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Recent IPO in IT space- ASX: RDY

  • April 28, 2019 10:00 AM AEST
  • Team Kalkine
Recent IPO in IT space- ASX: RDY

The Sydney-based Readytech Holdings Limited (ASX: RDY), through its subsidiaries, offers people management software for educators, employers, and facilitators of career transitions to complete payroll, human resource admin, work health and safety management ecosystem. It primarily operates across Australia.

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Recently, the company debuted on the Australian Securities Exchange (ASX) after it got admitted to the official list of ASX Limited on Wednesday, April 17th, 2019. Readytech Holdings raised around $ 50 million via the issue of 11,258,279 ordinary fully paid shares, at an issue price of $ 1.51 per share and the sale and transfer of 21,854,315 ordinary fully paid shares at an issue price of $ 1.51 per share.

Subsequently, the official quotation of the RDY’s ordinary fully paid shares commenced at 12:00 PM AEST on Wednesday, April 17th, 2019 on a deferred settlement basis. After that from April 23rd, 2019 onward, the securities started trading on a normal basis.

Readytech Holdings started strong on the stock market and the top investors pursuant to the offer included Pemba Capital Partners Fund I GP Pty Ltd with 41.61% of the issued capital, J P Morgan Nominees Australia Pty Limited with 7.19%, HSBC Custody Nominees with around 4.35%, Marc Raymond Washbourne with 3.58% and others. The company’s Directors including March Washbourne, Elizabeth Anne Crouch, Timothy Charles Ebbeck and others also became substantial shareholders immediately on April 18th, 2019.

For the half-year ended December 31st, 2018, the Group reported a loss after providing for income tax of around $735k, which is lower than the $1.75 million recorded in the prior corresponding period (pcp) ended December 31st, 2017. The education segment generated maximum revenue of around $9.4 million, followed by the employment segment revenue of $6.33 million taking the total revenue to $15.8 million.

During the concerned period, the Group acquired the entire 100% of the ordinary shares in eLearning Australia Pty Ltd on September 12th, 2018, for a total consideration of around $ 2,828,000. eLearning provides software solutions to Australian recognised organisations through online platforms and mobile solutions.

At the end of the period, the Group’s net assets amounted to around $ 11.86 million including net cash and cash equivalents of $ 3.15 million. The operating activities generated net cash inflows of around $ 1.4 million primarily on account of large receipts of ~ $ 15.72 million from customers. Meanwhile, net cash outflows of around $ 3.93 million were caused due to investing activities, such as payments for purchase of subsidiaries ($ 1.45 million), payment of contingent consideration for purchase of subsidiaries in the prior period ($ 480k), payments for plant, property and equipment ($ 223k) and payments for intangibles ($ 1.78 million).

Furthermore, the financing activities contributed around $ 100k due to the proceeds from the issue of the shares.

Readytech Holdings’ current market valuation stands at around $ 133.61 million with ~ 80.01 million outstanding shares. The RDY stock began trading on April 17th, 2019, hitting an intra-day high of AUD 1.820 and thereafter last traded on April 26th, 2019, at AUD 1.700.


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