Shares in digital media and technology firm Netccentric have made a strong start in their first day of trading on the Australian share market.
The shares opened at 23 cents when they started trading at 1100 AEST - three cents above their issue price.
The shares overcame large widespread falls across the Australian share market to be 25 cents higher by 1128 AEST, with more than 1.2 million shares changing hands.
Singapore-based Netccentric raised $12.5 million in an offer of shares to the public - well over its initial minimum target of $7.5 million.
Netccentric aims to engage social media influencers across all platforms to serve as a conduit between advertisers and their consumers.
The company owns and operates a number of marketplaces and businesses that connect advertisers across the Asia-Pacific region with nearly one million blogs and more than 230,000 social media influencers.
These social media influencers in turn engage their audiences of 41.6 million viewers per month across Singapore, Australia, Malaysia, Thailand, Philippines, China and the UK.
Netccentric intends to use the funds raised in the share offer to expand its operations in new and current geographies, increase marketing, invest in technical innovation, and provide working capital.
"Today marks an important day for the company, and listing on the ASX (Australian Securities Exchange) positions us well for our next phase of growth," Netccentric chief executive Cheo Ming Shen said on Monday.
"We have a focused strategy and are well funded to deliver growth internationally across our client base in both existing markets and new markets."
Netccentric hosts a number of digital media companies, including mobile blogging platform Dayre; and Churp Churp, a service that matches social media influencers with prospective advertisers.
Netccentric's core product is NuffNang which removes the need for bloggers to deal directly with the advertisers, while the advertisers don't need to invest heavily in the infrastructure required for one-on-one dealings.
Share
