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IPO activity in WA continues recovery in FY11


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Wednesday, 6 July 2011: IPO activity in Western Australia continued to increase post GFC, according to new figures released today from the Deloitte Corporate Finance survey.

Western Australia produced 63 IPOs in the year ending 30 June 2011 (FY11), almost double the 33 IPOs in the previous financial year.

The value of funds raised through IPOs also increased sharply, up from $266 million to $604 million.

Deloitte Corporate Finance partner, Andrew Annand, said Western Australia again generated more IPOs than any other state in 2010, and accounted for five of the 10 best-performing floats, again led by the resources sector.

  2005 2006 2007 2008 2009 2010 2011
Amount raised ($m) (LHS) 495.7 1,500.8 1,776.6 1,312.8 101.2 265.7 603.9
Number of floats (RHS) 55 67 113 100 17 33 63

 

Ten biggest WA-based IPOs in FY11

Company name Date listed Amount raised ($m) Change versus issue price at 30/06/11 (%) Industry sector
Blackgold International 22 Feb 70.2 -38 Materials
Maca 3 Nov 60.0 145 Materials
McPherson's Reward Gold 24 Dec 30.0 -7 Materials
GR Engineering Services 19 Apr 30.0 95 Capital goods
PMI Gold Corporation 21 Dec 27.5 -34 Materials
Haranga Resources 9 Dec 25.0 12 Materials
Universal Coal 10 Dec 20.0 -17 Materials
Dampier Gold 23 Aug 20.0 -40 Materials
Kimberley Rare Earths 18 May 18.2 -25 Materials
South American Ferro Metals 16 Nov 15.0 -56 Materials
Ausnico 21 Oct 4.0 -69 Materials


Across the country, the Deloitte Corporate Finance IPO survey shows that FY11 produced 123 floats, almost double the number in the previous financial year.

The value of funds raised from investors has also climbed strongly, up from $4 billion in FY10 to $7.6 billion in FY11, however, Mr Annand said the strong-looking numbers belied a disappointing second half of the year for IPO activity.

“The value of funds raised reflected two big-value floats earlier in the year of QR National and Westfield Trust, which together raised almost $6.1 billion. The number of floats was boosted by activity in the resource sector, which produced 95 IPOs, or almost 80% of all the floats for the year.

“The successful listing of Queensland Rail in particular raised expectations for the IPO market in the new year, however, overall the market has failed to live up to these expectations, with many businesses foregoing a listing, often in favour of a trade sale. The equity market simply couldn’t match the valuation expectations of vendors or those achieved through private sales.”

  2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
$billion raised

1.981

4.269

10.788

10.174

13.247

10.550

5.884

1.149

4.011

7.555

Number of IPOs

60

55

151

174

169

221

201

28

63

123

 

 

 

 

Last Updated: 

Contacts

Name:
Andrew Annand
Company:
Deloitte Corporate Finance
Job Title:
Partner
Phone:
Tel: +61 8 9365 7287
Email
aannand@deloitte.com.au
Name:
Dawn Willis
Company:
Deloitte Australia
Job Title:
Corporate Affairs and Communications Manager
Phone:
Tel: +61 2 9322 5562
Email
dawillis@deloitte.com.au

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