Family Zone up on ASX debut

Technology company Family Zone Cyber Safety has wrapped up its first day of trading on the ASX, after completing an oversubscribed initial public offering to raise $6 million.

Family Zone, which has developed a cloud-based service that enables parents to manage their family’s digital use at home and on mobile devices, raised the funds through the issue of shares at 20 cents each.

At the close of trade today, Family Zone shares were worth 26.5 cents each.

The company was co-founded by tech entrepreneur Tim Levy, who started working on the company’s development two and a half years ago.

“We experienced unprecedented demand for our IPO, with oversubscriptions at a significant level,” Mr Levy said.

“We now look forward to commercialising the Family Zone platform and pursuing the many strategic partnerships and market opportunities being presented to us.”

Alto Capital was lead manager to the raising, with Grange Capital Partners as corporate adviser.

Family Zone has completed beta trails in Australia and the US, along with carrier trials in collaboration with a South-East Asian telecommunications provider.

The newly listed company has since received an initial purchase order from the unnamed telco for a rollout of a co-branded version of the Family Zone platform to the telco’s customers, starting in early October.