A week ago today, OtherLevels’ next phase of growth was made official with a successful initial public offering (IPO), launched on the Australian Securities Exchange (ASX).
Trading under the ticker symbol OLV, we welcomed almost 700 new retail, institutional and sophisticated shareholders, raising a total of $7.5 million, with shares offered at $0.20 and closing at $0.235. The company’s $31.5 million pre-open market cap rose to $37m at close.
As our CEO, Ramsey Masri noted on March 31st: “Our listing on the Australian Stock Exchange provides us with the launch pad to deliver on our mission, which is to be the worldwide leader in the next generation of digital marketing platforms.”
Now that we’re a publicly traded company (OtherLevels Holdings Limited), expansion plans include more sales and support staff in Australia, the United States and the UK, as well as new hires for customer service, marketing, engineering and finance positions as we pursue new clients, upgrades to our mobile marketing technology and platform, and continue our rapid growth trajectory.
In addition to some great coverage in Sydney Morning Herald and Motley Fool/Australia, the IPO was covered by Forbes, which pointed out that “OtherLevels joins the trend in raising capital through a public share offering rather than through traditional venture capital. In recent years, there has been an increasing appetite from ASX investors for early stage, high-risk tech start-ups.”
To us, that’s also recognition of our innovation and approach to doing things differently, even if that means going against the grain of what others are doing in the marketplace.