Photo credit; Richard Patterson on Flickr
Australian app development company MOKO Social Media will soon be listed on the NASDAQ.
The company’s public offering price is set to be between $US7.50-9.00 per American depositary shares (ADS), with each ADS representing 40 ordinary fully paid MOKO shares. That is equivalent to a price range of $A0.20- 0.24 per share.
MOKO’s flagship app REC*IT uses data provided by colleges through an exclusive agreement to help organise student recreational and sporting activities.
The free app is to be adopted across 700 colleges by the end of September, with a reach of 10 million possible users. This will allow advertisers to directly target a highly attractive and segmented audience.
Chairman Greg McCann said the possibilities of this audience are part of the reasoning behind the ASX-listed company’s decision to dual list.
“[The US] is a very big market, and it’s a very sophisticated market — We really wanted to give American investors the opportunity to invest, because they were probably more likely to put a truer value on the stocks that you would in Australia,” he said.
“There’s not a lot of technology stocks here, particularly doing what we’re doing, which is really pushing the boundaries into a new area.”
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