Sydney-headquartered software vendor Simble Solutions has commenced trading on the ASX today after raising $7.5 million in an IPO.
The company reported a heavily oversubscribed initial public offering at a share issue price of 20 cents. The company reported it had more than 10 major shareholders subscribe for a significant amount of the IPO.
Simble’s flagship product, SimbleEnergy is a real-time energy visualisation and analytics platform designed for energy saving management. The company also develops white label mobile applications. The solutions operate across enterprise and SMB markets.
The company is initially targeting Australian and UK markets, where initial revenues are being generated. Simble said it’s SaaS solutions generated about 58 percent of its current recurring revenue.
In touting a strong pipeline of opportunities to investors, Simble said it had a proof of concept trial underway with a major Australian telco.
Simble chief executive Fadi Geha said the oversubscribed IPO was a testament to the growth potential of a company that addressed concerns around energy prices.
“Our business model is based on establishing distribution channel partnerships and we are currently undergoing and negotiating a number of proof of concept trials including with a major Australia telco with a view to enter into commercial negotiations,” he said.
“We look forward to updating the market on developments as we secure key milestones and once again welcome all new shareholders.”
Simble has offices in Sydney, Melbourne, Auckland, London, Dubai and Da Nang.
The company’s shares were trading up at 26.5 cents per share at the time of writing.