Updater lists on ASX with influential investors
Updater, the United States company that specialises in home relocation services, listed on the ASX today at 36 cents after its 20 cents IPO which raised $22 million from Australian investors for an $85 million market capitalisation.
Although the company is listed on the ASX, with investors including Melbourne billionaire Alex Waislitz , it won't sell any products in Australia, just in the US where it intends seeking Nasdaq listing at a later stage in its growth.
Updater will list on the ASX via Chess Depositary Interests (CDIs), which allow international companies to trade on the local stock exchange.
It will be priced at 20¢ a CDI, 25 of which will equate to one share of the company's common stock.
Moelis & Co and Euroz Securities were the co-lead managers for the float.
Its private investors include Domain executive Antony Catalano and investor David Paradice, portfolio manager for Paradice Investment Management.
Updater, specialises in home relocations, arranging the forwarding of mail, updating of accounts and records and organising other relocation logistics, via a centralised online platform.
Founder and chief executive David Greenberg said Updater had about two% of the US home relocation market with hopes of five per cent by the end of next year.
