LiveHire raises $12.5 million, its shares soar

Photo: Oli Scarff/Getty Images

Recruitment platform LiveHire raised $12.5 million at a share price more than double its ASX debut nine months ago.

The equity raising from sophisticated and institutional investors was oversubscribed.

A short time ago, its shares were up 5% to $0.50. The capital raising was at $0.44, more than double its listing price. LiveHire listed on the ASX in June last year, raising $10 million at 20 cents a share.

LiveHire has a platform which creates pools of pre-qualified job candidates for companies to dip into when they need to recruit, saving the money and time it takes to get a new staffer on board. It takes an average 68 days to hire someone in Australia.

The company now holds cash of about $18 million. The additional capital will be used by LiveHire to accelerate growth.

Morgans Financial Limited acted as lead manager. Foster Stockbroking was co-manager.

Non-executive chairman Geoff Morgan says the placement is a strong vote of confidence in LiveHire.

“We are extremely appreciative of the ongoing support from existing shareholders and are also particularly proud to welcome a number of leading institutional funds to the register who have developed an in-depth understanding of our industry and our business model,” he says.

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