One of Southeast Asia’s leading mobile games studio group iCandy Interactive Limited has successfully completed its initial public offering (IPO) on Thursday last week, its shares surging 25 per cent on debut.
The Malaysia-based mobile games company began trading on the Australian Securities Exchange (ASX) on February 4, well-received by the market, it said in a statement.
“The debut of iCandy has been well received by the market as its stock price surges from IPO issuance price of A$0.20 to A$0.25 at the close of market, representing a 25 per cent increase in price on the first day of trading. It is among the best IPO performers on the ASX this year to date,” it added.
At its stock price of A$0.25, the mobile has an implied market capitalisation value of A$57 million. The company is majority owned by ASX-listed Southeast Asia based venture accelerator Fatfish Internet Group. iCandy’s IPO was oversubscribed by 92 per cent above its minimum capital raising requirement, raising over A$4.8 million ($3.38 million), the company said earlier. iCandy had initially targeted to raise $3.5 million for its IPO, as stated in its prospectus, with a minimum target of A$2.5 million ($1.76 million).
Fatfish is a Singapore-headquartered internet venture development firm with regional operations across multiple markets in Southeast Asia. Fatfish applies a unique business model to partner with promising entrepreneurs to help them build and grow Internet startups via a co-entrepreneurship model. The model seeks an active partnership involvement from seed funding stage to exit stage of its supported startups.
Source: Dealstreetasia
