- Platform provider Gefen International (GFN) commences trading on the ASX, following an oversubscribed $25 million initial public offering (IPO)
- Gefen offered shares at $1 each and closed the offer on May 21
- The company plans to use the funds to further its growth by expanding its sales and marketing teams and funding research
- Gefen has created a platform for regulation-heavy industries in which carriers use agents to sell complex products to customers
- At market close, Gefen shares were trading at 80 cents
Gefen International (GFN) has commenced trading on the Australian Securities Exchange.
The Israel-headquartered platform provider listed on the ASX after an oversubscribed $25 million initial public offering (IPO).
Gefen offered shares at $1 each and closed the offer on May 21 after receiving applications from investors well in excess of the maximum IPO raise.
The company plans to use the funds to further its growth by expanding its sales and marketing teams and funding research.
Gefen has created a platform for regulation-heavy industries in which carriers use agents to sell complex products to customers.
It currently has two main revenue sources- recurring subscription licence fees and transactional agent solutions fees. In addition to these fees, the company is planning to introduce and activate two new revenue streams- advertising and processing fees.
Gefen operates in a large and growing global market which was worth about $358 billion in 2020 and is expected to grow to $462 billion by 2023.
For the first half of 2021, Gefen continued to see strong growth across all key metrics. End customers more than doubled from approximately 60,000 to 123,000 while agents using the platform grew from 1500 to 16,500.
At market close, Gefen was trading at 80 cents per share.