Online classifieds portal Frontier Digital Ventures, owned by Malaysia-based internet group Catcha Group, has raised US$22.9 million on the Australian Stock Exchange (ASX) through issuing of 60 million shares in an oversubscribed IPO.
Frontier Digital Ventures currently has a portfolio of 15 online classified companies for property, cars and general classifieds. It focuses on emerging and frontier markets and has a presence in 19 markets including Pakistan, Myanmar, Nigeria, Ghana and Morocco with sites such as AngoCasa.com, iMyanmarHouse.com, LankaPropertyWeb.com, MeQasa.com, Zameen.com, IMCongo.com and CasaMozambique.co.mz.
It has now begun trading under the the symbol “FDV”.
Catcha Group has listed an IP on the ASX three times before with online property portal iProperty Group, online automotive site iCarsAsia and e-commerce portal Ensogo (formely iBuy Group).
The company’s founding shareholders, Shaun Di Gregorio and Catcha Group, have been working together now for more than six years with a proven track record in building market leading businesses.
“Today marks an exciting and important milestone for Frontier, and we are thrilled to be making our public debut on the Australian Securities Exchange," said Frontier Digital Ventures Founder and CEO Shaun Di Gregorio.
"The strong demand by institutions and professional investors is a strong vote of confidence in Frontier’s growth strategy.”
Frontier markets have a combined 648 million mobile users and a combined GDP of $3.6 trillion.
Di Gregorio says Frontier Digital Ventures is uniquely positioned to capitalise on its exposure to 1.7 billion people in rapidly growing markets being driven by increased connectivity.
“I’m excited to capitalise on the incredible opportunity before us, using the investment support we’ve gained to expand our reach and accelerate the growth and leadership position of our operating companies," he said.
"I look forward as we take a large step towards achieving our goal of becoming the leading operator of online classifieds businesses in underdeveloped, emerging markets.”