Booktopia completes ASX listing, raising $43.1 million
Booktopia completed its initial public offering on Thursday, with shares trading at a 24 per cent premium to its issue price, giving the business a market capitalisation of $315.8 million.
At the end of the day, Booktopia securities traded at $2.72 each.
Co-founder and CEO Tony Nash welcomed the business’ new shareholders, and thanked the Booktopia team for working to make the listing possible.
“We have a strong business with a clear strategy to retain our strong market position,” Nash said.
The initial share offer raised $43.1 million for the online bookseller, $25.1 million of which will be funneled into further improving its Sydney distribution centre.
“The upgrade is the culmination of many years of planning and millions of dollars of investment in technology, automation and additional stock to meet the demands of our customers,” Nash said.
“We’re expecting our biggest Christmas ever and with the ability to process up to 60,000 book sales a day, we will be able to satisfy more customers.”
The IPO was managed by Morgans Corporate and Shaw and Partners.
Booktopia expects to make its first trading update on the public market in February, when it will disclose its half year sales, including the all-important Christmas period.