Booktopia completes ASX listing; closes at 17% above issue price
Online bookseller Booktopia completed its initial public offer (IPO) on 3 December, with the company’s shares trading on the Australian Securities Exchange from 11am.
Booktopia (BKG) shares opened at $2.86 and closed at $2.72—a 16.7% premium on the $2.30 issue price—after reaching a high of $2.90.
Under the terms of the company’s prospectus released last month, Booktopia sold 10.9 million new shares and 7.9 million existing shares at $2.30 per share, raising $43.1 million and giving the company a market capitalisation of $315.8 million. Of the capital raised, $25.1 million will be used to fund growth through further investment in Booktopia’s Sydney distribution facility, increasing stock and working capital, listing costs, employee shares and paying down debt, with almost $18.1 million to be paid to existing shareholders.
‘We would like to welcome all the new shareholders who are now part of the Booktopia journey,’ Booktopia CEO Tony Nash said. ‘We have a strong business with a clear strategy to retain our strong market position in Australia’s fast-growing online book market.’
‘On behalf the board I would like to thank all those who made the listing possible, including our pre-IPO investors, advisors, the ASX and, of course, our incredible Booktopia team who have worked so hard for so many years to build a great Australian business.’
Pictured: Booktopia CEO Steve Nash and CCO Steve Traurig
Category: Local news