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☕️ Large as Life360
Nasdaq IPO launch boosts Life360 shares
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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”.
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ASX as at market close. Commodities and crypto in USD.
🏆 LOI Subscriber #TBD
Market movers
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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
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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Watercooler
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