IPO Watch: Edtech startup OpenLearning hopes to raise $8m
OpenLearning, an Aussie edtech startup that runs a software and a service (SaaS) online education platform, is hoping to raise $8 million in an initial public offering (IPO).
Having expanded into the Southeast Asian market via Malaysia (in 2015) and Singapore (in 2018), the group is now seeking funding to accelerate its offering through increased recruitment, brand awareness, customer engagement and marketing.
It is offering 40 million shares at 20c a pop and hoping to list on December 6 with a market cap of up to $36.2 million.
The company’s primary customers are education providers based in Australia and the Southeast Asia, and it has a stated goal of achieving profitability in the short term, its chairman Kevin Barry says.
“Whilst still early in our growth and not yet profitable, the board believes the OL Platform operating as a SaaS model will drive growth in revenue and earnings,” he says.
“These initiatives will position the OL Group to deliver strong growth and operating leverage for many years to come, and in excess of the structural growth which continues to underpin the online global education markets.”
It ran at a loss of $2.3 million for 2019’s first half, pulling in revenue of $786,000.
OpenLearning would list under the code ‘OLL’.
The ASX is also set to get yet another new pot stock, with Tasmanian hemp farm 13 Seeds seeking $6 million in an IPO, according to ASIC. The company has a range of investor documents on its website, however its prospectus is not yet publicly available.
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