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.
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.
Applications for the Jayride Group IPO are closing early via OnMarket. Please submit your applications by 5pm Tuesday 12th December (AEST). Payment should also be made by 5pm today to avoid missing out.
Bids over $5,000 may be scaled back more heavily, and we cannot guarantee that all funded bids will receive an allocation.
Founded in 2012, Jayride Group Ltd (ASX: JAY) is an e-commerce marketplace and booking platform that aggregates, structures and distributes airport ground transport information. The platform allows travellers to compare, contrast and book various ground transportation solutions and services for travel to and from airports globally.
With 2,000+ ground transport companies at 500+ airports across the US, UK, Ireland, Australia, NZ, and internationally, Jayride aggregates more transport suppliers to offer more traveller choice than any alternative known to the Company.
In addition to serving travellers directly, Jayride partners with Channel Partners, such as Amadeus, Expedia, Sky Scanner, and Flight Centre Travel Group, providing them with access to book ground transfer options through its API offering.
As a marketplace, Jayride has a highly scalable model which is defensible and benefits from aggregation. Jayride is positioned to be the global leader of airport transfers, a potential market exceeding $100 billion.
Screenshots from Jayride Pro extranet and booking website
Jayride Group Limited is looking to raise up to $1.5 million via its IPO. At maximum subscription, the Company will have a market capitalisation of $37.7 million and $7.7 million in available funds. These funds will be largely applied to:
The Board of Jayride intends to pay out 50% of NPAT as a dividend commencing September 2020.
Jayride enables passengers to search and compare ground transportation options, including airport shuttle buses and private transfers, based on their destination and preferred route. Bookings are made online and directly with the transport service company. Travellers are provided with the transport provider’s name and contact information so they can reach out and arrange details with them directly if needed. All bookings are at a fixed price, with instant confirmation and a 100% refund guarantee.
In addition to being a marketplace, Jayride’s business model includes transactional revenue and a positive cash float carried on bookings. Further benefits of this business model include:
Jayride revenue by Channel Summary & by Transport Service Summary – Q3 2017
Jayride’s principle source of revenue is from commissions and booking fees when travellers book with a transport company. These commissions and booking fees total an average of 23% of each booking made.
Jayride revenue has grown with double-digit percentages every quarter since the launch of the system, 17-straight quarters. With the US now Jayride’s largest and fastest growing market by revenue, contributing to over 50% of total revenue, growth will remain focussed on North America, with new regions to be added in the future.
Revenue per country in quarter since launch
Jayride is able to scale revenues by adding new airport destinations; and by increasing marketing, and adding new transport services, at existing airport destinations. More specifically, the focus areas for growth will include:
Jayride has a highly experienced and capable Board including:
As set out in Section 5 of the Prospectus, Jayride Group Limited is subject to a range of risks, including but not limited to potential new competitors, intellectual property rights, third party relationship risks, software, technology and systems related issues.
Section 734(6) disclosure: The issuer of the securities is Jayride Group Limited ACN 155 285 528. 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).
Rong Yu Pharmaceuticals Limited (ASX: RY8) is a well-established business involved in the development, manufacture and sale of prescription and over the counter (OTC) pharmaceutical products based on principles of traditional Chinese medicine (TCM).
The Company manufactures and packages its five Rongyu Products in-house before delivering them to over 300 wholesale distributors for distribution throughout 28 Provinces across China. With the increasing demand for TCM both in China and overseas, following successful completion of the Offer, the Company plans to expand its business activities in the Asia-Pacific region beginning with Australia.
Chinese Provinces where the Company's products are distributed
The Company has enjoyed strong growth with revenue increasing from A$41.5 million in FY2015 to A$71.4 million in FY2017. Net profit has increased from A$11.9 million in FY2015 to A$19.3 million in FY2017 with a net profit margin of 27.0%.
Rong Yu Pharmaceuticals Limited is looking to raise up to A$20 million via its IPO, and will have an estimated market capitalisation of A$80 million on the maximum subscription of the IPO offer. The Company intends to pay up to 20% of NPAT as unfranked dividends each year commencing from 2018.
