8common IPO oversubscribed, prepares for ASX debut Aug 27
By Digital News Asia August 26, 2014
- Receives strong mandate from Australian- and Asian-based investors
- Market capitalisation upon listing will be A$13.5mil (US$12.6mil)
DUAL Sydney- and Singapore-headquartered 8common Limited said that its initial public offering (IPO) has now closed well oversubscribed following strong support from Australian- and Asian-based investors.
This represents a strong mandate for the company to expand its two main products – the Expense8 travel and expense management system and Realtors8 real estate content management software – the company said in a statement.
8common will list on the Australian Securities Exchange (ASX) tomorrow (Aug 27) at 11am Australian Eastern Standard Time, it added.
“We are delighted to have successfully completed the IPO for 8common, and particularly pleased with the strong level of investor interest out of Australia and Asia that resulted in the offering being well oversubscribed,” said 8common chief executive officer Nic Lim (pic).
“We now look forward to finalising the listing process, and rolling out the company’s strategy. We have a clearly defined execution roadmap for both continued expansion within our core markets in Australia and North America, and growth markets in Asia where we can leverage existing clients in Hong Kong and Japan,” he added.
8common declared that it is positioned well for growth and scalability based on its blue-chip client base, as well as its business model of recurring and transactional revenue streams coupled with main distribution through SaaS (Software-as-a-Service).
8common said it raised a total gross amount of A$3.5 million (US$3.3 million) after accepting applications for 14 million shares at A$0.25 each from investors.
The raising was largely taken up by institutional and retail shareholders. Sanston Securities Australia was the lead manager of the offer.
Given the high demand for shares, there was a significant amount of oversubscriptions that were unsuccessful. All unsuccessful applicants to the IPO will have their application monies returned, the company said.
Upon listing, 8common will have a market capitalisation of A$13.5 million (US$12.6 million) based on a 25-cent (Australian) issue price. To download its prospectus, go here.
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