IPO Closes Well Oversubscribed After Receiving a Strong Mandate from Australian and Asian Based Investors
Sydney, Aug 26, 2014 AEST (ABN Newswire) - Dual Sydney and Singapore headquartered technology company 8common Limited (
ASX:8CO) is pleased to announce that it will officially list on the Australian Stock Exchange (ASX) at 11:00am on Wednesday 27 August 2014. Initial Public Offering (IPO) was 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 being Expense8 (Travel and Expense Management System) and Realtors8 (Real Estate Content Management Software).
Commenting on the company's successful IPO, 8common CEO Nic Lim said:
"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.
"With the raise now complete, we look forward to finalising the listing process on Wednesday 27 August, 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."
Investors clearly welcome the track record of profitability within its group of companies. 8common's blue chip client base and business model as an enterprise technology product company with its recurring and transactional revenue streams coupled with main distribution through SaaS (Software as a Service) positions it well for growth and scalability.
8common raised a total gross amount of $3.5 million after accepting applications for 14 million shares at $0.25 each from investors. The raising was largely taken up by sophisticated institutional and retail shareholders. Sanston Securities Australia was the Lead Manager of the offer.
Upon listing, 8common will have a market capitalisation of $13.5 million based on a 25 cent issue price.
About 8Common Limited
The 8common Group's (ASX:8CO) primary business is in the development and distribution of two established software solutions: Expense8 and Realtors8. The solutions help companies, their employees and professionals control costs, boost productivity and in the case of Realtors8, generate leads.
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