Following a four-times oversubscribed initial public offer (IPO) which raised a total of $11.5 million, caravan and campervan-sharing platform Camplify (ASX: CHL) has today debuted on the ASX.
It comes in conjunction with an announcement from the Newcastle-based company that trading for the half year is anticipated to perform ahead of expectations.
The company now expects FY21 gross transaction volume in the range of $30-31.5 million, up from the $27.8 million forecast in the group's prospectus.
Revenue will also be up from a predicted $6.7 million to between $7.3-7.6 million
The company attributes the rise to a lower-than-expected impact on operations from regional lockdowns and border restrictions associated with COVID-19, and a booming post-lockdown travel and tourism market in the UK.
In the lead up to the IPO the company, helmed by co-founder and young entrepreneur Justin Hales, made changes to its board, drafting in Lux Group chairman Andrew McEvoy and RMIT chief executive Helen Souness.
"This is a significant moment for our business, which has grown from an idea and a handful of people to become a leading RV rental platform, with one of the largest RV fleets in Australia," Hales said.
"Listing on the ASX and becoming a public company marks the beginning of the next chapter of Camplify's journey, including continued Australian and international expansion, investing in the platform and the launch of new products to complement the Company's core business."
Shares in CHL are down 2.11 per cent to $1.39 per share at 2.55pm AEST.
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