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ASX Capital Raisings: Past, Present and Future
What should investors know about capital raisings on the Australian Securities Exchange? This series highlights past,...
10 March
Top ASX Tech Capital Raisings in 2020
Australia’s tech sector saw a number of new companies go public in 2020, with many others taking steps to raise cash so that they could continue operating during the tough economic conditions brought on by the coronavirus pandemic.
In a record year for capital raising activity in Australia, the high-technology sector in the country moved ahead, with many of the companies listed last year seeing their share prices increase significantly.
Here the Investing News Network lists the top ASX capital raisings done in a single transaction by tech companies in 2020, using data from Refinitiv.
1. Nuix (ASX:NXL)
Total raised: US$706.675 million
Nuix’s mission is to create innovative software that empowers organisations to simply and quickly “find the truth” from any data in a digital world. Established in 2000, Nuix helps customers process, normalise, index, enrich and analyse data from different sources, solving many of their complex data challenges.
After closing one of the biggest initial public offerings (IPOs) in the country in 2020, Nuix listed on the ASX in December, raising AU$975 million in an offer 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. Nuix has also been a top performer since its IPO.
2. Xero (ASX:XRO)
Total raised: US$144.124 million
Founded in 2006 in New Zealand, Xero is a cloud-based accounting software company that connects people with the right numbers anytime, anywhere and on any device.
In its latest half-year report, Xero acknowledged the tough environment for acquiring new customers due to COVID-19. That said, its subscribers grew by 19 percent to reach 2.45 million, with Australia becoming the first market to surpass 1 million subscribers. The company also made news headlines at the end of last year, when it acquired invoice lending platform Waddle.
3. Pushpay (ASX:PPH)
Total raised: US$85.971 million
Pushpay provides a donor management system — including donor tools, finance tools, a custom community app and a church management system — to the faith sector, non-profit organisations and education providers located predominantly in the US and other jurisdictions.
In its interim report for 2021, Pushpay reported a 38 percent increase in customers, which rose from 7,905 to 10,896, as well as a 53 percent increase in operating revenue, which according to the company jumped from US$56 million to US$85.6 million.
In September 2020, the company announced its largest product launch to date. It included 16 new products, features and enhancements to the Pushpay and Church Community Builder solutions. The launch unveiled the new product name of the company’s all-in-one engagement solution, ChurchStaq.
4. Citadel Group
Total raised: US$79.097 million
Citadel Group was an enterprise software and services company that specialised in improving patient healthcare outcomes and securely managing system critical data. It supported enterprise clients to deliver critical IT projects and services enabling anytime, anywhere communication and collaboration.
In December 2020, Citadel was acquired by Pacific Equity Partners and delisted from the ASX.
5. Doctor Care Anywhere (ASX:DOC)
Total raised: US$74.48 million
Doctor Care Anywhere was founded in July 2013 as a telehealth company based in London. It is committed to delivering high-quality, effective and efficient care to its patients through the integration of primary and secondary care.
The UK-headquartered company listed on the ASX last year following an IPO that raised AU$102 million. In its latest quarterly report, Doctor Care Anywhere reported unaudited revenue for the 2020 financial year of 11.6 million pounds — a 102.1 percent increase compared to the prior year. During the reporting period, consultations increased to 214,700, up 305.5 percent year-on-year.
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Securities Disclosure: I, Priscila Barrera, hold no direct investment interest in any company mentioned in this article.
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In a record year for capital raising activity in Australia, many high-tech companies were successful in their efforts to increase cash. Here’s a look at the top ASX capital raisings done in a single transaction by tech companies in 2020.
