Anti-counterfeiting technology company YPB Group has listed on the ASX.
This followed an oversubscribed $3 million listing offer, which raised $3.75 million at 20c per share.
The company has 101.44 million shares on issue and a market capitalisation of $20.4 million at the 20c issue price.
According to a company statement, YPB will immediately deploy proceeds of offer to accelerate its aggressive sales and marketing growth plans.
The initial focus will be on China and greater Asia markets, where anti-counterfeit authentication market is valued at US$14 billion and growing at 20 per annum.
The company also plans to accelerate the roll out of its business plan.
This includes expansion within existing customer base and conversion of new business pipeline; the launch of a brand-specific scanner to provide a customised anti-counterfeit solution to larger customers and brand owners; and a smartphone app that will allow consumers to validate a product as real-or-fake via their mobile device handset.
Chairman and chief executive, John Houston, said he was delighted with the level of support.
"I would like to take this opportunity to thank all involved in the listing process and our shareholders for their efforts in achieving a successful listing," he said.
"We now look forward to executing our business plans without delay, to position YPB as a leading player in the burgeoning anti-counterfeiting technology market and to deliver value for our shareholders.
"This will include growing our client base as well as expanding our product and service offering, and I look forward to sharing news of our progress in due course.”