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.