Stellar ASX debut for Tech Mpire

07/07/2015 - 11:36

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Online advertising business Tech Mpire has made solid gains on its first day of trading on the ASX, after being acquired by Fortunis Resources in a $3.1 million backdoor listing.

Mpire Media founder Zhenya Tsvetnenko.

Online advertising business Tech Mpire has made solid gains on its first day of trading on the ASX, after being acquired by Fortunis Resources in a $3.1 million backdoor listing.

Tech Mpire, the new trading name for Mpire Media, which was founded by Perth entrepreneur Zhenya Tsvetnenko, closed 23.5 per cent or 8 cents higher, at 42 cents per share.

It follows a successful capital raising, with the company receiving more than the $6 million it sought from the public offer under its 25 cents-a-share prospectus.

Managing director Luke Taylor said the combination of Tech Mpire’s strong affiliate and advertiser relationships, its highly sophisticated technology platform, and the increased working capital funding now at its disposal, together placed the company in a strong position for rapid growth and scalability.

“The additional working capital funding provided by Fortunis prior to completion of the acquisition enabled us to take on additional advertiser demand that we were previously constrained from accepting,” he said.

“This culminated in 27 per cent month-on-month growth in May.

“With the $6 million capital raising now complete, and advertiser demand increasing from both existing and new clients, we believe we are in a very strong position to grow.” 

Tech Mpire plans to release full June quarter revenues to the market in coming weeks.

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