Special Report: Shares in Israeli tech company AppsVillage (ASX:APV) jumped as much as 45 per cent on the company’s ASX debut following a heavily oversubscribed IPO.
And the company has wasted no time in getting its first bit of news through the door, announcing it has integrated its technology with Instagram.
AppsVillage is a SaaS solution that provides small-to-medium businesses a simple, inexpensive way to create and market their own branded mobile app for their business.
It raised $5 million in a heavily oversubscribed initial public offer, selling 25 million shares at 20c a pop.
Those shares opened at 23c on the ASX on Tuesday morning, and soon after had risen to as high as 29c, a 45 per cent upgrade on the offer price. They finished the day at 23c.
The company lands on the ASX already established. It boasts a strong partnership with social media giant Facebook, and has generated nearly $1.4 million in revenue in the past 18 months.
Guy Ruck, vertical manager at Facebook Israel, described AppsVillage as “the type of growth company Facebook is looking to partner with”
As a demonstration of the strength of its relationship with Facebook, AppsVillage today also announced it had integrated its SaaS solutions platform with Instagram, which is owned by Facebook.
This will allow Instagram users to also easily build an app via their Instagram business page, and gives AppsVillage access to a gigantic network of more than one billion active monthly users and over 100 million businesses.
Max Bluvband, AppsVillage founder and CEO, said it has been an extremely exciting few days for his company.
“Listing on the ASX marks a landmark for AppsVillage’s growth and provides an excellent platform for us to expand our presence in Australia,” he said.
“For a young company we have had a very strong start and have delivered exceptional growth and revenue generation.
“We’re excited to provide this new enhancement to millions of Instagram users who can now upgrade their business.”