Daily Brief Australia: DigiCo REIT, Boss Energy, Structural Monitoring Cdi, Readcloud Ltd and more

• DigiCo REIT (DIGICO AU) is looking to raise nearly A$2bn in its IPO by selling 399.1m shares at A$5/share. Stock is expected to list on the ASX on 12 December.
• HMC Capital (HMC AU) will own 18.2% of DigiCo REIT (DIGICO AU) after the IPO while IPO investors will own 72.5% of the company.
• Subject to DigiCo REIT being an eligible stapled security, we expect the stock to be included in global and local indices between March and June mopping up 11.7% of float.

• Project quickly shut down by company, but still moving forward
• Concerns about Chinese buying in Australia
• Waiting on cost release for project, anticipating higher costs due to increase in uranium price

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• RaaS has published an update on vertically-integrated aviation designer and manufacturer Structural Monitoring Systems (ASX:SMN) following the company’s recent guidance for FY25 and $7.2m capital raise.
• FY25 revenue guidance is for $30m-$34m (RaaS was $35.5m), +14% at the midpoint on FY24, and for EBITDA of between $7.6m and $9.1m (RaaS forecast was $8.6m), +300% on the midpoint on FY24.
• A capital raise of up to $7.2m at $0.52/share is being used to fund new product R&D (60%), working capital (20%) and CVM certification (20%).

• RaaS Research has published an update on edtech group ReadCloud (ASX:RCL) following its FY24 result in which it grew revenue by 15% and in line with our forecasts and positive underlying EBITDA of $0.4m, a $1.1m turnaround and ahead of our forecast for $0.1m.
• The company has delivered on all stated FY24 targets, providing a platform for sustained profitable growth over the coming periods.
• Management has pointed to 15% compound organic revenue growth out to FY26 to be complemented by further operating leverage and positive cash generation.