Shares in OtherLevels, a US-based mobile marketing startup, surged on debut on the ASX today.
At one stage the IPO price of 20 cents a share went to 29 cents. The shares are currently trading about 23 cents, or a premium of 15%.
The San Francisco-based OtherLevels started as an Australian company before moving to the US to attract funding.
However, the company found it easier to list on the ASX where it raised $7.5 million from investors to expand its digital marketing business. The IPO was oversubscribed with strong demand from both institutional and retail investors.
The company is using the funds to rapidly add global sales and support staff in Australia, the US and the UK.
CEO Ramsey Masri sasy the IPO provides a platform to accelerate growth.
“Our listing on the Australian Securities Exchange provides us with the launch pad to deliver on our mission to be the worldwide leader in the next generation of digital marketing platforms,” Masri says.
The OtherLevels business is being driven by the massive adoption of personal smart devices, including mobile phones and tablets.
Its customers include the Tatts Group, Coles, Halfbrick Studios, Sega, DeNA, InterContinental Hotels, Camelot (UK), BetFred (UK), Racing Post (UK) and BlinkBox (Tesco, UK).
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