The offer was well oversubscribed, raising a total of $5M at $0.20 per share for an indicative market capitalisation of $25.3M. The IPO attracted strong support from institutional and retail investors. This included significant take-up from SOCO’s employees, further solidifying alignment towards SOCO’s continuing success.
There was no sell-down as part of the IPO, with SOCO’s founding team retaining a 79.2% shareholding and electing to voluntarily escrow 100% of their holding for 12-months from listing.
The IPO represents SOCO’s first ever external capital raising since its founding nine years ago. The only tradable shares will be those issued at IPO.
STRONG BUSINESS PERFORMANCE; FORECASTS REAFFIRMED
- SOCO is pleased to advise that trading during 1H FY23 to date has been strong and reaffirms its Prospectus pro forma FY23 forecasts of:
- revenue of $18.5M, representing organic growth of 37% over pcp
- pro forma EBITDA of $3.3M (after public company costs and share based remuneration), representing growth of 62% over pcp
- pro forma EBIT of $3.0M (After public company costs and share based remuneration), representing organic growth of 67% over pcp
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For media related enquiries contact:
Grace Tiong
Performance Marketing Manager
e: grace.tiong@soco.com.au p: +61 4 06 682 960