Exclusive: Fatfish’s iCandy slated for Sept IPO, to raise $3.68m

iCandy will IPO on the ASX in September 2015.

Southeast Asian and Australian based Internet ventures investment and development firm Fatfish Internet Group is en route to making its first exit through an initial public offering (IPO), as its portfolio company iCandy Interactive Ltd has got approval from the Australian Securities & Investments Commission (ASIC) for a listing.

iCandy, slated for a September IPO on the Australian Securities Exchange (ASX), is looking to raise up to A$5 million ($3.68 million) with a market capitalisation of over A$45 million ($33.16 million).

It will be the first mobile games studio from Southeast Asia to IPO.

According to iCandy’s prospectus, the IPO involves the issue of up to 17,500,000 shares at an issue price of A$0.20 apiece to raise up to A$3.5 million together with one free attaching option for every one share subscribed for and issued.

Oversubscriptions of up to a further 5,000,000 shares at an issue price of A$0.20 per share (together with one free attaching option for every one share subscribed for and issued) to raise up to a further A$1 million may be accepted.

As such, the maximum amount that can be raised under this prospectus is A$4.5 million, it stated. iCandy’s IPO is targeted on September 21, 2015.

The mobile games studio has published more than five games that have been featured on both the Apple Appstore and Google Play, and these have generated more than 13 million downloads.

Fatfish told DEALSTREETASIA that part of iCandy’s plan is to look at acquisitions post-IPO to enhance its products and users base.

Fatfish CEO and director Lau Kin-Wai said iCandy had the track record as one of the leading mobile games studio group in Southeast Asia.

With the IPO, Lau believed iCandy can look to acquisitions for its future expansion. Lau also sits on the iCandy board as non-executive chairman.

“We are one of the very small number of studios that have 100 per cent of our games being recommended by either Apple iOS Appstore or Google Android Play. The IPO is an important milestone for iCandy. I am excited about the prospect of using the listed status of the company to explore potential acquisition post-IPO. “

Lau however did not specify if iCandy would look at Southeast Asia or Australia for acquisitions. It is noteworthy that Malaysia has been pushing its mobile games industry forward in the last few years.

In March, national ICT agency Multimedia Development Corp (MDeC) partnered European gaming startup accelerator GameFounders to form GameFounders Asia, a regional games accelerator based in Malaysia.

Malaysia, which is Lau’s home country, is the second Southeast Asian games market, with total mobile games revenues reaching close to $97 million in 2014 and and due to increase up to $242 million by 2017, according to a post by Applift.

Fatfish had also earlier invested in another mobile games startup, Appxplore, whose games have hit over one million downloads. The firm acquired 70 per cent in Appxplore in September 2014 for $220,080.

The venture firm’s first exit was of the sale of online dating mobile app Love Out Loud Asia to Lunch Actually Group in October last year, for an undisclosed amount.

Also read:

Fatfish’s iCandy valued at $31.3m for June listing

Fatfish to list mobile games unit iCandy on ASX

Fatfish targets two IPOs in 12 months

Fatfish invests $39k into Australia based Nvoi

Fatfish targets $10 m investments in SEA

Malaysia’s Cradle to co-invest $7m in four firms

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.