SOCO heads for the bourse after $5 million raising
Local software outfit SOCO Corporation will debut on the ASX on Friday after the Brisbane based IT consultancy raised $5 million in an oversubscribed initial public offering.
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The capital raising gave it an indicative market value of $25.3 million and the company said it attracted strong support from institutions and retail investors as well as SOCO employees.
The founding team retain 79 per cent of the stock which is escrowed for 12 months.
SOCO chief executive Simon Firth said the team was thrilled that 74 per cent of employees were shareholders in the company.
“This is a great alignment with the business and our people,” he said.
He said trading during the first half of the financial year had been strong and reaffirmed forecasts made in the prospectus.
That included revenue of $18.5 million, which represented 37 per cent growth on the prior corresponding period.
It was also forecasting pro forma EBITDA of $3.3 million which was 62 per cent growth.
The shares will list at 11am under the SOC code.
