8common seeks IPO on ASX; hopes to raise US$3.3M
14 million new shares at an offer price of A$0.25 are open till August 8. 8common is expecting the shares to be quoted on ASX on August 20By Dhaleta Surender Kumar 27 Jun, 2014
Sydney and Singapore based software developer, 8common Limited (8common), is hoping to raise A$3.5 million (US$3.3 million) through an IPO listing on the Australian Stock Exchange (ASX).
8common, the developer and distributor of software solution Expense8 (travel and expense management) and Realtors8 (real estate content management) will issue 14 million new shares at an offer price of A$0.25.
The offer closes on August 8, 2014, and 8common expects its shares to be quoted on ASX on August 20, 2014. The minimum application under the offer is for 8,000 shares (requiring an investment by an applicant of A$2,000 application monies) and then in multiples of 1,000 shares (A$250).
Speaking on the IPO that opened today, Nic Lim, CEO, 8common, said, “There are clear opportunities for growth from both our existing markets and Asia Pacific. For Expense8, there is a clear trend towards discarding excel spreadsheets and manual processes to adopting software to manage and streamline the travel booking and end-to-end processing of employee generated expenses. The Realtors8 solution will provide the tools to support real estate agents who now adopt online real estate classifieds as their primary means of marketing.”
8common had registered its prospectus on Thursday last week, followed by a replacement prospectus yesterday. Investors can submit their application online or follow the procedure mentioned in the prospectus.
With dual headquarters in Sydney (Australia) and Singapore, offices in Vancouver (Canada) and a dedicated outsourced team in Manila (Philippines), 8common delivers its solutions on both Software as a Service (SaaS) and customer hosted platforms. Its solutions, as per the company, are used in seven countries, and its customers range from Australian listed companies and government agencies to real estate professionals in North America.
However, 8common is expecting the growth to come from Asia Pacific with Singapore, Malaysia and Hong Kong as the initial focus.
8common’s Board of Directors is led by Independent Chairman Grant McCarthy, Non-independent Director Larry Gan and Independent Director Adrian Bunter. They serve alongside Founder and Chief Executive Officer Nic Lim and Chief Financial Officer Zoran Grujic.
Expense8: Helps manage employee expense claims
Expense8 manages corporate credit card expenses, e-invoices and employee reimbursement expenses through a web and mobile interface. Through the automation of data imports, exports, end user emails, and complex tax calculations, it offers an easy solution for processing of corporate expense claims. The travel component allows user to plan, book and reconcile travel expenses using an integrated solution. Combining pre-trip approval, an online booking tool and an expense management solution, Travel.Expense8 maximises efficiency and saves your employees’ time by reducing the effort needed to organise corporate travel bookings.
Realtors8: Makes website creation easy for realtors
Realtors8 provides real estate agents and brokers with a web-based content management system (CMS) that allows for the creation of unique websites and to list property portfolios. An easy site creation process ensures that sites are generated and properties are quickly listed for viewing, in a manner that saves both time and effort.
Disclaimer: Nic Lim, CEO of 8common and Partner in 8capita, is one of the investors in Optimatic Pte Ltd, the parent company of e27