Xpansiv ups pre-IPO raise to $100m, Shaw and Partners appointed as Joint Lead Manager News03 Sep 2021

Commodities marketplace Xpansiv is understood to have upsized its pre-IPO capital raise to $US100 million, after getting significant demand from investors.


The exchange, which focuses on ESG-inclusive commodities, has Barrenjoey and Shaw and Partners on the deal and the brokers will also jointly manage the IPO.


The business, led by CEO Joe Madden, allows the transaction of renewable energy, carbon offsets, differentiated materials, and water on ESG-centric spot markets CBL, H2OX, ACE, and OTX.


Street Talk previously reported that the business was in the market raising upwards of $US50 million.


The scaled up raise is believed to enable the business to capitalise on acquisition opportunities ahead of a listing on the ASX, which is slated for early next year.


Cornerstone demand is understood to have come from new strategic investors who use Xpansiv’s trading platform and was also supported by international and domestic institutional investors and high net worth backers.


Xpansiv declined to comment.


Xpansiv grew trading volumes by 374 per cent in the June quarter, compared to the same time last year, and it’s understood that company has continued to experience rapid.


The company is the result of the merger of decade-old Sydney-based commodity spot exchange CBL Markets and San Francisco’s Xpansiv (a commodity data company).


It already had a host of well-known investors from its previous capital raises, including Caledonia’s Will Vicars, BP’s venture capital arm, S&P Global, Larry Leibowitz, the Fairfax family office Cambooya Investments, American billionaire and private equity pioneer Thomas H. Lee and Jack Klinck, a former executive at State Street and BNY Mellon.


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