Employee engagement technology company, Reffind has commenced trading on the Australian Securities Exchange (ASX) opening at $0.245 per share, a 22.5 per cent premium to its $0.20 issue price.
Under the ticker RFN, the opening price gives the company a market capitalisation of $24.5 million. It managed to raised $8 million in its initial public offering (IPO) via the issue of 40 million new shares at $0.20 per share.
Reffind has developed a smartphone application targeted for use by medium-to-large corporations to facilitate effective communication with employees. It was founded in 2014 by Sydney-based technology commercialisation company, Digital4ge, which owns 48 per cent of the listed entity.
“With the funds received from the IPO we are already into ramping up business development efforts,” Reffind co-founder and managing director, Jamie Pride, said.
Proceeds received from the IPO will fund an imminent expansion into the US plus accelerate sales, marketing and systems development.
The Reffind Employ product manages and improves the traditional employee referral program. It has been in the market since March 2015 and is already used by companies such as Coles, AMP, Coca-Cola, Lion, Fuji Xerox and Pacific Brands.
Its Engage product is currently in beta, and enables brief communication between management and employees while Reffind Educate is being developed to provide short form video content to staff.
The company’s board includes former Westpac NZ CEO Peter Clare as non-executive Chairman and Australian recruitment pioneer Geoff Morgan as non-executive director. Digital4ge co-founder, Ben McGrath, will be chief customer officer and executive director.
Foster Stockbroking acted as sole lead manager for the equity raising and IPO.