A competitive game
Outsider gives his congratulations to asset manager GQG which floated on the Australian Securities Exchange last month with a market cap of $5.9 billion.
The firm was the eighth company to float on the ASX this year with a market cap of more than $1 billion.
However, Outsider is amused by the one-upmanship when it comes to the title of ‘Australia’s largest IPO of 2021’ which GQG achieved by beating PEXA. Clearly, stock exchange listing is a very competitive game.
PEXA, the property arm of Link Group, raised $1.174 billion when it listed in July and GQG raised $1.187 billion.
With numerous companies itching to float by Christmas, perhaps the next IPO will only need to raise $1.188 billion to snatch the title.
However, both firms will have some way to go before they claim the title of largest IPO overall which belongs to Chinese technology firm Alibaba which raised US$21.8 billion ($29 billion) when it floated on the New York Stock Exchange in September 2014.
For Outsider, the only place he will be floating anytime soon is to the side of the pool to pick up a cold beer.
AUTHOR
The Outsider
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