Category: Stock Market

The NIB Holdings Limited (ASX: NHF) share price is heading south on Monday following the broader market’s slump. This comes amid the private health insurer announcing some key dates for its 2022 calendar this morning.

NIB shares finished trading on Monday at $7.04, down 2.63%. In comparison, the S&P/ASX 200 Index (ASX: XJO) has recovered throughout the day, posting a drop of just 0.07% to 7,448.2 points.

What’s on the agenda for NIB in 2022?

With the new year upon us, one of Australia’s premier health insurance provider, NIB released its 2022 calendar to investors.

The most important date in the near term is on 21 February, where NIB will deliver its half-year results for FY22.

In addition to its six-month performance report, a 2022 interim dividend is also expected to be announced.

The ex-dividend date for the interim dividend is scheduled to fall the following week on 3 March. This is when investors must have purchased NIB shares to be eligible for the upcoming interim dividend payment.

Furthermore, eligible shareholders can elect to participate in the dividend reinvestment plan (DRP) with the deadline being 7 March. For those who participate, a discount will be applied to the volume-weighted average price of receiving NIB shares.

The payment date for the interim dividend is set for 4 April, where investors will collect a portion of the company’s profits.

In contrast, NIB handed shareholders a fully-franked interim dividend of 10 cents per share for the first-half of FY21.

The above process will again repeat itself with NIB releasing its full-year results again sometime in August. Although these dates are yet to be released by the company.

NIB share price snapshot

NIB shares have been on the move since this time last year, leaping almost 20% over the period.

Based on today’s price, NIB commands a market capitalisation of roughly $3.23 billion and has approximately 458.46 million shares outstanding.

The company currently has a trailing dividend yield of 3.41% and a price-to-earnings (P/E) ratio of 20.

The post Own NIB (ASX:NHF) shares? Here are the key dates for your investor diary in 2022 appeared first on The Motley Fool Australia.

More reading

• ASX 200 (ASX:XJO) midday update: Medibank and NIB rise, Bega sinks
• Here’s why the NIB (ASX:NHF) share price is pushing higher today

Motley Fool contributor Aaron Teboneras owns NIB Holdings Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended NIB Holdings Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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Are you interested in adding some ASX growth shares to your portfolio in January? If you are, you may want to look at the ones listed below.

Here’s what you need to know about these growth shares:

BetaShares Asia Technology Tigers ETF (ASX: ASIA)

The first growth share to consider is actually an ETF that gives investors easy exposure to many of the Asian region’s best growth shares. The BetaShares Asia Technology Tigers ETF is home to ~50 companies that are leading Asia’s technological revolution. These include Alibaba, JD.com, Pinduoduo, Samsung, Taiwan Semiconductor, and WeChat owner Tencent. And while regulatory concerns have been weighing on their shares this year, some analysts believe this has created a buying opportunity.

Breville Group Ltd (ASX: BRG)

Another ASX growth share to look at is Breville. It is the leading appliance manufacturer behind the Sage, Kambrook, Baratza, and eponymous Breville brands. These brands have been resonating extremely well with consumers for many years, underpinning consistently solid sales and earnings growth. The good news is that this is expected to continue in the future thanks to favourable industry tailwinds, its continued investment in research and development, and its global expansion. Macquarie is a very positive on Breville. The broker currently has an outperform rating and $34.37 price target on its shares.

Hipages Group Holdings Ltd (ASX: HPG)

A final ASX growth share to look at is Hipages. It is a leading Australian-based online platform and software as a service (SaaS) provider connecting consumers with trusted tradies. There are currently over 30,000 tradies using the platform, which is underpinning strong growth across all its key metrics. In addition, the company just announced the acquisition of New Zealand rival Builderscrack. This gives Hipages access to a NZ$26 billion total addressable market and 4,000 active tradies. Goldman Sachs is a big fan of Hipages. It currently has a buy rating and $5.15 price target on its shares.

The post 3 excellent ASX shares for growth investors in January appeared first on The Motley Fool Australia.

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• 2 top ETFs that could be buys in January 2022
• Brokers name 3 ASX shares to buy today
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended Hipages Group Holdings Ltd. The Motley Fool Australia has recommended BetaShares Asia Technology Tigers ETF and Hipages Group Holdings Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Sydney Airport (ASX: SYD) share price is one to watch in the coming month as its potential takeover deal unfolds.

