Singapore-based SportsHero Limited (SportsHero.mobi), which operates what it claims to be the world’s first social network dedicated to sports prediction, commenced trading today on the Australian Securities Exchange (ASX) under the ticker code “SHO”.
Following roadshows to brokers and sophisticated investors in Singapore and Australia, SportsHero raised AU$3.2 million ($2.44 million) through the issue of 64 million shares issued at AU$0.05 per share. SportsHero’s listing came via a reverse takeover of Nevada Iron Ltd.
Dinesh Bhatia, CEO of SportsHero said, “The Board and management team look forward to creating accelerated value for our shareholders with the successful listing on the Australian Securities Exchange.”
“The listing will give SportsHero access to both domestic and international investors and the proceeds raised will allow the Company to advance the development and commercialisation of SportsHero on an Asian and global scale, including developing ecommerce and engagement features for further monetisation of the platform,” Bhatia continues.
He adds that over the next 12 to 18 months, SportsHero will be focusing on customer acquisition, introducing additional sports and enhancing the features and user experience. It also plans to continue engaging with its user base while doing so.
SportsHero’s listing comes at a time when mobile penetration in Asia-Pacific and consumer demand and interest in sports are increasing. Research firm Statista expects 2.3 billion smartphone users worldwide in 2017, while the sports industry is making an impact on national economies, with the Chinese government reportedly targeting their domestic sports industry to exceed US$727 billion (5 trillion yuan) in value by 2025.
Pursuant to the recent prospectus, the SportsHero mobile app has already seen a growing level of engagement with over 80,000 users and retention rates increasing.
Through the SportsHero app, sports fans can engage, compete and interact with each other through daily, weekly and monthly competitions and win daily prizes. The app supports football (soccer), the largest global sport and is planning to roll out cricket, basketball and baseball in 2017.
It enables users to monetise their sports prediction skills and become “Sports Heroes”. For a follower fee, SportsHero gives users access to validated prediction tips and revenue share with these top sports heroes.
With the aim of building an ecosystem through its app that will connect brands and sponsors to sports fans, SportsHero is aiming to drive peer-to-peer (P2P) commerce and user engagement in collaboration with sports brands by providing a cost-effective platform to reach large numbers of engaged sports fans worldwide.