IPO Watch: BirdDog completes a pre-Christmas ASX listing and gains on debut
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Video technology company BirdDog Technology (ASX:BDT) completed an ASX listing less than a week before Christmas.
The firm offers solutions that enhance the quality, speed and flexibility of video allowing high-definition video to be delivered with low-latency and across existing computer networks.
It has a signature software platform as well as cameras, camera accessories and smart display modules.
After raising $33m at 65c per share, BDT stock rose in day-one trade and by mid-afternoon, shares in the company were trading at 68.5c for an IPO gain of around 5%.
BirdDog was founded in Melbourne in 2016 and told prospective ASX shareholders in its IPO prospectus it has seen heavy demand of late thanks to people working from home and relying on virtual meetings.
The company’s services is used by professional broadcasters as well as advertisers and companies conducting virtual meetings. In FY21 it recorded revenues of $38.2 million and earnings of $2.4 million.
CEO Dan Miall said the ASX IPO was a milestone for BirdDog enabling it to grow to the next level.
“We are fortunate to have secured a number of key cornerstone investors and are delighted with the response the IPO has received from institutional, professional and retail investors,” he said.
“This significant level of interest is validation of the company’s performance to date but more importantly our growth opportunities looking forward.
“We are highly confident of our team’s ability to continue to solidify our position as the global leader in NDI enabled video technologies and we look forward to delivering on products, technology and sales through the balance of FY22 and well beyond.”
Shares rose as high as 12% this morning.
There is only one other stock offering services for broadcasters in Access Innovation Holdings (ASX:AIM) or Ai-Media which provides translation services.
This company listed in September 2020 but unfortunately has nearly halved since listing.
One company in the camera space, albeit catering for photographers and Instagrammers is Atomos (ASX:AMS).
It had a positive FY21 with revenues of $78.6 million – up 77% on the prior corresponding period – and earnings of $8.2 million, up from a loss of $7.1 million in FY20.