Shares in the company are currently swapping hands at $8.69, down 0.12%. In the past month, the Sydney Airport share price has gained just over 1%.

Let’s take a look at what’s happening with the company lately.

Takeover decision pending

Investors are taking a keen interest in Sydney Airport shares lately.

As my Foolish colleague Sebastian reported, Sydney Airport was in the top three most traded S&P/ASX 200 Index (ASX: XJO) shares by volume on Friday when 11 million shares changed hands. At the time of writing, 12.34 million shares had been traded so far today.

In the next few weeks, Sydney Airport’s share price could be impacted by a pending decision on the Sydney Aviation Alliance’s proposed $23.6 billion acquisition of the company. Sydney Aviation Alliance is a consortium of investors including Global Infrastructure Partners, AustralianSuper, IFM Investors, and QSuper.

Shareholders are due to vote on the shareholder offer at a meeting on Thursday 3 February. News that the Foreign Investment Review Board has no objection to the takeover saw the Sydney Airport share price lift in late December.

It was also boosted after the Australian Competition and Consumer Commission and the European Commission gave their approval of the takeover deal on 9 December. Sydney Airport shares gained nearly 3% on the day.

All regulatory conditions for the acquisition have now been met. However, shareholder and court approval are still required.

The Sydney Airport board has recommended investors vote in favour of the $8.75 per share deal in the absence of a superior proposal.

Sydney Airport was in the top 5 best ASX 200 travel shares of 2021, gaining 35.41% for the calendar year. The big movement took place in July when news of the takeover came to light. Shares in the company gained nearly 34% between market close on 2 July and 5 July.

Share price snap shot

The Sydney Airport share price has surged nearly 38% in the past 12 months, well outperforming the  S&P/ASX 200 Index (ASX: XJO)’s gain of around 10%.

Since close of trade on New Year’s Eve, the Sydney Airport share price is stayed in the green, climbing from $8.68 to its current price of $8.69.

Sydney Airport has a market capitalisation of around $23.5 billion based on the current share price.

The post Why is the Sydney Airport (ASX:SYD) share price worth keeping an eye on? appeared first on The Motley Fool Australia.

More reading

• Here are the 3 most heavily traded ASX 200 shares on Friday
• 5 best ASX 200 travel shares of 2021
• 2 ASX travel shares that flew higher than Flight Centre (ASX:FLT) in 2021
• These 3 ASX 200 shares are topping the volume charts this Thursday
• Sydney Airport (ASX:SYD) share price climbs amid another takeover green light

The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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2022 has started off poorly for the Xero Limited (ASX: XRO) share price.

The company’s stock has tumbled 13.38% year to date despite no price-sensitive news having been released to the market. That continues on from a disappointing 2021 wherein its stock slumped 3.6%.

However, the future might be brighter for the business and accounting-focused software-as-a-service provider.

At the time of writing, the Xero share price is $126.66, 3.19% lower than its previous close. For context, the S&P/ASX 200 Index (ASX: XJO) has slipped 0.06% right now.

Let’s take a look at what might be weighing on the stock lately and what the future might bring it.

What’s weighing on Xero’s stock in 2022?

The last time the market heard price-sensitive news from Xero was way back in mid-November. Thus, it’s not likely that news from the company is driving its share price this month.

Instead, it could be the general tumble that faced many ASX tech stocks last week that has driven Xero’s value lower.

On Thursday, Australia woke up to a bloodbath across much of the United States’ market. Tech shares took the brunt of the plunge, with the Nasdaq Index sliding 3.3%.

The disastrous session was likely due to the US Federal Reserve, which seemingly suggested an upcoming rate hike.  

The Xero share price plummeted alongside the S&P/ASX Technology Index (ASX: XTX) on Thursday. They fell 6.5% and 5.6% respectively.

Unfortunately, its unlikely fears of rate rises have abated. That might be the reason the All Tech Index is down once more today, shedding 0.9% at the time of writing.

What might be next for the Xero share price?

The Motley Fool’s Tony Yoo reported on expectations of the Zero share price last month.

