ASX fortunes beckon channel

ASX fortunes beckon channel

Just days after Powerlan closed its oversubscribed public share offer, Theo Baker, Powerlan's CEO, believes the market is ready for more reseller IPOs.

Baker told ARN that profit-driven channel companies stand a good chance of success on the stock market against growing investor rejection of over-hyped Internet companies.

"The opportunity is now," Baker said. Powerlan's own share offer, which closed last Friday, was oversubscribed multiple times.

"It came to the point that with any new applicants we had to say the deal is done," Baker said.

The company has received initial requests from a good mix of institut-ional and public investors, he added. However, many of the investors will be limited to the minimum number of 2000 shares at $1 each because of the demand.

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