Frontier Digital Ventures currently has a portfolio of 15 online classified companies, all of which target emerging markets
Today, it announced that Frontier Digital Ventures has raised AUD 30 million (US$29 million) through issuing of 60 million shares in an oversubscribed IPO.
It will begin trading today under the symbol “FDV”.
Founded in 2014, the KL-based company has 15 online classifieds platform in its portfolio. These platforms collectively target a range of verticals including cars, property or general classifieds in 19 frontier and emerging markets such as Pakistan, Myanmar, Nigeria, Ghana and Morocco.
The new IPO marks Catcha Group’s fourth portfolio company exit on the ASX. These include online property portal iProperty Group, online automotive site iCarsAsia and e-commerce portal Ensogo (formely iBuy Group).
A listing, however, as many tech pundits would know, is no guarantor of unencumbered successes — and Ensogo experienced this first hand.
Over the last few months, Ensogo was rocked by a firestorm of misfortunes including the collapse of its Southeast Asia marketplaces, resignation of its board of directors, as well as the suspension of its shares and subsequent stock devaluation — it plunged from AUD 12.47 (US$9.32) in March 2014 to AUD 0.65 (US$0.49) in June 2016.
And, with the ASX tightening its rules on tech listings, Catcha Group may face a steeper uphill task to deliver results to its shareholders.
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