You might have missed these top performing ASX IPOs of 2020  

These stellar ASX IPOs delivered triple digit returns for shareholders in less than 12 months. Here's the rundown on these superstar shares.

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Earlier on in the year, COVID-19 had an adverse impact on the capital markets and initial public offering (IPO) activity. However, gradually improving trading conditions resulted in the ASX seeing its fair share of unique company listings in 2020 afterall. Here are two of the best performing ASX IPOs of the year, both of which delivered spectacular returns for those who managed to get in early. 

2 stellar ASX IPOs of 2020

Douugh Ltd (ASX: DOU

The Douugh share price has soared more than 450% from its 3 cent IPO price. Douugh believes the current business model operated by banks and neobanks is outdated, and the company aims to disrupt the status quo with a radically new banking model. Its app harnesses the power of artificial intelligence (AI) to automate banking in an effort to foster financial wellness and help users achieve their financial goals.  

The app includes the types of features you'd expect from a checking account as well as the ability to track fixed expenses and subscriptions, manage spending and more. Over the next 12 months, Douugh plans to introduce a variety of feature updates before rolling out a monthly subscription fee. It plans to launch an automated money management assistant called Autopilot and new managed investment portfolios called Wealth Jars. 

More recently, the company launched its app in the United States after a successful 18-month beta trial. Its go-to-market growth strategy is focused on key digital media channels and working with Google to utilise its AI-powered ad bidding platform to target profitable customers. It also partnered up with Humm Group Ltd (ASX: HUM) to manage a line of credit of up to US$1,000 to eligible customers through a dedicated 'Credit Jar' on the Douugh platform and virtual Mastercard

Cosol Ltd (ASX: COS

Cosol is a digital services company focused on clients operating in asset-intensive industries such as transport, oil & gas and mining. These companies typically have in place complex and capital-intensive systems, underpinned by software such as SAP and Ellipse, to manage the lifecycle of their physical assets. By utilising its own proprietary software and its extensive services capabilities, Cosol delivers a range of IT and business solutions to its clients. 

The company is profitable with pro-forma FY20 EBIT increasing 42% to $3.93 million and NPAT increasing 45% to $2.88 million, giving this ASX share a price-to-earnings (P/E) ratio of approximately 35 at today's prices. The company is optimistic for the year ahead as its clients are providers of critical services such as water, mining, energy, defence, and public infrastructure. Investors who managed to participate in the Cosol IPO, which had an offer price of just 20 cents, would currently see returns sitting at 290%. 

Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool’s board of directors. Lina Lim has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of and recommends Alphabet (A shares), Alphabet (C shares), and Mastercard. The Motley Fool Australia has recommended Alphabet (A shares), Alphabet (C shares), Humm Group Limited, and Mastercard. 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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