TCM is a national treasure in China and has been used for several thousand years. TCM products are typically made from natural herbs and are considered as alternative remedies to Western medicine products in China. They are believed to be better for curing the root cause of the illness and for strengthening the immune systems.
The TCM industry in China is expected to reach RMB2,745 billion (A$546 billion) by 2019, with ongoing growth supported by a number key drivers, including:
The Company produces 5 core pharmaceutical products that are developed based on principles of traditional Chinese medicine. The products enjoy a good reputation among customers due to the strict supervision and control the company imposes. The products have been approved for sale by the Chinese Food & Drug Administration (CFDA) and are currently sold across 28 Provinces in China.
The Company’s two core products, focussed on lowering cholesterol, and treatment of women’s anaemia, contributed over 80% of sales in FY2017.
Post IPO, the Company's primary focus will be:
The Company also intends to acquire land usage rights for a parcel of agricultural land in Fuzhou City, Jiangxi Province, China to cultivate some of the herbs required in the production of the Company's products.
The Board and senior management have a broad base of experiences covering operational, technical, corporate and commercial backgrounds spanning a number of decades across a range of different industries and includes:
As set out in Section 6 of the Prospectus, Rong Yu Pharmaceuticals Limited is subject to a range of risks, including but not limited to reliance on suppliers, regulatory risk, PRC land tenure system, agricultural risk and certification and licences.
Section 734(6) disclosure: The issuer of the securities is Rong Yu Pharmaceuticals Limited ACN 617 647 293. 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).
Duxton Broadacre Farms Ltd (ASX: DBF) will seek to capitalise on the increasing demand for grain as a vital input into a range of staple food products, the alcohol industry and the livestock industry. The Company will look to generate income and capital gains for Investors through the operation of broadacre farms in Australia, that are positioned to benefit from potential increase in grain prices (among other commodity prices) and appreciation in land values.
The Company’s existing farm investment portfolio is valued at $58.335 million and comprises three properties located near Forbes in New South Wales, including Merriment, Wyalong and Yarranlea, as detailed below:
4 The lease will expire on or before 31 December 2017 and will not be renewed.
Once listed, the Company is expected to be the only ASX listed vehicle of its type in Australia providing its investors with direct exposure grain production.
The Company’s main investment objectives are to:
Duxton Broadacre Farms Ltd is looking to raise up to $22 million via its IPO, and will have an estimated market capitalisation of $66.1 million at maximum subscription. The Company intends to generate an income stream for investors in the form of franked dividends. The Company will aim to pay out 40% to 60% of its operating profit to Shareholders annually from March 2019 onwards.
The proceeds of the Offer will be used to acquire farms that fit the farm investment criteria, pay for general working capital, to reduce debt and to pay the costs of the Offer and listing on ASX.
The Company’s objective is to create a diversified portfolio of high-quality, efficient broadacre farms to capitalise on the growing demand for grains, livestock and cotton. The investment thesis is driven by long-term growth in global grain demand translating to significant operating margins and improved farmland values over time, providing shareholders with both ongoing annual operational yield and longer-term capital growth. The Company’s key commodity exposure is to both domestic and international grain prices.
The Company mitigates customer risk by ensuring it is not selling all of its products to a single customer, and focusing on high quality counterparties. The Company further manages risk by actively managing key operating costs, a developed commodity hedging strategy to minimise price risk, and diversification of operations across types of crops, livestock production, geographical regions, and water resources.
The Company has contracted Farm Managers to provide day-to-day management of the broadacre farms (subject to the Company’s supervision). The Company management team will supervise and report on the performance of the Farm Managers and be responsible for overall farm operations and administration. The Company’s management team will be responsible for the day-to-day administration of the Company.
The Company has contracted the Investment Manager to assist with the administration aspects of the investment management services, and to identify, assess, propose and execute the broadacre investments.
The Company has entered into an Investment Management Agreement with Duxton Capital (Australia). The Duxton Group is highly experienced in the alternative assets investment sphere has in excess of A$720 million in assets under management or advice, of which A$535 million comprises agricultural investments. Its agricultural assets are diversified across 21 operations spanning 540,000 hectares of farmland over 30 commodities and five continents.
