Shares in online marketplace Redbubble made strong gains on debut as investors lap up another tech offering on the ASX on Monday.
Redbubble shares jumped to a high of $1.53 within minutes of listing on the ASX and closed at $1.455, up 12.5 cents from the issue price of $1.33.
The company, one of the largest online platforms allowing anyone to sell designs printed on products, raised nearly $40 million in an initial public offer that comprised of a sell down by existing investors and a $30 million equity raising.
Redbubble, started a decade ago by three friends in Melbourne, will use the funds to continue its growth.
It recorded $71 million in revenue last year and expects to increase this to $114.5 million in the 2015/16 financial year.
The company plans to launch several products over the next six months, and bolster its offerings through the use of 3D printing over the longer term.
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