He spoke to Medallion Financial managing director Michael Wayne, who remains certain of the company’s stock. Yoo quoted Wayne as saying:

[Xero] has been a good performer over a long period of time. We are drawn to the capital-light and scalable software-as-a-service attributes of the business.

We continue to be encouraged by the sticky nature of the product.

But the fundie won’t be buying at its current share price. He believes Xero would be a buy at around $110 to $115.

Though, back in mid-December, my Foolish colleague Tristan Harrison reported that Credit Suisse had tagged Xero’s stock with a $160 price target, implying a 26% upside on its current share price.

Either way, the two experts agree Xero will likely continue its historically strong – though, perhaps momentarily disappointing – performance in the future.

The post The Xero (ASX:XRO) share price has already dumped 13% so far this year. What’s next? appeared first on The Motley Fool Australia.

More reading

• Why Accent, Careteq, Pro Medicus, and Xero shares are dropping
• Are these 2 ASX tech shares good buys in January?
• How did the S&P/ASX All Technologies Index (XTX) perform in 2021?
• ASX 200 tech shares on watch after Nasdaq selloff
• Here’s how the Xero (ASX:XRO) share price performed in 2021

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended Xero. The Motley Fool Australia owns and has recommended Xero. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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In late trade, the S&P/ASX 200 Index (ASX: XJO) is fighting hard to get into positive territory but is just falling short. At the time of writing, the benchmark index is down slightly to 7,448.9 points.

Four ASX shares that are falling more than most today are listed below. Here’s why they are dropping:

Accent Group Ltd (ASX: AX1)

The Accent share price is down 6% to $2.19. This morning analysts at Morgans retained their hold rating but trimmed their price target on the retailer’s shares to $2.40. According to the note, the broker believes that Accent will report a ~50% decline in earnings before interest and tax (EBIT) during the first half. In light of this, it appears to believe its shares don’t offer enough value for money at current levels to be considered a buy.

Careteq Limited (ASX: CTQ)

The Careteq share price is down 22% to 15.5 cents. This morning this assisted living technology company’s shares landed on the ASX boards following the completion of its IPO. Careteq raised $6 million at 20 cents per new share. And while the company claims to have a whopping $39 billion market opportunity, it hasn’t been enough to stop its shares from tumbling on day one.

Pro Medicus Limited (ASX: PME)

The Pro Medicus share price is down 3% to $52.44. This is despite the team at Morgans upgrading the health imaging company’s shares to a hold rating just days after downgrading them to a reduce rating. However, the broker still appears to believe that investors should wait for a better entry point around the $50.00 mark.

Xero Limited (ASX: XRO)

The Xero share price is down 3% to $126.74. This follows broad weakness in the tech sector again on Monday. It isn’t just Xero shares falling hard. The S&P ASX All Technology index is down 0.8% at the time of writing. Investors appear concerned with tech valuations given the prospect for rising interest rates in the United States.

The post Why Accent, Careteq, Pro Medicus, and Xero shares are dropping appeared first on The Motley Fool Australia.

More reading

• Why the Accent (ASX:AX1) share price is sinking 6% today
• ASX 200 (ASX:XJO) midday update: AGL and Novonix shares shoot higher
• What’s going on with the Pro Medicus (ASX:PME) share price?
• Top ASX dividend shares to buy in 2022
• Are these 2 ASX tech shares good buys in January?

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended Pro Medicus Ltd. and Xero. The Motley Fool Australia owns and has recommended Pro Medicus Ltd. and Xero. The Motley Fool Australia has recommended Accent Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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Consumer lobby group Choice has called for contracts for difference (CFDs) to be banned to retail investors.

CFDs effectively bet on the changing value of an asset without actually owning the asset itself. These products, offered by many stockbrokers, can be linked to all sorts of assets — shares, stock market indices, foreign currency, commodities, and now cryptocurrencies.

They are usually highly leveraged, meaning potential losses can be far greater than the initial outlay.

Although they are also used by professionals to hedge risk, they can land inexperienced retail investors in trouble due to the big debts involved.

In a 2020 court case, the Federal Court’s Justice Jonathan Beach criticised the heavy debts in CFDs that entrap “unsophisticated retail investors” seeking “financial heroin hits”.