The Board is highly experienced in the agricultural sphere, with a combined 109 years’ experience amongst them in investing and managing agricultural businesses. This experience extends across both Australian and international agriculture. The board includes:
As set out in Section 7 of the Prospectus, Duxton Broadacre Farms Ltd is subject to a range of risks, including but not limited to adverse weather conditions, commodity prices, input costs and illiquidity.
Section 734(6) disclosure: The issuer of the securities is Duxton Broadacre Farms Ltd ACN 129 249 243. 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).
The CommsChoice Group IPO has closed early via OnMarket. Payment must be made by 5pm Wednesday 13th December (AEST).
Bids over $5,000 may be scaled back more heavily, and we cannot guarantee that all funded bids will receive an allocation.
CommsChoice Group Limited (ASX: CCG) provides clients with a range of integrated solutions to meet their clients’ information and communications technology (ICT) requirements. Their products and services are critical to the efficient business operations of almost 3,000 enterprise and business clients in Australia, New Zealand, Singapore and internationally.
With over 50 staff across offices in Sydney, Melbourne, the Philippines and Singapore, the Company provides selection, procurement, implementation and management of over 400 vendor‑neutral products and services. CommsChoice aims to provide a majority of its clients with a one-stop-shop for all their ICT needs.
The Company’s business model is focussed on the delivery of managed ICT products and services under contract to their clients. Consolidated pro-forma revenues were $20.1 million in FY2017, and are forecast to increase to $27.8 million in CY2018.
CommsChoice Group global presence
The $7.5m IPO is fully underwritten by Baillieu Holst Ltd, and post listing the Company will have a market capitalisation of $25.7 million. The Board intends to target an annual dividend payout ratio of 30% to 60% of NPAT.
The purpose of the offer includes; the cash component of the acquisition of the businesses forming part of CommsChoice Group, to provide a platform for CommsChoice to pursue its growth plans, fund working capital and pay the costs associated with the Offer.
The total addressable Enterprise and Business ICT markets (ICT solutions and managed services) for CommsChoice in Australia, New Zealand and Singapore was estimated at $54.37 billion in 2016, and is estimated to increase to $92.30 billion by 2022 (a CAGR of 9.2%). This growth is expected to be driven by increased sophistication of technology infrastructure, and growth in internet traffic, cloud computing and VoIP usage. See the Frost & Sullivan report in the Prospectus for more information.
Enterprise and Business ICT Solutions and Managed Services Market in Australia, New Zealand and Singapore, 2016
Source: Frost & Sullivan
CommsChoice uses their proprietary Adaptive Connectivity as a Service (ACaaS) delivery platform to provide advanced solutions aimed at enabling clients to improve business performance and agility of their communications and technology operations and to unlock cost savings and minimise expenses. By operating a vendor agnostic model, they seek to offer clients an unbiased, best available, ICT solution that removes any conflict associated with being the owner of the carrier network infrastructure.
ICT products and services offered by CommsChoice are grouped into:
CommsChoice derives the majority of its revenue through contracted, annuity style service delivery. The Company also generates revenue from service implementation including consulting, licensing, hardware, installation and project management services.
CommsChoice aims to align its interests with its clients and ensures a clear focus on delivering strong business outcomes by generating a third stream of revenue through a share of the savings made to the client’s cost base against the incumbent service cost.
On a pro forma basis, the entities comprising CommsChoice Group generated approximately $20.1 million of revenue and $817,000 of NPATA in FY17, a CAGR of 24.1% from FY15. The Company is forecasting Revenue of $27.83 million, EBIT of $3.42 million and NPATA of $3.38 million in CY18.
Pro Forma FY17 and CY18F revenue mix and gross profit margin by operating division
The board and senior management include industry thought-leaders who have an average of more than 20 years’ experience in the ICT industry. Key personnel include:
As set out in Section 5 of the Prospectus, CommsChoice Group Limited is subject to a range of risks, including but not limited to competitive landscape, failure to retain and expand client relationships, intellectual property, disruption or failure of technology systems and the ACaaS delivery platform is not protected through any registered patent.
