Singapore-based SportsHero is in for a good start in its debut on the Australian Securities Exchange with its share prices up in Wednesday’s trading.
SportsHero, which claims to be the world’s first social network dedicated to sports prediction, opened at a high of AU$0.06 versus its initial public offering (IPO) price of AU$0.05 per share.
Prior to its debut, the company said that it was able to raise AU$3.2 million ($2.44 million) through the issue of 64 million shares. SportsHero’s listing came via a reverse takeover of Nevada Iron Ltd.
Dinesh Bhatia, CEO of SportsHero, said that the fantasy sports app firm will be focusing on customer acquisition, introducing additional sports, and enhancing the features and user experience while sustaining strong engagement among users over the next 12 to 18 months.
“The Board and management team look forward to creating accelerated value for our shareholders with the successful listing on the Australian Securities Exchange,” Bhatia said in a statement. “The listing will give SportsHero access to both domestic and international investors and the proceeds raised will allow the Company to advance the development and commercialisation of SportsHero on an Asian and global scale, including developing ecommerce and engagement features for further monetisation of the platform.”
SportsHero’s listing comes at a time when mobile penetration in Asia-Pacific and consumer demand and interest in sports are increasing.
Data provided by research firm Statista showed that there will be 2.3 billion smartphone users worldwide in 2017. SportsHero, meanwhile, pointed out that the sports industry has played a pivotal role in the worldwide economic growth.
In China alone, the government there is aiming their domestic sports industry to exceed US$727 billion (5 trillion yuan) in value by 2025. Pursuant to the recent prospectus the SportsHero mobile app has already seen a growing level of engagement with over 80,000 users and retention rates increasing.
“The Company looks to build the world’s largest social network dedicated to sports by bringing together sports fans from around the world and helping them make better predictions on the outcomes of games through harnessing the power of other fans within SportsHero’s social community. The Company’s largest shareholder, MyHero Limited is backed by investors including 500 Startups, Samsung Ventures, KPCB and IPV Capital,” the company said.
