagship Baralaba North mine has 33Mt of JORC Marketable reserves and 97Mt of Coal Resources.

Baralaba is targeting resumption of coal production at the Baralaba North mine in the fourth quarter of calendar year 2017, with targeted production of 2.0Mtpa to 2.2Mtpa in calendar year 2018.  There are also material expansion opportunities at the Baralaba South mine, which is targeted to be operational by 2021.

What is PCI coal?

Baralaba will produce “Ultra Low Volatility Pulverised Coal Injection” coal, or ULV PCI.  ULV PCI coal is used as a replacement fuel for hard coking coal (HCC) in steel blast furnaces to increase efficiency, lower the cost of steel production and reduce CO2 emissions.

Demand for ULV PCI is expected to increase from ~56Mt in 2016 to ~78Mt in 2035, due to increased adoption of PCI technology in steel making and increased demand in India, China and the rest of the world.

Offer overview

Baralaba is undertaking an Entitlement Offer to raise up to $78.3 million at $0.25 per share. Assuming the full raise of $78.3 million, the major shareholders will subscribe for approximately $53.3 million of the offer.

The offer price represents a discount of approximately 44.4% to the closing price of the company’s shares on ASX on 16 June 2017 and a 21.1% discount to the theoretical ex-rights price (TERP). TERP is a theoretical weighted average price at which Shares should trade immediately after the ex-date of the Entitlement Offer.

At the end offer period, the lead manager will undertake an Entitlement Offer Bookbuild to sell entitlements not taken up by existing shareholders.  OnMarket and its members have been invited to participate in the Entitlement Offer Bookbuild.

Proposed use of funds

The net proceeds from the $78.3 million Entitlement Offer (assuming it is fully subscribed) will be used to fund:

  • ~$23 million for the upgrade and restart the Baralaba North mine;
  • ~$9m for conducting drilling in Baralaba South
  • ~$31m for ongoing working capital and corporate costs
  • ~$12.5m applied to reduce company indebtedness

 

As set out in Section 4 of the Prospectus, Baralaba Coal Company Limited is subject to a range of risks, including but not limited to coal prices and currency fluctuations, infrastructure, general operational risks and exploration and development risks.

 

Section 734(6) disclosure: The issuer of the securities is Baralaba Coal Company Limited ACN 112 682 158 . The securities to be issued are ordinary shares. The disclosure document for the offer can be obtained by clicking on the link above. The offers of the securities are made in, or accompanied by, a copy of the disclosure document. Investors should consider the disclosure document in deciding whether to acquire the securities. Anyone who wants to acquire the securities will need to complete the application form that will be in or will accompany the disclosure document (which can be done via the electronic application form which will become available by clicking the bid button above).​

Disclaimer: All information on this section is of a general nature. Before making any investment decision, please seek the relevant advice.

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