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ple are actually ready to take the chance
now more than ever to step up into an
MD role,” Vermey told Paydirt.
“People are also moving around more
than ever at executive level. We’re see-
ing a lot of people moving roles, where-
as I reckon only 2-3 years ago it was
really hard to get an executive to move
from their current role. The buoyancy of
the market has definitely aided people
wanting to move into different roles.”
While the increased number of first-
time executives leading IPOs is widely
applauded, Andrawes said it was impor-
tant to have the right amount of expe-
rienced heads involved in the company
as well.
“If you’ve got someone who’s done
it before – and most of these do have
at least one or two people on the board
who have been there before and are
quite experienced – then they know 29Metals was the largest resources IPO of 2021, pulling in $527.8 million. Backed by
what life is like in the listed space,” he EMR Capital, the company operates the Golden Grove (pictured) and Capricorn
said. Copper mines
“It’s important to have good, experienced
people around you, particularly CFOs, “It comes back to that strategy and performance is crucial as you’re always
company secretaries, non-executive di- understanding beforehand and making going to need to raise money again.
rectors, who can give you guidance…be- sure everybody in the team knows what You want to size the offer to make sure
cause life in the listed space is quite differ- life is going to be like for that first year af- you can achieve key catalysts and mile-
ent to life outside the listed space. ter listing. You don’t want to find yourself stones but also ensure there is excess
in a position of raising demand and you are not taking every
the money and then dollar.”
wondering what to do While market commentators can be
with it afterwards.” critical of IPO companies for not com-
Inevitably, the hon- manding enough capital to see out the
eymoon period will first few years, only 26 of the 106 new
come to an end quick- listings last year raised $5 million or less.
ly for some IPO com- Brooke said it was advantageous for
panies and some will new floats to not take hold of everything
need to tap the market offered to them and work towards a mile-
again to keep their pro- stone which creates a pathway towards
jects ticking over. another capital raising, as 92E and Aus-
Morgans corporate tralasian have subsequently done on the
advisory director Ste- back of their respective exploration suc-
phen Brooke recom- cesses.
mended engaging with “It’s about finding the balance be-
fund managers early in tween raising enough to deliver these
the process to map out re-rating events whilst not compromising
a plan of attack for the on the IPO performance by raising too
first few years of public much, too early,” he said.
life. As was the case for the record-break-
“The more corporate ing IPO Class of 2007 which the current
history a lead manag- intake went ever so close to emulating,
er has with projects, only time will tell how many of these com-
management and the panies have banked the right amount of
register the better,” funding and laid the proper foundations
he said. “It also pro- to see out the favourable conditions for
vides more runway to new floats.
engage with investors – Michael Washbourne
and build momentum.
American West managing director Dave O’Neill (right) It’s always a lot harder
and non-executive director Michael Anderson at the from a standing start.
company’s listing ceremony. O’Neill is one of several first- “For junior explor-
time executives at the helm of an IPO company ers, IPO aftermarket

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