☕️ Rokt’s dual float

Good morning.

The AFR reported over the weekend ASIC and the ASX are talking to e-commerce software firm Rokt about a dual IPO on Nasdaq and the ASX under a single prospectus – a structure that has never been done before.

Rokt, last valued at $7.2 billion, was founded in Sydney but is now based in New York. So a deal would give super investors the choice of Wall Street depth or home-grown exposure, while regulators angle to lure more global names to a thinning ASX.

But the plan is still preliminary and would need relief from both ASIC and the ASX, with legal and structural hurdles around using a single prospectus across two markets still reportedly unresolved. The talks come as Bloomberg reported six US IPOs raised USD 4 billion last week, the busiest period since 2021, underscoring the global window Rokt could step into.

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Market movers

Shares in Bellevue Gold jumped more than 7% on Friday, leading a charge in gold miners as the precious metal closed in on record highs. The gains, mirrored by strong moves in Regis Resources and Capricorn Metals, underscored how expectations of US rate cuts are driving a renewed rush into safe-haven assets.

The quick sync

• Anduril in talks to bring its US military-grade VR headsets and rocket motor tech to Australia, fresh from securing a $1.7b Navy submarine deal. (Capital Brief)

• A Fed rate cut this week may reshape global markets and turn up the heat on the RBA. (Capital Brief)

• Albanese stalls on news bargaining incentive as media brace for expiry of Google deals worth over $100m. (Capital Brief)

• Reddit leaks are reshaping Australian corporate life, with ANZ’s job-cut saga showing how online forums can spark global headlines. (Capital Brief)

• ANZ’s home loan franchisees are in open revolt over commission cuts and rising fees, as new CEO Nuno Matos pushes to revive the bank’s underperforming mortgage business. (AFR)

• Macquarie freezes new super flows into Metrics funds after a Lonsec downgrade over governance concerns rattles confidence. (AFR)

Trading floor

M&A

• Anduril pursues Australian Army VR headset deal after $1.7b Navy win. (Capital Brief)

• ThermoSafe’s $725m sale lifts outlook for Amcor’s asset divestment. (The Australian)

• Akesa mulls PE deal, Lazard tipped as adviser. (AFR)

• Muselk and partners sell Click Management to GameSquare for $12.8m. (AFR)

• US suitor circles Emeco as gold boom lifts demand. (The Australian)

• Live Nation tipped to take Venues NSW ticketing from Ticketek. (AFR)

• Journey Beyond closes in on $300m Ayers Rock Resort deal. (The Australian)

• XRG’s $30b Santos bid hits crunch week as Canberra weighs national interest and east coast gas fears. (The Australian)

Capital Markets

• Cerberus explores IPO or sale of $1b Lincoln Place via Goldman Sachs. (AFR)

• Advanced Innergy trims ASX IPO to $150m after investor feedback. (AFR)

• Global sovereign funds circle Mineral Resources’ lithium mines. (The Australian)

• Metrics’ Andrew Lockhart seeks investor talks after sharp critiques. (AFR)

• Healthscope CEO Tino La Spina pushes radical not-for-profit plan as buyers reject full takeover. (AFR)

• Ticketek is bracing to lose Sydney’s biggest ticketing contract to Live Nation. (AFR)

• Australia’s major banks are quietly replacing business bankers with AI agents. (AFR)

VC 

• None

People moves

• IAG director David Armstrong steps down for health reasons. (Capital Brief)

• Fox Group sues Johns Lyng execs over $75m RPG sale. (AFR)

The watercooler