On The Call Koala's IPO; Atlassian's layoffs.
Mar 20, 2026
James Hennessey, Ideas Editor at Capital Brief, breaks down SaaS and startup trends. John McDeweling, Editor at Capital Brief, explains ASX moves and corporate context. They cover Koala’s scaled-back $68m ASX float and its DTC roots. They also dive into Atlassian’s 1,600 job cuts, AI pressures on developer-focused models, and shifting company culture.
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Koala Going Public With Conservative Valuation
- Koala is pursuing a scaled-back $68 million ASX IPO at ~10x EBITDA, reflecting conservative pricing compared to earlier ambitions.
- CEO Danny Milham delayed last year's float and now aims for a roughly $300 million valuation amid difficult market timing and institutional support.
Koala Unaffected By AI Hype But Tests Consumer Scarcity
- Koala's business is largely immune to current AI hype because it's a direct-to-consumer furniture brand focused on physical products and marketing.
- The listing tests ASX demand for consumer-brand stocks, a scarce category after weak recent consumer floats like Allbirds.
Milk Run Failure Didn’t Sink Danny Milham’s Reputation
- Danny Milham previously founded Milk Run, an instant grocery service that boomed in COVID then failed and was folded into Woolworths' 60-minute delivery.
- That failure hasn't hindered Milham's reputation this IPO, signaling a softer view of founder failure in Australia.