☕️ Large as Life360

Nasdaq IPO launch boosts Life360 shares

Good morning.

San Francisco-based but ASX-listed family tracking app Life360 has never been shy about its ambitions to crack its home market - and as part of that dual list its shares in the US.

The so called ‘Black Mirror’ app’s dream is about to become a reality with the company launching a Nasdaq IPO that could raise up to US$100 million. Goldman Sachs, Evercore and UBS are leading the deal, which was well received on the ASX, where shares gained 1.8% to close at $15.46 each on Tuesday.

While it’s a major milestone, Life360’s ambitions are much larger - founder and CEO Chris Hulls told Capital Brief earlier this year that “there is the chance of us becoming a $100 billion business”.

ASX as at market close. Commodities and crypto in USD.

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Market movers

GrainCorp stock popped like popcorn yesterday, jumping nearly 5% to $8.87 per share after the government predicted a bumper harvest.

The good news: the 27 million tonne east coast crop forecast, well above average, means more grain for GrainCorp to handle and a sweet perk: capped insurance fees that translate to extra profit.

The quick sync

  • Australia joins green bond club with $7b issuance led by AOFM, backed by CBA, Deutsche Bank, NAB, UBS, and Westpac. (Capital Brief)

  • Macquarie, Amazon, Microsoft, and Google drive surge in data centre investments amid soaring demand from AI and cloud computing" (Capital Brief)

  • Bankrupt GenesisCare, once valued at $5b, has seen its valuation plummet to between $434m and $541m, according to an Oaktree Capital commissioned report. (AFR)

  • Pollination launched a $150m green venture fund backed by QIC to drive energy transition investments. (AFR)

  • Godfreys creditors to lose $45m while employees secure up to full payout amid collapse due to competition from Harvey Norman, Amazon, and Dyson's Absenc. (AFR)

Trading floor

M&A

  • Quadrant Private Equity's $300m-plus acquisition of Birch & Waite has attracted significant interest from lenders. (AFR)

  • Assembly Label, an Australian clothing brand, is up for sale after 13 years. (AFR)

Capital Markets

  • Parc Capital is raising $10m for Omnia Collective, aiming to replicate its success with Orro Group, where Macquarie Capital's $150m investment yielded a significant return. (AFR)

  • Rio Tinto is investing $215m to build a facility in Australia to test BioIronTM. (Capital Brief)

  • Xero launched a $1.27bn convertible notes deal, including a $380m block trade managed by Morgan Stanley and Goldman Sachs. (AFR)

  • Life360 just went public on the Nasdaq to raise money for further growth. (Capital Brief)

  • Ordell Minerals is launching a 20c IPO, hoping that the high gold price and proximity to lithium sites in Western Australia will make the $5m float appealing to investors. (The Australian)

VC

  • Life sciences VC firm Brandon Capital has announced the first close of a $270m fund to seed new biotech startups locally and globally. (Capital Brief)

  • Ofload has raised $31m, valuing the company at $350m. (BNA)

  • Psylo raised $8m to develop a new treatment for depression and other mental illnesses. (Capital Brief)

People moves

  • None

☝️ Know about a deal or people move we don’t? Hit reply.

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