thedocyard IPO has received the financial love that it was looking for, raising $4.151 million from investors and commencing trading in its securities on the ASX on 14 February 2020.
thedocyard is a cloud-based deal space for managing the entire lifecycle of any corporate or commercial transaction. The company describes it as an end-to-end deal management platform.
20,759,250 new shares were issued at 20 cents each to raise $4,151,850.
Founder, Stuart Clout has retained 26.33% of the equity. Upon listing, the top 20 shareholders owned 81.513% of the share capital.
Funds raised from the listing will be used for sales $1.58 million, marketing $330K and product development $1.4 million.
The new public company will commence with 132,742,005 fully paid ordinary shares and 1,200,000 Performance Shares. Approximately 75 million shares will be in escrow until 14 February 2022. This is designed to stop pre-IPO shareholders from selling their shares too quickly.
132.7 million shares at 20 cents each is a market capitalisation of $26.5 million. That is a mighty outcome when compared to the revenue the company was generating prior to the listing. In financial year 2018/19 the company made a loss of $745K (before tax) on operating revenue of $553K.
thedocyard was founded in 2016.