Move over mining companies, the tech sector is ruling the IPO market.
The top performing IPOs of 2016 in Australia by share price came mainly from the technology and healthcare sectors.
IT took over from resources as the most active capital-raising sector on the ASX, according to analysis by OnMarket BookBuilds, an app which provides access to IPOs with the same terms as institutional investors.
Over the year to December 9, the top performing IPO was IT company Aurora Labs, a 3D metal printer maker, with a huge 1,540% gain in share price.
US-based industrial CFOAM, with a high performance carbon carbon product for the aerospace, industrial and military markets, came in second with a 215% return.
Tech firm AfterPay, which has a way for people to buy now but pay later, also features on the list with a 178% rise.
The biggest IT float of the year was logistics software producer WiseTech with 72.5% gain.
Hybrid plant breeder Abundant Produce came in third with a 185% gain.
In healthcare, cancer drug developer Noxopharm gained 167.5% and autism treatment company Neurotech 132.5%.
Here are the top ten:
Ben Bucknell, OnMarket’s CEO, says the miners were notably absent until the last quarter.
“We can expect a similarly diverse list in 2017 as companies of all kinds come to Australia to access our capital markets and ready pool of investors, as evidenced by the Malta-based Neurotech and Irish-based Kyckr being on the top 10 IPOs and top 10 technology IPOs lists,” he says.
Over the year to November 30, the IT sector dominated the IPO count, with two new IPOs in November and 20 IPOs over the year.
The average gain for IT IPOs, excluding the stellar Aurora Labs, was 10.6%. That contrasts to 2010 when resources and energy companies dominated IPOs.
Here are the top 10 tech IPOs:
Average annual returns for Australian IPOs hit 35.8% at November 30, compared to just 2.7% for the ASX200.