SYDNEY: Mad Paws Holdings Limited (MPA), an Australia-based pet services business, is admitted to the Official List on 26 March 2021 and has commenced trading on the Australian Securities Exchange (ASX) today, after closing its oversubscribed Initial Public Offer (IPO).

The IPO raised $12m at 20 cents per share, and on listing has a market cap of $42.9m.

The diverse pet services business began life as a small Sydney-based startup in 2014, founded by Justus Hammer, Jan Pacas & Alexis Soulopoulos. Since then, the team’s passion for pets has led them to work with pet sitters all across Australia, securing pre-IPO investment from Airtasker’s Founder and CEO Tim Fung, Qantas, as well as Bombora Special Investments Growth Fund.

The Company has taken advantage of the growth in pet ownership and demand for their services, and will continue to do so with the recent introduction of new verticals on a subscription-based model.

The Company built a strong register of high quality institutional and sophisticated investors, along with a number of retail shareholders, with the IPO more than four times oversubscribed. In addition, Mad Paws’ community of pet owners and pet sitters were offered the opportunity to participate in the IPO, with more than 400 Mad Paws users subscribing for $1m.

All metrics across the business continue to perform strongly. The beginning of H2 FY21 has been an extension of the positive signs of H1 FY21, with the Company performing above expectations.

This is a reflection of the growth in pet ownership, which continues to climb, contrary to accelerators from international travel with international borders still being closed.

Off the back of the success of the proprietary technology platform (pet sitting, walking, day care and grooming), the Company intends to expand into further sub-categories beyond pet care services, including via the recent launch of its pet food subscription product, Dinner Bowl, as well as the proposed introduction of a Mad Paws-branded pet insurance product.

Commenting on the IPO, Mad Paws Chairman Jan Pacas said: “We have been extremely happy with the response to our IPO, with the IPO capital raise being 4x oversubscribed, which allowed us to build a strong investor base from both the institutional as well as the retail side. We are particularly excited about the take up from our customer and pet
service provider base, with the priority offer being significantly oversubscribed for a total final
allocation of $1m of the $12m IPO raise.”
www.madpaws.com.au