☕️V Plates

Good morning.

Virgin Australia certainly popped its cherry IPO on Tuesday, closing 11% higher on its first day back on the ASX, but that doesn’t necessarily bode well for the airline’s longer-term performance.

Capital Brief reports that of the largest 20 ASX floats by volume over the last decade, most that had a day one pop typically saw their stock fade or reverse within three months, according to data from Dealogic.

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Market movers

• Shares in Woodside plunged over 6% on Tuesday after oil prices fell under US$69, leading the 3.9% dive in the ASX energy sector.

The quick sync

• As high-growth startups stay private longer, savvy Aussie VCs are tapping continuation funds to keep backing winners, without forcing the exit. (Capital Brief)

• Meliora kicked off with strategic AI plays, as Clive Dickens backs Fluency and Relevance to blend capital, connections and code in a global push. (Capital Brief)

• AI is cutting hours for junior bankers but can’t yet replace complex work on Wall Street. (The Information)

• OpenAI, Jony Ive accused of corporate bullying after launching AI hardware venture under name strikingly similar to a smaller rival’s, sparking a court-ordered marketing takedown. (FT)

Trading floor

M&A

• Scape and NPS buy Aveo for $3.85b and rebrand all assets as The Living Company. (AFR)

• Humm Group shares have jumped over 11% amid speculation of renewed takeover interest in the BNPL company. (AFR)

• MinRes may sell mining services stake for up to $1.1b to raise cash. (The Australian)

• Riverside takes majority stake in mining software firm Dingo. (AFR)

• Barrenjoey analysts believe the FIRB is likely to approve the $36.4b Santos takeover, despite some calls for domestic gas safeguards. (AFR)

• Wall Street firms, TPG and Aquarian, emerge as top bidders for insurer Brighthouse. (FT)

Capital Markets

• Collins Foods’ net profit plunged 89% to $8.8m due to $40.8m in write-downs. (Capital Brief)

• Bannerman Energy is raising $85m via discounted share placement amid strong uranium prices. (AFR)

• Treasury Wine plans share buyback, cuts FY26 outlook for key brands. (Capital Brief)

• Treasury Wine’s $65m class action settlement approved, with no admission of wrongdoing. (Capital Brief)

• Develop Global launches $180m raise to fund copper and base metals mines after shares double in 2025. (AFR)

• Morgans upgrades Adairs to ‘buy’ after sharp share decline. (Capital Brief)

• Luciano split puts remaining 6.6% Regal stake under spotlight. (AFR)

• Rio and Hancock to invest $2.5b in new Pilbara iron ore project. (Capital Brief)

• MTM Critical Metals launches $50m equity raise targeting fund managers. (AFR)

• Dexus posts slight portfolio growth and announces APAC court hearing delayed to November. (Capital Brief)

• Forrest-backed Greatland jumps 12% on ASX debut after $490m IPO. (AFR)

• UK may curb Google’s search dominance under new digital market rules. (Capital Brief)

• Martin Holland’s Rapid Critical Minerals is raising $10m via placement at 2.4¢ per share, with $8m cornerstone backing secured. (AFR)

• Markets rise and oil drops on hopes Israel-Iran truce holds and China resumes Iranian oil purchases. (Capital Brief)

• Blue Sky brewery fund investors hit with 44% loss on Lord Hobo Brewing stake. (AFR)

VC

• Melbourne startup NexusMD raises $6.3m to expand hospital AI, backed by Square Peg. (Capital Brief)

• NZ agtech Halter hits unicorn status with $155m raise led by Bond. (Startup Daily)(Capital Brief)

• Meliora, led by Clive Dickens, makes early AI bets on startups Fluency and Relevance AI to support its new advisory business. (Capital Brief)

• Cauldron named World Economic Forum Technology Pioneer for its fermentation tech. (Smart Company)

• Australian VCs are adopting continuation funds to handle liquidity and hold onto high-potential startups as exits take longer. (Capital Brief)

• NZ startup Kiki is relaunching in London after leaving NYC due to regulatory pressure. (Smart Company)

People moves

• NAB hires Lloyds’ Pete Steel as first digital, data and AI chief. (Capital Brief)

• Chris de Bruin named inaugural CEO of merged Acenda Group. (Capital Brief)

• Rival firm PAG quickly snaps up ex-BlackRock dealmaker Charlie Reid. (AFR)

• Growthpoint CFO Dion Andrews to step down after 15 years. (Capital Brief)

• CDO Nikhil Ravishankar is a top contender for the Air New Zealand CEO role. (The Australian)

• ACCR urges Glencore to appoint a climate expert director to strengthen governance and strategy oversight. (Capital Brief)

• Articore activists seek to oust new chair Robin Mendelson after recent board shake-up. (AFR)

The watercooler