Asia Pacific technology company Netccentric is set to list on the ASX today after raising $12.5 million at 20 cents a share.
Founded in 2006 on the back of an initial $55,000 investment, the company reported an annual turnover of more than $11 million in FY14, up about a third from the previous year.
The tech company hosts six subsidiaries including mobile blogging platform Dayre which it claims has about 370,000 users, and a service called Churp Churp which matches social media influencers with advertisers. Its main product, called NuffNang, removes the need for bloggers to deal directly with advertisers. Netccentric claims to connect more than 1 million publishers with advertisers.
The funds will be used to expand services in Australia, including launching both Churp Churp and Dayne locally. The capital will also be used to expand into new markets including Vietnam and Taiwan.
Run by Patersons Securities, the IPO attracted a mix of local and international investors, including one of Malaysia’s wealthiest businessmen Tiah Thee Kian, who has an estimated wealth of $US170 million.
President of Taiwanese media company Want Want China Times Group, Kevin Shao-Chung Tsai, has also been appointed to Netccentric’s board.
The company employs over 180 people and operates in APAC with Singapore, Australia and Malaysia being its largest markets, followed by Thailand, Philippines and China.