Mad Paws has opened a $10 million IPO offer and is planning an ASX listing on March 26.

Mad Paws was founded in 2014 and its primary business is a pet care services market place which has had over 180,000 services booked since it launched. It makes revenue from service and booking fees – 20 per cent and 7 per cent respectively.

In recent months it has also launched a pet food subscription service (Mad Paws Dinner Bowl) and plans to launch its own pet insurance product in the coming months.

The company made nearly $2 million in revenue in FY20 – not inclusive of R&D tax incentives. Its Gross Merchandise Value (the total value of transactions processed) was $10.2 million in FY20.

Mad Paws is hoping to capitalise on the growing demand for pet care services in Australia.

There are at least 29 million pets in Australia and 40 per cent of Australian households have at least one dog.

Mad Paws is hoping to use the capital from its ASX listing to fund further growth, cement its market position and raise its public profile.

It emailed its customers last night inviting them to chip in to its public listing, claiming growth enabling the ASX listing would not have happened without them.

 

ASX listing not without precedent

Upon ASX listing, Mad Paws will have a foot in the pet care sector as well as online marketplace stocks.

The ASX is home to a handful of stocks in the animal health sector including vet services provider Apiam Animal Health (ASX:AHX) and a handful of stocks either providing animal health products or developing them.

But there are fewer stocks that are online marketplaces (as opposed to ecommerce stocks).

One recent listing was Hipages (ASX:HPG) ,which is also an online marketplace but is focused on tradies.

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