Section 734(6) disclosure: The issuer of the securities is CommsChoice Group Limited ACN 619 196 539. 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).
Frontier Diamonds Ltd (ASX: FDX) is a diamond mining company focussed on the globally renowned Kimberley region of South Africa. Post listing, Frontier will own a 74% interest in Sedi Diamonds (Pty) Ltd (Sedi South Africa), the owner and operator of the Star Diamond Mine and Sedibeng JV Mines.
With an estimated resource base of 1.307 million carats and forecast revenues of US$22.8 million for FY2019, the Directors believe that the Star Diamond Mine and Sedibeng JV Mines produce diamonds of excellent quality and value per carat that are well regarded and keenly sought after by major diamond buyers around the world.
Frontier’s aim is to unlock the potential of the existing producing mines, and to actively investigate growth opportunities through joint ventures and acquisitions. Sedi South Africa’s extensive underground operating experience and in-house engineering expertise is expected to provide a significant competitive advantage in the potential pursuit of such opportunities.
Frontier Diamonds Ltd is looking to raise between $4 million and $6 million via its IPO, and will have an estimated market capitalisation of $41.9 million at maximum subscription. The key purpose of the offer is to provide Frontier Diamonds with funding to:
Star Diamonds is located 12 km North East from the town Theunissen in the Free State Province of South Africa and Sedibeng is located approximately 40 km north of the town Delportshoop and 80 km west of the town of Warrenton in the Northern Cape Province of South Africa. Both mines have been in operation for over 60 years and all mine infrastructure already exists.
The Diamond Mineral Resources of the Star and Seidbeng mines as at 28 February 2017 was estimated as 4.551 million tonnes (Mt) at 28.7 carats per hundred tonnes (cpht) containing 1.307 million carats (Mct).
Both mines operate a Dense Media Separation (DMS) and Final Recovery Plant capable of treating the Ore Reserve at a head feed rate of 30tph and 50tph or at an average annualised rate of 110,000tpa and 180,000tph respectively. The process uses well proven diamond recovery technology for kimberlite ore.
Sedi South Africa’s activities over the previous few years have been to refurbish and re-establish both the Sedibeng JV Mine and Star Diamond Mine from a situation of care and maintenance to return to production.
Frontier’s aim is to further unlock the potential of the mines by increasing throughput whilst maintaining low operating costs and low capital investments. To support this, Sedi South Africa’s contracted mining team has a proven track record in underground and surface mining operations, with both mines complying with South African regulative control.
The company aims to achieve a long term predictable revenue stream supported by a consistent historical production profile of operations. The high quality diamonds produced by the mines will be sold via established marketing platforms and tender house facilities that the company has access to.
The Company has also recently acquired a tailings processing plant to reprocess significant tailings dumps at the Sedibeng JV Mine, and potentially, surrounding mines.
During the twelve months to 30 June 2017, Sedi South Africa achieved revenue of US$5.7 million.
During FY2018 the company is forecasting revenues of US$12.9 million, and an operating profit of US$0.3 million, due to increasing mining throughput to 132,002 tonnes per annum and optimised production capacity at the mines.
Optimisation of the mines production capacity and access to higher grade development areas in FY2019 will allow the mine to reach a production capacity of 215,500 tons of primary ore per annum. Revenue of US$23.0 million from the mining activities for the twelve months ended 30 June 2019 is forecast to generate an operating profit of US$7.6 million.
Frontier’s Board has significant expertise and experience in the mining industry including Mr Jan Louw, Managing Director and previous CEO of Frontier Mining Group. Mr Louw has extensive experience in planning, developing and managing large scale open cast and underground mining operations, having worked in senior management positions for Anglo American for 16 years in South Africa and Namibia.
As set out in Section 5 of the Prospectus, Frontier Diamond Ltd is subject to a range of risks, including but not limited to exploration and development, limited history, licences and international operations.
Section 734(6) disclosure: The issuer of the securities is Frontier Diamonds Ltd ACN 616 232 556. 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).
OnMarket has a limited allocation. The offer close and the 'Pay By' dates may change. Bids over $10,000 may be scaled back more heavily. Duplicate bids under the same investment profile or investor name may be cancelled.