High pressure sales tactics are also used by some brokers to peddle CFDs to vulnerable consumers.

Ban CFDs to retail investors, simple

The court ruling fined three trading firms for “unconscionable conduct” for aggressively selling CFDs. 

That same year the Australian Securities and Investments Commission (ASIC) moved to place temporary limits on such products.

However, that product intervention order expires in May. Choice is urgently calling on its renewal until 2031, or for an outright ban for retail investors.

“If the order is not renewed, consumers would risk potentially losing billions of dollars in CFD losses as seen in 2020,” read Choice’s submission to ASIC.

“CFD issuers would be allowed to resume unfair trading practices, including being able to sell highly-leveraged financial products to retail consumers.”

Both the United States and Hong Kong have banned the sale of CFDs to retail investors. Other jurisdictions like the United Kingdom have restrictions on what can be offered to everyday consumers.

“Choice believes the sale of CFDs to retail clients has limited, if any, public benefit,” stated the Choice submission. 

“Given the widespread harm identified by ASIC, Choice recommends that the sale of CFDs to retail clients be banned.”

Current restrictions protecting retail consumers

Choice quoted ASIC’s own numbers to demonstrate how effective the temporary restrictions have been:

• 94% drop in retail net losses, from $377 million to $22 million
• 50% drop in average retail account loss from $1,962 to $986

“CFDs are precisely the kind of financial product that should be subject to market-wide product interventions.”

ASIC’s current product intervention order will only be extended with a green light from the federal minister for financial services Jane Hume.

The post ASX retail investors should be banned from ‘financial heroin’: Choice appeared first on The Motley Fool Australia.

More reading

• ASX 200 (ASX:XJO) midday update: AGL and Novonix shares shoot higher
• 2 ASX 200 shares that could be top buys for growth
• 2022 will be an awesome year for ASX shares: Here’s why
• How much the average Australian investor earned in 2021
• 5 things to watch on the ASX 200 on Monday

Motley Fool contributor Tony Yoo has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The DroneShield Ltd (ASX: DRO) share price is pushing higher during afternoon trade following a business update from the company.

At the time of writing, the defence contractors’ shares are up 5.71% to 18.5 cents. In comparison, the All Ordinaries (ASX: XAO) is down 0.21% to 7,757.8 points.

What did DroneShield announce?

Investors are buying up DroneShield shares after the company reported a record performance for 2021.

In its statement to the ASX, DroneShield advised it achieved $10.5 million in revenue last year. This represents a 94% increase when compared against the prior comparable period (FY20 $5.4 million).

In addition, customer and grant cash receipts totalled $14.8 million in 2021, a 174% growth on 2020 levels.

Notably, the company broke new records, despite COVID-19 continuing to impact business operations. The diversity in receipts primarily came from Australia, the United States, and Middle Eastern customers.

This consisted of payments across multiple product lines such as DroneShield’s $3.8 million contract with the Australian Department of Defence.

In addition, DroneShield is actively engaging in a potential US$55 million contract with a Middle Eastern customer. Although details are sketchy at this point in time on who the deal is for and what it involves.

The company noted that it has over $200 million in its sales pipeline across the globe. This is a small fraction of the total $6 billion addressable market for counter-drone, electronic warfare and signals intelligence products.

DroneShield declared a healthy cash balance of $9.5 million, with no debt.

Management commentary

Speaking on the outstanding achievement, DroneShield CEO Oleg Vornik said:

2022 is shaping as another record year, with over $200m in sales pipeline diversified across geographies and products, underpinned by our talented staff who are global leaders in their respective technology segments.

We have also taken advantage of our supply chain relationships to secure access to material amounts of complex circuit board and other inventory, which serves as a further differentiator to our customers, reducing final product delivery lead times, in the current environment of supply chain disruptions for much of the industry.

Importantly, Software as a Service (SaaS) and, generally, software-related revenues are expected to continue increasing as total percentage of customer cash receipts.

About the DroneShield share price

Over the last 12 months, the DroneShield share price has pushed marginally higher by around 3%.

The company’s shares reached a 52-week high of 22.55 cents in September last year, before treading lower.

