📈 ASX awakening
Has the successful IPO of a fast-food giant made the ASX more digestible for Australia's tech startups? Investors say yes, while founders are more cautious.
Who would have thought the humble burrito could shift sentiment toward the ASX?
IPOs are so few and far between these days that the successful listing of Guzman y Gomez has made everyone pay attention. But there's a big difference between selling Australian retail investors on the digestible story of fast food and software companies that have had a long time between successful listings.
That’s not to say that tech companies have not had success, though. As Ben Hensmen, who manages Square Peg’s global tech fund portfolio, points out, we have some impressive examples of tech companies doing well on the ASX.
“For example Aconex, a project management software provider, listed on the ASX from December 2014 until April 2018, when it was acquired by US giant Oracle for $1.6Bn at a >400% premium to its IPO valuation,” Hensmen said.
