- Mad Paws (MPA) shares have today commenced trading on the ASX today after the company raised $12 million
- The company offers a pet services marketplace and pet food subscription services in Australia
- In the six months to the end of December 2020, Mad Paws generated $980,000 in revenue but tabled a loss of $6.3 million
- As part of its initial public offering, the company issued 60 million shares at 20 cents each
- Based on this offer price, Mad Paws commences trading on the ASX with an indicative market capitalisation of $42.9 million
- Shares commenced trading at 11:00 am AEDT, and 20 minutes later jumped 28.8 per cent to trade at 25.8 cents
Mad Paws (MPA) shares have commenced trading on the ASX today after the company raised $12 million.
Source: News.com.au
In 2015, the company launched its pet services solutions, offering pet sitting, walking, daycare and grooming services, and in August last year launched its pet food and subscription services in Australia.
At the end of December, the company had 86,700 customers and in the half-year ending on December 31, 2020, Mad Paws generated $980,000 in revenue, but tabled a loss of $6.3 million.
After being impacted by the COVID-19 lockdown and recovery period, in the last month of 2020, both sales and gross merchandise value surpassed 2019 levels for the same month.
“Mad Paws has performed above expectations coming out of COVID, with the tailwinds of new pet ownership being reflected in strong growth numbers for our customers and bookings,” said CEO Justus Hammer.
Source: TechCrunch
“With the initial public offering being finalized we look forward to focusing on building new products & services for our pet owners and improving the experience for pet parents and their pets.”
As part of its initial public offering, the company issued 60 million shares at 20 cents each. Following the offer the company had more than 214 million shares on issue and based on the offer price, had an indicative market capitalisation of $42.9 million.
Shares commenced trading at 11:00 am AEDT, and 20 minutes later had jumped 28.8 per cent to trade at 25.8 cents.