At today’s price, DroneShield presides a market capitalisation of around $77.37 million, with approximately 418.23 million shares on issue.

The post DroneShield (ASX:DRO) share price soars 5% on rapid revenue growth appeared first on The Motley Fool Australia.

More reading

• Why the DroneShield (ASX:DRO) share price is lifting 5% today

Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended DroneShield Ltd. The Motley Fool Australia has recommended DroneShield Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a decline. At the time of writing, the benchmark index is down 0.1% to 7,447.7 points.

Four ASX shares that have not let that hold them back are listed below. Here’s why they are charging higher:

AGL Energy Limited (ASX: AGL)

The AGL Energy share price is up 8% to $6.80. Investors have been buying this energy company’s shares after they were upgraded by analysts at Credit Suisse. According to the note, the broker has upgraded the AGL shares to an outperform with a lofty price target of $8.50.

Genetic Signatures Ltd (ASX: GSS)

The Genetic Signatures share price is up 5% to $1.75. This morning the diagnostics company announced that the Therapeutic Goods Administration has registered a saliva-based protocol to collect and test patients for COVID-19 using its flagship 3base EasyScreen SARS-CoV-2 (COVID-19) Detection Kit. Management believes this style of collection will be particularly helpful with Omicron strain.

Liontown Resources Limited (ASX: LTR)

The Liontown Resources share price is up 2% to $1.57. This follows news that the lithium developer has awarded a key contract to Metso-Outotec for the design, fabrication, and delivery of a Semi Autogenous Grinding (SAG) Mill for its flagship Kathleen Valley Lithium Project in Western Australia. Management notes that this puts it on course to achieve its target of first production of lithium concentrate in 2024.

Novonix Ltd (ASX: NVX)

The Novonix share price has jumped 11% to $10.38. This morning the battery materials company announced plans for a secondary listing on the Nasdaq index on Wall Street. Novonix hopes that listing on the famous stock exchange will allow US investor and fund managers the opportunity to invest in the growing company.

The post Why AGL, Genetic Signatures, Liontown, and Novonix shares are charging higher appeared first on The Motley Fool Australia.

More reading

• Genetic Signatures (ASX:GSS) share price leaps 6% on COVID test news
• Here’s why the AGL (ASX:AGL) share price is surging 8% today
• ASX 200 (ASX:XJO) midday update: AGL and Novonix shares shoot higher
• Novonix (ASX:NVX) share price jumps 7% on Nasdaq listing plans
• Buying ASX shares in 2022? Here’s what you need to know: expert

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

It’s been a rough couple of months for Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH).

After reaching record highs in November, both cryptocurrencies have been on a downhill slide. Bitcoin is down more than 36% since its peak, and Ethereum has fallen by nearly 30% since its all-time high.

There are several factors that could be fueling this recent sell-off, including news that the Federal Reserve could raise interest rates in coming months, as well as the recent internet shutdown in Kazakhstan — a key country for Bitcoin mining.

While this drastic drop may be concerning, keep in mind that in some cases, price dips are a smart opportunity to invest more affordably.

Bitcoin and Ethereum are the two most expensive cryptocurrencies, priced at around $41,700 per token and $3,200 per token, respectively. But compared to their all-time high prices of close to $70,000 and $4,900 per token, these cryptocurrencies are essentially on clearance right now.

Does that mean you should stock up on Bitcoin and Ethereum while they’re on sale? Not necessarily. Here’s what you need to know.

Are Bitcoin and Ethereum good investments?

When prices fall during a market downturn, it can be tempting to load up on investments simply because they’re more affordable. But before you buy, it’s important to make sure they’re the right investments for you.

Like all cryptocurrencies, Bitcoin and Ethereum are still speculative — meaning nobody knows for certain how they will perform over the long run. That said, both have strong advantages that could help them succeed over time.

Bitcoin, for example, is designed to be a store of value and an inflation hedge. While the jury is still out when it comes to how effective Bitcoin is at hedging against inflation, as inflation continues to soar, more investors are looking to Bitcoin as a long-term investment. It’s also continuing to gain traction as a form of payment, even becoming legal tender in El Salvador.

