ASX tech IPO 2020 update: $259m tech player to launch on the ASX soon

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new tech player on the ASX | iTMunch

An Australian online marketplace for lifestyle, furniture, home, electronics and much more, MyDeal.com.au Limited (ASX: MYD) will be floating on the Australian Stock Exchange from Thursday, 22nd October 2020. The tech player has decided to get listed on the ASX to benefit from the ever-growing and ever-hungry market that just can’t get enough of this sector.

Tech player MyDeal.com.au IPO

The Initial Public Offering (IPO) of MyDeal.com.au Limited was priced at $1 a share giving MyDeal a whopping market capitalization of $258.8 million. Sean Senvirtne, Founder and CEO of MyDeal said that it’s been a long journey to reach this amazing milestone, the business is almost 10 year old in the making. 

They’ve successfully managed to create an ecommerce website with excess of $100 million sales and minimum capital raising of about $5.1 million to date. The $5 million investment was made by Tony Gandel back in 2017 via his investment company Gandel Invest.

In just three years, the company was able to manage itself to place itself on the ASX. Senvirtne, along with his partner and CPO (Chief Product Officer), Kate Dockery will own 49 per cent of the share worth $126.9 million.

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About MyDeal – an online marketplace

An Australian online retail marketplace that connects consumers with retailers. Launched in 2011, the marketplace provides its customers with the largest range of products at the best prices. The website offers more than 300,000 products from more than 2,000 lifestyle departments. 

The company is dedicated to offering the customers the best range of products across Home & Garden, Fashion, Furniture, Baby & Kids Products, Electronics and Tools & Equipment. 

The tech player also has a dedicated customer service team in Melbourne that adds a layer of protection to guarantee the highest level of customer satisfaction with every purchase made. Till date, MyDeals has successfully shipped more than 2 million parcels and it claims to be Australia’s one of the most trusted ecommerce marketplace.

Image Courtesy:  Business photo created by rawpixel.com – www.freepik.com

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