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Most investors in IPOs buy in after the stock begins trading. But the arrival of equity crowd funding – such as Aussie fintech company OnMarket Bookbuilds – has made it easier for retail investors to get in prior to the first day of trading. There are three upcoming IPO’s on the ASX with history of revenue generation as well as operations in promising sectors.  For high risk takers, there is a company coming on the ASX that could be highly disruptive, although it has yet to generate any revenue.
The following table (below) includes revenue and profit for the three companies for FYT 2015 and FY 2016.
Windlab Limited (WND) is a “global renewable energy development company” focusing on wind energy.  The stock began trading on 23 August, opening and closing at $1.95, falling to $1.75 on 24 August.  The long-term prospects for energy generation from renewable sources is bullish, as seen in the following graph of demand by power source.

Windlab has a competitive advantage over traditional developers of wind farms with its technology enabling the company to shepherd a Wind Farm from inception to operation and management.  The technology – called WindScape – was originally developed at Australia’s Commonwealth Scientific and Industrial Research Organisation (CSIRO).  Windlab has exclusive rights to its use.  WindScape begins with atmospheric modeling to determine ideal wind farm sites with a suite of software tools to move a project through financing, construction, and operation.
WindScape modeling can span vast areas anywhere in the world to identify optimal sites and then develop virtual specific wind farms with optimal turbine placements on the site for review without the need to physically inspect the site.
The company has three operational wind farms in Australia with two more under development.  In addition, Windlab has one operational wind farm in Canada; two in South Africa with two more under development; and two projects under development in the US. 
When it first began in 2011 The GO2 People (GO2) provided temporary labour hire services to Tier 1 and Tier 2 contractors working on infrastructure, building, general construction, mining construction, and telecommunications projects.  The company’s database includes over 100k candidates grouped into talent pools by occupation.
Given its extensive building expertise, it seemed a natural extension of the business model to include smaller building projects, undertaken on its own and in conjunction with some of its contractor clients.  Tier 1 contracts exceed $1 million while Tier 2 range from $400k to $1 million.  The smaller projects use a variety of pre-fabricated materials to speed up construction, thus the company’s term “rapid build.” In addition, the Building Division is moving into “smart homes” using the latest control technologies to bring the “internet of things” into the residential market.
Given its origins and heavy presence in Western Australia, it is worthwhile to note the company’s diversification allowed it to survive the decline in mining construction, swinging from a net profit loss in 2015 back into positive territory in 2016.  IPO proceeds will go towards the company’s growth strategy, including expansion into NSW, Victoria, and New Zealand; and enhancing the company’s “rapid build” and “smart home” segments. Shares of GO2 are available to retail investors at OnMarket Bookbuilds until 8 September.
RightCrowd Limited (RCW) develops and sells software programs to enhance physical site security access, along with other products comprising the following offerings – RightCrowd Enterprise; RightCrowd Essentials; and RightCrowd Insight.
Beginning in 2004, the early software integrated site access controls with internal Human Resource and Information Technology Systems, helping ensure only the “right crowd” accessed the site, including employees, contractors, and visitors.  Initial clients were largely military installations.  Later software extended to regulatory compliance monitoring.  
RightCrowd Enterprise is the core program that enables large scale projects with large-scale enterprise systems to incorporate needed elements of HR, IT, physical security, safety, finance, risk and compliance to manage the company’s regulatory and security compliance.  Essentials is a simpler package allowing browser-based control of pre-defined business processes. Insight analyses a sites physical access control systems to identify weaknesses.
The Prospectus falls short of naming specific customers, but they are very large sites with several million access events each day in industries from resources to health to utilities to education to technology.  
As of now RightCrowd operates here in Australia and in North America with two ASX 10 companies as clients along with “several” Fortune 500 companies, but plans to expand across the world. 
Titomic Limited (TTT) has yet to generate revenue, but for those willing to gamble a bit, this company is worth a look.  The company’s proprietary Kinetic Fusion Process, developed in conjunction with CSIRO, has the potential to dramatically improved current Additive Manufacturing.  Additive manufacturing builds a product by adding layers and is the process commonly referred to as 3D Printing.  One of the drawbacks of 3D Printing is the shape and size constraints inherent in using “metal powder” to create metal products.  Kinetic Fusion is based on Cold Spray Techniques used by the US Military.  
Titomic claims Kinetic Fusion improves build rates 30 times faster than 3D printing, with stronger products.  The process “fuses” dissimilar metals and blended alloys.
As exciting as this sounds reviewing the Investment Overview Section of the IPO Prospectus finds a troubling phrase – “under construction.”  The production facility in Melbourne will include a Research & Development cell, a Production cell, and a Finishing & Polishing cell, but when and for how much?
The three cells are expected to be completed in the fourth quarter of this year, with production trials starting in Q1 of 2018.  The Prospectus states IPO proceeds will go towards working capital, research and development, and equipment purchases, along with costs of the offer. Management warns of the possibility of additional capital requirements prior to commercialisation. With commercialisation and revenue generation nowhere in sight, capital raises or debt financing is virtually inevitable.

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