Ethereum is also poised for further growth in 2022 as it transitions to its Ethereum 2.0 upgrade, which will make the network faster, more energy-efficient, and more affordable to use. This update will not only make it easier for Ethereum to scale, but it will also help it keep up with younger competitors like Cardano and Solana.

Should you invest right now?

Whether you invest in Bitcoin or Ethereum depends largely on your tolerance for risk. Although this recent slump may seem alarming, it’s not the worst these cryptocurrencies have seen over the years. Bitcoin, for instance, has lost more than 80% of its value in the past, and throughout 2018, Ethereum’s price plummeted by close to 95%.

Volatility like this has become the norm for crypto. While there’s a good chance Bitcoin and Ethereum will survive this downturn, be prepared for more turbulence if you choose to invest. If you’re a risk-averse investor, consider whether you’re comfortable with this level of volatility.

Keep in mind, too, that if you invest, it’s best to hold your investments for as long as possible. In other words, don’t expect to buy now and then sell in a few weeks for a quick profit. Only invest if you plan to hold your investments for at least a few years, if not decades.

Like all investments, Bitcoin and Ethereum have their strengths and weaknesses, and they’re not right for everyone. If you can tolerate higher levels of risk and are willing to hold your investments for the long term despite volatility, they may be a good fit for you. Otherwise, you may be better off waiting for now. 

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

The post Bitcoin and Ethereum are crashing: Is now the time to invest? appeared first on The Motley Fool Australia.

More reading

• The Bitcoin (CRYPTO:BTC) price has tumbled 10% since the start of 2022. Is it a buy?
• This cryptocurrency could 10x by 2026
• Can Ethereum overtake Bitcoin in 2022?
• How the Bitcoin (CRYPTO:BTC) price performed in 2021
• Is dollar cost averaging the way to invest in Bitcoin?

Katie Brockman owns Bitcoin and Ethereum. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and recommends Bitcoin and Ethereum. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

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A new company finalised its initial public offering (IPO) and floated on the ASX this morning, but it’s likely not feeling very welcome.

The Careteq Limited (ASX: CTQ) share price tumbled 25% less than its prospectus‘ offer price on listing.

At the time of writing, the company’s stock is trading at 15 cents apiece – down from its offer price of 20 cents a share.

Let’s take a closer look at what Careteq does and its ASX IPO.

Careteq share price tumbles on float

Careteq debuted on the ASX at 11am AEDT Monday morning.

The company operates in the assisted living technology space, offering software-as-a-service solutions to assist the elderly and those with disabilities.

According to Careteq, its sector is “ripe for a technological disruption” as an ageing population combines with staff shortages and the Aged Care Royal Commission’s recommendations.

Its serviceable addressable global market is expected to be worth US$32 billion a year by 2026, with Australia and New Zealand alone estimated to be worth around $1 billion a year.

Right now, the company offers its products through its Sofihub platform.

Additionally, it’s partnering with the United States-based SiTa Foundation. Together, they plan to develop a safety device to be used to combat domestic violence.

Careteq CEO Peter Scala commented on the company’s future, saying:

As the cost of providing aged and disability care rises, it is our belief that this will prompt government and non-government funders to increasingly turn to assistive living technology solutions, such as ours, to control costs and provide better patient outcomes.

Careteq’s ASX IPO

Careteq’s IPO saw it offering 30 million shares in the company for 20 cents apiece.

By doing so, it raised $6 million, giving it an indicative market capitalisation of $24.7 million at its offer price.

The raised funds will help grow the company and allow it to access cross-selling opportunities.

It will also be put towards the development of new products, features, and applications. Finally, some of the funds will go to the company’s international expansion strategy.

At the time of writing, around 1.8 million Careteq shares – approximately $280,000 worth – have swapped hands on Monday.

The post This ASX share just dived 25% following its IPO. What happened? appeared first on The Motley Fool Australia.

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• Why you shouldn’t expect the A2 Milk (ASX:A2M) share price to bounce back in 2022
• Why the Accent (ASX:AX1) share price is sinking 6% today
• Genetic Signatures (ASX:GSS) share price leaps 6% on COVID test news
• Is it a buy in 2022? Leading brokers size up the Qantas (ASX:QAN) share price

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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