Shenzen-based technology firm TTG Mobile Coupon Services (ASX:TUP) has taken another step towards an ASX listing, with the company receiving applications which oversubscribed the offer’s maximum subscription.
The prospectus offered two million CHESS Depositary Interests (CDIs) at A$0.60 per CDI to raise A$1.2 million, with an allowance for oversubscriptions of a further A1.2 million.
The size of the offering represents only 0.6% of TTG’s issued shares of nearly 635 million. The proposed ASX listing will be part of an overall estimated A$380 million market cap for TTG, which will likely free trade its full shareholding within two years of ASX float.
The listing of the company is expected on 27 November 2012.
TTG, in conjunction with UnionPay has developed the first software that is able to link credit card-based transactions by all online and offline market participants including in store point of sale machines, on one cohesive transaction platform.
UnionPay is an organisation of more than 80 of China’s major financial institutions and whose major business is the operation of cross-bank settlement network under the People’s Bank of China.
The technology has already been rolled out in Shenzhen, a major city in the Guangdong province and located north of Hong Kong. The Guangdong province was the first and one of the most successful Special Economic Zones.
The technology will be progressively rolled out over the next two years across other major metropolitan cities such as Beijing, Chengdu, Xiamen, Hainan and Shanghai, and will head Down Under by 2013 while making its presence felt in 150 Chinese cities by 2014.
TTG is co-chaired by Sydney-based Chris Ryan, who is also an executive director of Investorlink Corporate, which advised TTG on the float.
Novus Capital acted as the lead broker.
Proactive Investors is a market leader in the investment news space, providing ASX “Small and Mid-cap” company news, research reports, StockTube videos and One2One Investor Forums.