☕️Debutante Bonanza

Good morning.

Klarna and Netskope’s bold debuts have led the charge as a flurry of IPO activity is pushing the market toward its busiest month since the end of 2021.

Bloomberg reports that the two mega listings are lifting September’s US IPO volume to USD7.6 billion so far, excluding blank-check firms and other vehicles.

The newly-public companies delivered a weighted-average return of 17% through Monday, which would have been higher had Stubhub and the (forever disappointing) Winklevoss’ Gemini Space Station not tumbled since their debut.

JP Morgan’s co-head of Americas equity capital markets Keith Canton labelled the lack of “universal acceptance of every deal by every investor” as healthy. “There’s a high amount of investor appetite for the IPO asset class as a whole, but it’s bifurcated, and you saw that dynamic in play in September.”

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Market movers

Shares in Telix Pharmaceuticals rose on Tuesday after the US Centers for Medicare & Medicaid Services granted Transitional Pass-Through payment status for its imaging agent Gozellix. The stock’s gain helped lift the ASX, which closed higher for the third consecutive session.

The quick sync

• Deckard has raised $6m in growth credit from Mighty Partners to move quickly into the long-term rental market, an opportunity it says is up to seven times larger than its current business. (Capital Brief)

• Australia must redesign its innovation system with bespoke pathways so deep tech can move from lab discoveries to lasting national impact, writes Richelle McNae. (Capital Brief)

• Coinbase calls for an independent digital asset champion to work with government and industry, as Daniel Mulino readies permanent crypto legislation. (Capital Brief)

• Albanese missed out on face time with Trump in New York, while the Murdochs re-emerge as allies through TikTok. (Capital Brief)

• Treasurer Jim Chalmers’ new FIRB portal is frustrating M&A lawyers, who say it delays applications, increases costs and makes complex deals harder to explain. (Capital Brief)

Trading floor

M&A

• MinRes to acquire RDG assets, including Lucky Bay mine. (Capital Brief)

• Quadrant plans $500m My Muscle Chef sale. (The Australian)

• Beach, Omega team up on $4b Qld gas project. (The Australian)

• Soul Patts lifts on Brickworks merger. (Capital Brief)

• Genesis Capital leads bid for Aurora rehab unit. (The Australian)

• Blundy eyes stake in Kathmandu owner KMD. (The Australian)

Capital Markets

• Lendlease raises $473m in hybrids to cut debt, fund Singapore growth. (Capital Brief)

• Myer posts $211m loss on Apparel Brands writedown. (Capital Brief)

• Canyon Resources launches $200m raise for Cameroon mine and rail stake. (AFR)

• DroneShield expands US R&D, doubling workforce. (Capital Brief)

• ASIC sues RACQ over misleading insurance renewals. (Capital Brief)

• Slattery seeks investor for $700m SUBCO expansion. (AFR)

• Telix surges on US payment boost for Gozellix. (Capital Brief)

• Novo Nordisk seeks subsidy for Wegovy in obesity and heart disease. (AFR)

• Vault Minerals drops on UBS downgrade despite Macquarie support. (Capital Brief)

• PNB eyes Real Asset Management to run Elanor’s $300m healthcare fund. (AFR)

• Nickel Industries falls on deferred mine payments, new debt plan. (Capital Brief)

• Gold miners rally as gold price hits record high. (Capital Brief)

• Cettire surges after CEO’s $5.5m share buy. (Capital Brief)

• Infratil hires UBS to review $400m Qscan stake. (AFR)

• Superloop, Aussie Broadband climb on Citi’s market share boost. (Capital Brief)

• OECD: Tariffs to slow global growth, crypto risks rising. (Capital Brief)

• Iren founders gain $660m from AI pivot. (AFR)

• Volvo ramps up US EV and hybrid production to counter tariffs and boost localization. (Capital Brief)

• Revolut commits USD13b to global expansion, eyes US bank deal and UK licence. (Capital Brief)

• Deckard raises $6m debt from Mighty Partners to expand into long-term rentals. (Capital Brief)

VC 

• Brisbane fleet analytics startup Fleetyr secures $750k seed round for global growth. (Smart Company)

People moves

• Australian Retirement Trust has promoted COO Kathy Vincent to CEO, replacing David Anderson, who resigned for family reasons. (Capital Brief)

• KPMG hires senior M&A tax partners, including deal veteran Enzo Coia. (AFR)

• Goodman exec Hugh Baggie jumps to AirTrunk. (AFR)

• Westpac cuts 200 tellers, shifts focus to lending. (AFR)(The Australian)

The watercooler