Chinese Tech Outfit Lists On ASX
The Australian Securities Exchange (ASX) welcomed another new IT-based company to its listing yesterday – this time a well-established Chinese outfit looking for a bit of action Down Under.
Shanghai-based Retech, a company backed by Alibaba that peddles online corporate training systems to big companies like McDonalds, Mercedes Benz and Bank of China, raised A$17.9 million via its Aussie float.
Retech shares opened at 51c yesterday and closed at 53c, giving the company a market cap of $22.5 million.
Co-chair Calvin Cheng said Retech is now on the hunt for Australian companies to sign up as customers and partners. One that’s already signed is Queensland TAFE.
• Another IT company – this one a true-blue Aussie – is expected to make its ASX debut next week. Human resources software outfit Elmo Software has raised $25 million in its float at $2 a share, and when it lists next Thursday is likely to prove the biggest tech company debut on the ASX this year, with a market cap estimated at $108 million. Elmo has been targeting mid-market Australian and Kiwi companies with what it calls a “hire-to-retire” HR software system. It’s not aiming to move into bigger markets like the US at this stage – “we’re not a global player,” said CEO Danny Lessem.