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Wednesday, July 24, 2024

Ai-Media Lists on ASX After Successful $65.5m IPO

 Access Innovation Holdings Limited (Ai-Media), the Australian-headquartered provider of technology-driven live and recorded captioning, transcription and translation services, has announced that trading of its shares on the Australian Securities Exchange (ASX) have commenced with the code AIM, following a successful initial public offering (IPO).

Founded in Australia in 2003, Ai-Media has become a global leader in the provision of high-quality live and recorded captioning, transcription and translation services. Its technology platform combines artificial intelligence and human expertise to deliver speech-to-text accuracy. The company is the biggest captioning provider in the Australian market, with clients including major free-to-air and pay television networks, and has a growing international footprint, with offices in Australia, the US, UK, Canada and Singapore. Globally, it provides captioning for nearly 1 million minutes of live and recorded media content, and online events and web streams every month.

The IPO raised gross proceeds of AUD$65.5 million at a price of $1.23 per share (Offer Price). Funds raised via the IPO will be used to continue the Company’s current growth trajectory, particularly in offshore regions and on the ongoing developments of its technology platform to provide a wider range of services for its customers.

The IPO attracted strong demand from domestic and international institutions, retail investors, along with the ongoing support of existing Ai-Media shareholders and employees to establish a high-quality shareholder base. On listing, Ai-Media will have approximately 144.4m shares on issue implying a market capitalisation of $177.4 million at the Offer Price.

Ai-Media Chair Deanne Weir (pictured) said: “We are delighted with the outcome of the IPO and by the strong support shown by both institutional and retail investors.

“Our listing on the ASX marks an important milestone for Ai-Media, supporting our global growth strategy along with our continued investment in product innovation and our technology platform. We want to help build an inclusive world by making all content accessible to all people everywhere.

“I would like to thank our existing shareholders for their ongoing support and warmly welcome new investors, including many of our employees, to share in the exciting journey we have ahead of us.”

Tony Abrahams, Ai-Media Co-founder and Chief Executive Officer said: “I am incredibly proud of the business and the team that we have built at Ai-Media over the past 17 years and the global impact we have made.

“We’re all excited by the opportunities ahead of us in a growing global market, by harnessing the power of our high-quality, security-accredited and scalable proprietary technology to deliver great outcomes for our customers and our shareholders.”

Bell Potter Securities Limited and Morgans Corporate Limited have acted as Joint Lead Managers and Underwriters to the IPO. Jones Day has acted as Australian legal adviser.


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