The Singaporean firm first announced its plans to gun for a reverse IPO in January 2014 after getting acquired by Latin Gold
Singapore-based social entertainment network migme is now listed on the Australian Securities Exchange (ASX), trading under the ticker code ‘MIG’.
In January 2014, the company, previously known as mig33, was acquired by Australian firm Latin Gold Ltd in a reverse IPO move. The two’s decision to merge was then approved by Latin Gold’s shareholders in June, according to an official statement.
Upon merger and re-listing on the ASX, Steven Goh, Founder and CEO, migme Ltd, shared that the firm will start with an excess of US$10 million in net cash reserves. The funds will be used in part “working capital” and in part “to meet the group’s growth plans”, he added.
Furthermore, the site has garnered considerable traction, with a monthly average user rate of more than five million.
For the record, migme started trading with 251,632, 014 shares on issue. A letter to shareholders revealed that it has a market capital of A$100 million (US$93 million) with a last price of A$0.40 (US$0.37). Its top shareholders are: Big Build Enterprises Ltd with 19.9 per cent, Founder and Board Members with 16.3 per cent, and Employees with 15.0 per cent.