The internet ventures accelerator raised AUD$3.45M for its IPO, which will launch Tuesday. Shares will trade for AUD$0.20 and fund future investments
Singapore-based accelerator Fatfish Internet Group on July 22 will start trading its stock on the Australian Stock Exchange through an IPO that values the company at AUD$26 million (US$24 million).
Fatfish is listing on the exchange through a reverse take-over of Atech Holdings Ltd., which is already listed on the exchange. Atech will change its name to Fatfish and the stock will be traded under the symbol FFG.
“With the quotation on the ASX, Fatfish Internet Group will be in a very unique position to further develop our venture acceleration business model,” Lau Kin-Wai, Fatfish’s founder said in a statement on the IPO. “We will have unparalleled access to funding from the investing community on one of the most recognized capital exchanges in the world. We are confident that we can bring more positive development to the entrepreneurs in the region and help them launch their startups globally.”
Fatfish on the block
Fatfish in February announced its plans for the IPO, to raise AUD$4 million by selling shares at AUD$0.20. The company then on July 15 announced that it raised AUD$3.45 million, making its IPO almost fully subscribed. Kin-Wai told Geektime that the money from the IPO will be used for working capital needs and to provide follow up investments for its portfolio companies.
In 2011, Fatfish started in a former industrial building in Singapore called Block 71 that has become the heart of Singapore’s startup scene. The building has housed more than 200 startups and is being developed by Singapore’s government to encourage digital media companies. Fatfish is the first company from Block 71 to IPO on an international stock exchange.
An internet ventures accelerator, Fatfish has two divisions: a digital incubator division and a direct ventures division. By partnering with entrepreneurs, Fatfish becomes an investors that provides funding, networks and other resources to help companies grow. Some of its investments include Dressabelle Pte Ltd., an online fashion retailer for women that specializes in casual and working clothes; AutoDirect Corp., an online insurance comparison and sales business; VDancer Pte Ltd., which is in the process of developing a 3D avatar style dancing game; and Blazable Studio, a mobile app game developer and publisher.
The company will maintain headquarters in Singapore and Melbourne, Australia, and also operate out of two regional offices in Kuala Lumpur and Jakarta.
Photo credit: Australian currency