BREAKING NEWS: Major developments are underway as the Australian Securities and Investments Commission (ASIC) and Australian Securities Exchange (ASX) engage in urgent discussions with software powerhouse Rokt regarding a pioneering dual initial public offering (IPO) that could see the company listed on both the ASX and New York’s Nasdaq. This unprecedented move aims to retain Rokt’s $7.2 billion valuation within Australian hands while attracting foreign investment.
Sources indicate that ASIC and ASX officials are keen to cement Rokt as the first-ever company to float under a single prospectus in both regions. The dual IPO could allow Rokt to trade shares simultaneously on both exchanges from the moment it goes public, a significant milestone for the Australian market.
Founded in 2012 by former Jetstar CEO Bruce Buchanan, Rokt specializes in software that delivers personalized offers to online shoppers. Now headquartered in New York, the company has maintained strong ties to Australia and is poised to make a significant impact on the local investment landscape.
The proposal is still in the early stages, with Rokt consulting investment bankers and legal advisors on how to meet the regulatory requirements of both countries. Preliminary discussions with existing investors indicate a favorable response to the dual-IPO structure, which could enable them to choose their preferred market for trading shares.
One insider revealed that Rokt envisions its shares listing in New York early one morning (Australian time), followed by trading on the ASX from the opening bell. While representatives for Rokt, ASIC, and ASX have declined to comment, the urgency of these talks signals a major shift in the Australian IPO landscape.
The potential success of Rokt’s dual IPO could inspire other large, unlisted companies, both Australian and international, to pursue similar paths. High-profile candidates like Canva, recently valued at $65 billion, are already being discussed as the next prospects for dual listings.
Industry experts stress the importance of attracting more companies to the ASX amid a worrying decline in the number of large listings. Martin Hickson, a portfolio manager at 1851 Capital, emphasized, “If a dual listing could bring more companies to the ASX, that’s definitely a good thing for investors.”
This initiative comes as the ASX has successfully attracted miners and gaming companies already listed in markets like the U.S. and U.K. However, it has yet to witness a company list on the ASX while simultaneously launching an IPO in another market. Notably, Australia has lost several prime candidates, including software giant Atlassian, to Nasdaq.
The ASIC has openly expressed its interest in innovative strategies to enhance the appeal of Australian public markets. Just last month, officials announced plans to streamline dual listings for foreign companies, indicating a proactive approach to rejuvenating the ASX.
Rokt has successfully secured over $500 million USD (approximately $764.8 million AUD) in capital from notable investors, including TDM Growth Partners and Tiger Global. Recently, two of Rokt’s major backers, Barrenjoey and Hearts and Minds Investments, reported a 28% increase in their stake valuation, elevating Rokt’s overall worth by $1.6 billion.
As Rokt navigates this complex dual-IPO process, it could set a new precedent for tech companies with Australian roots, appealing to both local and international investors. With discussions still ongoing, the focus remains on how to structure the listings to comply with regulatory standards while maximizing market reach.
Investors and market watchers should stay tuned for updates on this developing story, as Rokt’s dual IPO could reshape the landscape for Australian technology firms seeking greater international exposure. The potential for a successful float is a promising sign for the future of the ASX and its appeal to innovative companies around the globe.
