Sydney-based distributor, itX, has closed its initial public (IPO) offering early due to being oversubscribed. Managing director, Laurie Sellers, said it had witnessed an overwhelming response to its listing plans and received applications for more shares than were available.
"People have shown that they not only felt that the business looked attractive, but that the industry itself looks promising for the future. I think that's good news for everyone in this industry, not just us," he said. "It's been an exciting time."
itX announced its intention to list last month. The IPO of 17.5 million shares at $0.50 per share to raise $8.75 million represented a 35 per cent stake in the company.
Since then, it has received daily updates from the share registry on the number and weight of investor applicants. Sellers said one of the key listing prerequisites was getting at least 400 individuals to commit to a minimum of $2000 worth of shares each.
"It's not just about dollars, but also getting the right spread of investors," he said. "It's hard to tell who these private individuals are, but we have had people register right across the country." The company has also secured 'itX' as its ASX listing name. It expects to commence trading on April 12.