The Investing News Network looks at the top-performing ASX-listed tech companies with initial public offerings in 2020.
Last year saw companies listed on the Australian Securities Exchange (ASX) raise more money than they had in the last five years — and technology companies were no exception.
In fact, out of the over AU$5 billion raised in 2020 initial public offerings (IPOs), tech companies accounted for AU$1.3 billion — the largest share for the sector in the last 10 years, as per Bloomberg.
Some tech-focused companies that debuted on the ASX last year have seen their share prices increase substantially since then, with one rising more than 80 percent since listing. Here the Investing News Network looks at the top-performing ASX-listed tech companies with IPOs in 2020.
This list was created using data from the ASX and was accurate as of January 26, 2020. Only companies listed in 2020 on the ASX under the software and services sectors are included.
1. Cosol (ASX:COS)
Share price: AU$0.66; gain since IPO: 83.33 percent; year-to-date move: -15.83 percent
Consultancy company Cosol provides strategic advice and practical delivery to streamline enterprise asset management business processes and technology systems.
Following a capital raise of AU$12 million, the Brisbane-based company listed on the ASX on January 24, 2020. With a current market cap of AU$83.44 million, Cosol has secured contracts with the Australian Defence Force, CleanCo and Anglo American (LSE:AAL,OTCQX:AAUKF), among others. In September 2020, the company acquired US-based AddOns, giving it further access to North America.
The company remains optimistic about 2021, with H1 revenue for Cosol Australia expected to be in the range of AU$12.4 million to AU$12.6 million — that represents 20 percent growth compared to the previous corresponding period.
2. Credit Clear (ASX:CCR)
Share price: AU$0.69; gain since IPO: 50 percent; year-to-date move: -8 percent
Making its debut on the ASX back in October 2020 after raising AU$15 million, fintech company Credit Clear is a receivables management solution provider.
Credit Clear, which currently has a market cap of AU$153.47 million, was founded in 2015 and has developed a proprietary digital billing and communication technology platform that allows organisations to manage communications and payment arrangements with their customers through an interactive digital and mobile interface as part of a full-service receivables suite of services.
In the 2020 fiscal year, the Melbourne-headquartered company reported pro-forma revenue of $11.2 million and no debt. With over 250,000 active customer accounts already, Credit Clear is expecting its business to continue to grow on the back of higher demand for debt recovery services.
3. Nuix (ASX:NXL)
Share price: AU$10.53; gain since IPO: 31.46 percent; year-to-date move: 22.16 percent
Nuix's mission is to create innovative software that empowers organisations to simply and quickly “find the truth" from any data. Established in 2000, Nuix helps customers process, normalise, index, enrich and analyse data from a multitude of different sources, solving many of their complex data challenges.
After closing one of the biggest IPOs in the country in 2020, Nuix listed on the ASX in December, raising AU$975 million in an offer that was backed by top shareholder Macquarie.
The forensic software company, which currently has a market cap of AU$3.14 billion, reported a revenue increase of 26 percent year-on-year in 2020.
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Securities Disclosure: I, Priscila Barrera, hold no direct investment interest in any company mentioned in this article.