Life360 is up 182% since its IPO – which other US tech stocks are having success on the ASX?
Link copied to
It’s now been two-and-a-half years since US tech stock Life360 (ASX:360) listed on the ASX at $4.79 a share and it now sits at $13.51.
The company’s flagship product is a smartphone app that provides information such as where families members are, details on their driving performance including how fast and how quickly they brake, and even how close they might be to a crime scene.
It had a muted start to listed life, trading below its IPO price at the start of 2021 and even hinted in February in a strategic review that it might leave the ASX either by listing in the US or by being acquired.
But it has surged as its revenue, users and app features have expanded and it has undertaken acquisitions. It now has 33.8 million monthly active users, 1.1 million of which are paying users, and a $2.1 billion market capitalisation.
Yesterday it unveiled its latest purchase, tracking tech firm Tile which it bought for US$205 million. And while it still wants to list on the NASDAQ, it declared the strategic review closed.
While Life360’s ASX shares were in a trading halt as it completed the capital raising, it is up 252% in the past year.
While Life360 is the most successful US tech stock on the ASX in the past 12 months it is not the only company on the Australian bourse.
While it is still a minnow compared to Afterpay, it is one of the few BNPL companies to have a genuine foot in the door in the US BNPL market.
In the September quarter, it recorded Underlying Merchant Sales of US$460.7 million ($633.5 million) which was up 101.9% on the prior corresponding period.
Semiconductor play Revasum (ASX:RVS) has been one of the more successful stocks in 2021. While it is well off the $2 per share price it listed at in late 2018, it is up from its all-time low having overhauled its board and suffering from the US-China trade spat.
Nitro Software (ASX:NTO), another San Francisco based firm which specialises in document solutions, listed at the back end of 2019 and while it traded below its $1.73 IPO price until late March 2020 it has now more than doubled from its listing price.