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☕️ Fracking bet
Controversial Tamboran floats NYSE IPO for dual listing
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Good morning.
Meet the new Adani. Tamboran Resources, the $390m ASX-listed gas explorer with a penchant for fracking and a knack for controversy, launched its IPO overnight to raise up to US$175m ($265m) via a secondary listing on the NYSE.
With a cash-strapped balance sheet but backed by top brokers and Texan billionaire, Bryan Sheffield, Tamboran is on a mission to unlock vast gas stores in the Northern Territory's Betaloo Basin.
The IPO is jointly underwritten by BofA, Citi and RBC. Interested investors would do well first reading Capital Brief’s Jack Derwin piece on the challenges ahead for the company, which has become the next big target for climate activists.
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ASX as at market close. Commodities and crypto in USD.
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Market movers
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The multi-billion dollar marriage between Chemist Warehouse and Sigma might be on the rocks, thanks to the competition watchdog throwing a spanner in the works. But fear not bargain hunters! Legal eagles told Capital Brief’s Laurel Henning this whole "vertical integration" thingy should not be a big deal. It's like buying your snags straight from the butcher instead of the supermarket - not exactly a crime!
Some investors get it, with Sigma recovering last week’s losses. So, while the lawyers wrangle with the ACCC, rest easy knowing cheap Panadols (hopefully) await.
The quick sync
Leonardo.Ai is rolling out Australia's first major foundation model (Capital Brief)
Vital Metals shifts from China to Canada as Trudeau-led crackdown blocks Chinese rare earths deal (Bloomberg)
The Albanese government’s bet on PsiQuantum involved $190m equity and $280m debt (AFR)
Canva can claw back departing employees’ share rights if they criticise the star-up (AFR)
Australia’s youngest billionaire Ed Craven offers sign-on bonuses of up to $100k for crypto empire (The Australian)
Trading floor
M&A
Queensland Airports Limited has launched the sale of a 74.25% stake in its airport portfolio, with non-binding indicative offers due in late July. (AFR)
Lending giants are providing a $7bn loan to potential buyers to facilitate the acquisition of AirTrunk. (AFR)
Integral Diagnostics acquires Capitol Health in a deal that creates a $1 billion radiology company, boosting hopes for Healius' sale of Lumus Imaging unit. (The Australian)
A big Fortescue investor offloaded a chunk of their shares through JPMorgan. (AFR)
Temasek bought a minority stake in Betashares for $300m. (AFR)
Sunfresh and Gourmet Selections is undergoing administration to either restructure or be sold. (BNA)
Ampol may abandon plans to buy EG Group's Australian service stations due to concerns about the target company's debt levels and under-investment in the business. (The Australian)
Infrastructure investor Infratil is selling shares to raise NZ$1.15bn to invest in data center operator CDC's growth and expand its renewable, digital, and healthcare holdings. (Capital Brief)
Capital Markets
Guzman y Gomez's IPO is a success, with strong investor demand. (AFR)
Bapcor its position by securing new debt financing and appointing a permanent CFO. (Capital Brief)
The Australian government invested $189.5m directly (equity) into US quantum computing company PsiQuantum. (AFR)
VC
Archistar, a proptech company that helps developers make better decisions using AI, closed a $5m funding round. (AFR)
Chris Wirasinha’s Linkby secured $4m in Series A funding to fuel global expansion. (Startup Daily)
Google Australia launched a 10-week program to support early-stage Australian startups that use AI and machine learning. (Smart Company)
People moves
Gillon McLachlan, ex-AFL boss, is the new CEO of Tabcorp. (BNA)
Steve McCann, former CEO of Crown Resorts and Lendlease, is in discussions to lead Star Entertainment. (The Australian)
☝️ Know about a deal or people move we don’t? Hit reply.
Together with FinTech Australia
Apply now to speak at Australia’s premier fintech festival
FinTech Australia is calling for speakers at Australia's most thought provoking fintech festival, Intersekt, on the 18 and 19th of September, 2024!
Global and local fintechs, banks, financial institutions, regulators, government and investors will participate to hear from key thought leaders that are enabling the next generation of innovation in Australia.
The themes for this year include green fintech, policy-driven technology innovation, funding and growth journey, market-driven innovation, and cyber resilience.
Submit your Expressions of Interest before 1 July at intersektfestival.com.