Cloud-based human resources productivity company, LiveHire, has listed on the ASX. The move follows the successful completion of its IPO.
The LiveHire (ASX:LVH) IPO saw a total of 50 million shares issued at $0.20 per share to raise $10 million. It did not include any sell-down by pre-existing shareholders.
The company said, in a statement on the ASX, that pre-existing shareholders have entered into escrow arrangements that restrict sealing in relation to pre-IPO issued shares. Major shareholders, comprising LiveHire’s co-founders, Antonluigi Gozzi and Michael Haywood, and directors are escrowed for 24 months to June 10.
The company’s non-executive chairman, Geoff Morgan, said the IPO will enable LiveHire to accelerate its growth strategy in its existing and new markets in Australia now and internationally in time to come.
The proceeds of the IPO will initially be used to predominantly develop sales and business development capabilities, to continue to evolve the company’s technology and IP, and for working capital.
“LiveHire has been operating for five years, We have an established value proposition for our clients and a clear strategy to take the business to the next stage of its development.
“Listing on the ASX will enable LiveHire to scale our client and user base, accelerate our sales and marketing efforts, and partner with select recruitment partner firms. We welcome new shareholders to LiveHire and look forward to keeping them updated regularly on our progress,” he said.
According to LiveHire co-founder and managing director, Antonluigi Gozzi, listing on the ASX provides it with the capital to expand its sales team and achieve significant growth for the business, primarily focused around its key performance metric, talent community connections, and transparency and awareness for potential clients.
“Following a highly successful period of scaling sales efforts, resulting in increasing our talent community connections by 183 per cent from the end of last year, we are very excited to execute upon our business goals and aggressively pursue the commercial potential within the business,” LiveHire co-founder and director of growth, Michael Haywood, added.