Mobile online wagering provider, BlueBet Holdings Ltd, will commence trading of its shares on ASX following the completion of its successful $80 million Initial Public Offering (IPO).
Applications for BlueBet’s shares exceeded the final raising, resulting in substantial scale back. The IPO was strongly supported by both institutional and retail investors.
Effect of the IPO on BlueBet Holdings Ltd
The successful IPO strongly positions BlueBet for future growth with the $44.7 million in primary IPO proceeds, after payment of the costs of the offer, to be primarily invested in marketing spend in Australia to drive new customer growth and existing customer retention.
Maximising customer engagement on the platform, establishing the US business and acquiring initial licences, with BlueBet targeting five priority states for its initial market entry.
Platform development will augment BlueBet’s existing custom-built technology suite.
BlueBet’s CEO Bill Richmond commented, “BlueBet has experienced strong growth since the business was established in 2015 and with the benefit of the primary IPO proceeds, BlueBet is well-positioned to capitalise on the significant opportunities available to it.”
“BlueBet has experienced strong recent trading performance, leading to FY21 Turnover ($344.7 million) and Active Customers (32,472), both greater than the level forecast in the Prospectus.”
“On behalf of the Company I am delighted to welcome our new institutional and retail shareholders onto the register and thank them for their support throughout the IPO process.”