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Here are 3 hot IPOs that hit the ASX boards recently

Credit: Cimexus

In the last couple of weeks there have been a number of notable IPOs which have caught my attention.

Three which really stood out for me are listed below. Here’s what you need to know about them:

Cann Group Ltd (ASX: CAN)

Possibly the hottest industry on the Australian share market right now is the medicinal cannabis industry. So it’s not surprising to see a couple of new listings hit the bourse last week. One of those is Cann Group, which is focused on the breeding, cultivating, and manufacturing of medicinal cannabis for sale and use within Australia. Cann is perhaps best-known as being the first company in Australia to be granted a licence to research and cultivate medicinal cannabis. With a talented management team rich in experience, Cann is certainly one to watch.

Hydroponics Company Ltd (ASX: THC)

The Hydroponics Company aims to be a leading manufacturer and distributer of cannabis products and equipment. Unlike the majority of pot stocks on the Australian share market, this diversified cannabis company is already generating revenue. Yesterday Hydroponics Company announced a 22% increase in revenue to $1.1 million for its wholly owned Crystal Mountain/Dragon Vision business. As a result, management believes it is on target to achieve its full-year revenue forecast of $5 million. I feel it could be worth digging a little deeper into this company.

UUV Aquabotix Ltd (ASX: UUV)

This exciting underwater robotics company landed on the Australian share market at the end of April. It manufactures commercial and industrial grade unmanned underwater vehicles (UUVs), as well as commercial and industrial grade networked underwater cameras. Just like regular aerial drones, there seems to be endless uses for UUVs. Defence, law enforcement, aquaculture, and pipeline inspection are just a few of the markets that Aquabotix has its eye on. I believe a recent order from the U.S. Navy validates the quality of the product, giving me the belief that this could be a company with a very bright future.

Whilst these three growth shares aren't new to the ASX, they certainly are in a strong position to deliver outsized returns in the next 12 months in my opinion. Do you own them?

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Motley Fool contributor James Mickleboro has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. 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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