BBX Goes Public With Oversubscribed IPO
Touma, managing director of Business Barter Exchange, is now the head
of a publicly-traded barter company - BBX is the first Australian barter
company to be traded on the Australian Stock Exchange (ASX).
company has been building an infrastructure in Australia for the past
13 years, and with an ASX listing he envisions a bright future. "Our
listing will give us a lot more credibility, as well as a lot more power
to move forward and see faster growth."
BBX’s IPO closed oversubscribed and raised $6.85 million from the sale of 27.7 million shares at 25 cents each. (It closed the first day trading at 24 cents). Reportedly, an impressive 60% of the investors were institutions.
Touma plans to use some of the capital to expand into Asia’s Indian and Chinese markets, in addition to establishing more branches and franchises within Australia.
BBX is Australia’s second largest trade exchange, handling close to $100 million in trade on behalf of 4,360 member businesses each year. For more information contact BBX’s corporate office at (612) 9476-6655.