- The New Zealand-based group Plexure gets listed on the ASX, trades bullish on debut
- The company raised A$30 million through the Australian listing
- NZX-listed companies like A2 Milk and Xero have churned out huge profits post getting listed on the ASX, pinning high hopes from Plexure.
The New Zealand instituted mobile engagement platform, Plexure Group Limited (NZX:PX1), has now marked its presence on the ASX as its shares started trading at 11:00 AM AEDT on 25 November 2020. The company is trading under ticker ‘PX1’.
Established in 2010, Plexure is a global level mobile engagement organisation which helps brands create a thick and profitable relationship with consumers. It caters to almost 210 million customers in 60 countries and in 40 languages. McDonalds is one of the prominent clients and a vital shareholder of Plexure. As the Covid-19 restrictions have eased down, clients are using Plexure to try and bring their customers to their stores physically.
With the Australian listing, the company has raised NZ$32 million (A$30 million) at NZ$1.20 (A$1.13) per share. Under the placement, around 26.55 million shares were offered providing PX1 with a market capitalisation of NZ$223.5 million.
PX1’s earlier report had mentioned that the company will undertake a non-underwritten SPP of up to NZ$5.0 million in New Zealand to allow Kiwi shareholders to participate in the offer on the same terms as those institutional and professional investors participating in the placement.
As per the ASX release shared by the company on 25 November, funds raised under the placement will be allocated to the acceleration of global expansion, product development and bettering the technology overall, specifically in the units of analytics, advanced AI and machine learning.
Plexure has also shared its 2020-2021 interim report for the six months ended 30 September 2020 which showed the company’s total revenue up by 23% at NZ$14.5 million and NZ$8.8 million cash at bank.
PX1 forecasts an increase of 14%, around NZ$29.1 million in FY21 on FY20 revenues of NZ$25.5 million.
The CEO of the company Craig Herbison shared that the secondary listing of Plexure on the ASX is the next important step in the company’s strategy to support overseas growth.
Elaborating on the listing, he said that adding an ASX foreign exempt listing was a big news for local investors too as they could now trade their shares on both the indexes - NZX and ASX.
It should be noted that over 50 NZX-listed companies are also listed on the ASX. Usually firms bypass NZX and try to get onto the ASX index because of the smaller opportunities NZX has to offer. New Zealand based companies that have churned out more profits after getting listed on the ASX include the A2 Milk Company (ASX:A2M) and Xero (ASX:XRO).