OTHERLEVELS STEPS UP TO ASX

OTHERLEVELS STEPS UP TO ASX

OTHERLEVELS Holdings Limited shares began trading on the ASX at 11am AEDT on Tuesday 31 March under the ticker OLV.

The general offer was oversubscribed following strong demand from both institutional and retail investors, which means the Brisbane-based mobile marketing and analytics company will be adding additional positions to its staff in the next few weeks. 

Over $12.6 million in demand, and in excess of 700 applications were received, requiring scaling back of institutional, retail and existing shareholder application amounts. 

Due to the overwhelming support of the offer, OLV has accepted over-subscriptions of $1.5 million in accordance with the prospectus for a total capital raise of $7.5 million, and issued 37.5 million new shares for a total of 157.5 million shares on issue at listing.

In addition to existing shareholders and directors participating in the IPO, OLV welcomes new institutional and sophisticated shareholders, as well as almost 700 new retail shareholders.

OLV chairman Brian Mitchell says the company is looking forward to "continuing rapid expansion".

OtherLevels revenue grew by more than 100 per cent in the last six months of 2014 as more large enterprises shifted marketing budgets towards smarter mobile campaigns, with December 2014 revenue's alone being $184,121.

"This is a milestone moment for OtherLevels, and we thank all those who have supported us throughout this process, including our global team," says Mitchell.

"We look forward to continuing our rapid expansion as a world-leading, second generation digital marketing platform that is transforming how enterprises communicate with their users."

The company continues to add global sales and support personnel in Australia, USA and the UK, as well as customer service, marketing, engineering and finance personnel in line with the projected use of funds from the IPO. 

Select Equities acted as underwriter and lead manager, McCullough Robertson Lawyers acted as legal adviser, and PKF Hacketts as financial advisor, to OLV in relation to the Offer.

Participating brokers were Bell Potter Securities Pty Ltd, Burrells Stockbroking and Superannuation Pty Ltd, Canaccord Genuity (Australia) Ltd, Dolphin Partners Pty Ltd, Gordon Capital, Lodge Partners Pty Ltd, Morgans Financial Ltd, Ord Minnett Private Wealth, Peak Asset Management, Phillip Capital Ltd, Wilson HTM Investment Group.

OLV opened at 0.25 cents per share. 

Pictured left to right: OtherLevels chairman Brian Mitchell, founder and chief technology officer Brendan O'Kane, CEO Ramsey Masri

Help us deliver quality journalism to you.
As a free and independent news site providing daily updates
during a period of unprecedented challenges for businesses everywhere
we call on your support

Crypto staking: a new way to earn passive income
Partner Content
You may be familiar with traditional ways of earning passive income such as trading sto...
Etoro
Advertisement

Related Stories

‘Devastated’ boss of collapsed Pivotal Homes warns that risk has swung against builders

‘Devastated’ boss of collapsed Pivotal Homes warns that risk has swung against builders

The devastated boss of collapsed Gold Coast homebuilder Pivotal Hom...

St Baker affirms commitment to Novonix as he exits board to focus on new fund

St Baker affirms commitment to Novonix as he exits board to focus on new fund

Rich lister and power industry titan Trevor St Baker, the largest i...

Microba strikes up partnership with Midnight Health to deliver personalised health services

Microba strikes up partnership with Midnight Health to deliver personalised health services

After making its debut on the ASX in April, biotech company Microba...

REMI Capital goes from spruiking for investors to $70m collapse in months

REMI Capital goes from spruiking for investors to $70m collapse in months

Just months ago, boutique investment company REMI Capital was encou...