iCandy oversubscribed by 92%, expects listing in 2wks
By Digital News Asia January 29, 2016
- At the IPO price, valued at a market cap of US$32mil
- Set to be first pure-breed mobile games from SEA to IPO
MALAYSIAN-headquartered mobile games studio company iCandy Interactive Ltd said it has successfully completed a capital raising round for its initial public offering (IPO) on the Australian Securities Exchange (ASX), and expects to list within two weeks.
In a statement, it said its capital-raising round was very positive and the IPO has been oversubscribed by 92%, with over A$4.8 million (US$3.4 million) raised.
iCandy’s initial plan was to raise a minimum of A$2.5 million (US$1.8 million). The allotment had to be scaled back to A$4.5 million conforming with the maximum allotment of 22.5 million shares of A$0.20 per share under the offering of iCandy’s IPO prospectus.
At the IPO price, iCandy is being valued by investors at a market capitalisation of A$44.8 million (US$32 million), the company said in a statement.
iCandy said it has now satisfied all the major requirements for the IPO and expects to list on ASX within the next two weeks.
It is set to be the first pure-breed mobile games company from South-East Asia to list publicly, it added.
iCandy is a spinoff company of ASX-listed investment firm Fatfish Internet Group Ltd (FFG), after the latter combined two of its game studio investments, AppXplore Sdn Bhd and Kensington Ventures Pte Ltd.
“We are very pleased that the fund-raising for the IPO has been very positive and is now completed,” said FFG managing director and iCandy chairman Lau Kin-Wai.
“We look forward to the exciting next phase of the company once we get quoted on ASX,” he added.
iCandy, through AppXplore and Kensington Ventures, has mobile games development studios in Singapore and Malaysia. Its studios have received funding from both the governments of both countries under various funding programmes.
Its mobile games include Alien Hive, Mobfish Hunter, Caveboy Escape, Sporus and Lightopus.
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