Online classifieds player Frontier Digital Ventures raises $22.8m in ASX listing

A security guard looks out from a window of the Australian Securities Exchange (ASX) with a board displaying stock prices behind him in Sydney, Australia, May 26, 2016. REUTERS/Steven Saphore

Frontier Digital Ventures (FDV), an operator of online classified businesses in frontier markets, has successfully raised A$30 million ($22.8 million) in an oversubscribed Initial Public Offer (IPO) through the issue of 60,000,000 shares at A$0.50 per share.

It commenced trading on the Australian Securities Exchange (ASX) today under the symbol “FDV”.

The corporation maintains a portfolio of 15 operating companies, each of which are claimed to be market leaders with an early-stage advantage in either the online car, property or general classifieds space.

Online classifieds businesses represent a compelling opportunity riding on increasing smartphone penetration and high GDP growth across 19 frontier markets ranging from Pakistan and Myanmar, to Nigeria, Ghana and Morocco. The company’s founding shareholders, Shaun Di Gregorio and Catcha Group, have been working together now for over six years with a proven track record in building market leading businesses.

Frontier Digital Ventures founder and CEO Shaun Di Gregorio commented: “Today marks an exciting and important milestone for Frontier, and we are thrilled to be making our public debut on the Australian Stock Exchange. The strong demand by institutions and professional investors is a strong vote of confidence in Frontier’s growth strategy.”

Frontier markets, also termed as pre-emerging markets, represent a tremendous opportunity, with a combined 648 million mobile users and a combined GDP of $3.6 trillion. These markets can be characterised by political instability, poor liquidity, inadequate regulation, substandard financial reporting and large currency fluctuations.

According to Morgan Stanley, some of these countries – termed frontier emerging markets – are Pakistan, Argentina, Kuwait, Vietnam, Romania, Kenya, Bangladesh and Egypt.

FDV claims to be uniquely positioned to capitalise on its exposure to this combined market of 1.7 billion people in rapidly growing markets being driven by increased connectivity.

Additionally, the company has a proven executive management team with a track record in online classifieds spanning more than 40 countries across 5 continents over the last 18 years.

Also Read: Australia: Frontier Digital Ventures to raise $18.7m in ASX IPO

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.