Atlassian could file its IPO this week; China demand for Bellamy’s Organic baby formula fuels local shortages: Midday Roundup

Atlassian could file its IPO this week; China demand for Bellamy’s Organic baby formula fuels local shortages: Midday Roundup

 

Aussie startup Atlassian could file for its initial public offering in the United States as soon as this week, according to reports.

The Sydney-based software company is valued at more than $3 billion and has been working towards a float for some time.

A source close to the matter told Fairfax Atlassian reported revenue of more than $450 million last financial year.

The news comes as the software company announced it is expanding its board of directors to include former Google executive, Shona Brown.

Brown was previously vice president of business operations for Google.  

 

China demand for Bellamy’s Organic baby formula fuels local shortages

 

Tasmanian company Bellamy’s Organic baby formula has run out in Australian supermarkets, with an upcoming shopping event in China reportedly responsible for a spike in demand.

According to Fairfax reports, the ASX-listed company has been bombarded with complaints from Australian mothers unable to buy the product on local shelves.

Bellamy’s Organic chief executive Laura McBain told Fairfax the company has been hit with unprecedented demand due to Singles Day in China, which will take place on November 11. Last year, consumers spent approximately $9 billion on Singles Day.

“As a result, supermarket shelves in Australia are being wiped out. We didn’t anticipate we’d have a situation where mums couldn’t access our products. It’s taken us by surprise,” McBain said.

 

Shares down on open

Aussie shares have dipped into the red this morning following a weak lead from China.

Ric Spooner, chief market analyst for CMC Markets, said in a statement US jobs data is also to blame for today’s weak opening.

“Weekend news of another set of disappointing trade data from China will [also] be a source of concern for local markets this morning,” Spooner said.

“Imports have been consistently weaker for 12 months highlighting problems for the Australian mining sector.”

The S&P/ASX 200 benchmark was down 71.3 points, falling 1.39% to 5143.7 points at 11:52am AEST. On Saturday, the Dow Jones closed 46.9 points higher, up 0.26% to 17,910.33 points.

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