Plexure enters the ASX; shares commence trading slightly up
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Plexure (ASX:PX1) has listed on the ASX this morning.
The New Zealand founded mobile engagement platform is already listed on the New Zealand Exchange (NZX) but has created a secondary listing on the other side of the Ditch.
Plexure was founded in 2010 and helps consumer brands deliver 1-on-1 offers through their mobile devices. Its clients service 210 million customers in 60 countries and in 40 languages.
As COVID-19 restrictions ease, clients are using Plexure to try and get consumers to physically visit their stores.
One prominent client is McDonalds, which is also a substantial shareholder in the company.
As part of the Australian listing, the company raised $30 million at $1.13 per share.
Plexure shares on the ASX rose modestly on debut.
The company says the deal was the next major step in its growth strategy.
It told shareholders it intends to enhance its platform but also that an Australian listing took it another step forward.
“The Australian listing provides us with a new and deep source of capital for the future,” declared CEO Craig Herbison.
Chairman Phil Norman also said the day was important.
“Listing on the ASX is the next step in the evolution of our business and an important part of the successful execution of our global growth plan,” he said.
Shareholders on either exchange will have the option of trading shares on either platform as long as they are on the relevant share register.
Plexure is far from the only New Zealand company on the ASX – over 50 others are also ASX-listed. This is a result of both companies remaining listed on the NZX or companies bypassing the NZX due to the smaller opportunity it offers.
Xero, which Norman was founding chairman of, climbed from $4.65 in 2012 to $135.86 today while A2 Milk rose from 56 cents in 2015 to $13.77 today.