On Friday 11th February at 12:30pm AEDT, My Rewards International commenced trading under the ticker code ASX:MRI. This moment was a cumulation of 12 months of work for MRI and its IPO advisory team led by Barclay Pearce Capital.
MRI successfully raised A$5m from investors in its IPO, with the funds going towards acquisitions, technology R&D, and its global expansion to international markets. Managing director, Maitreyee Khire, expressed her excitement about the future of MRI due in-part to the possibilities afforded by a fund injection, stating:
“We are excited about the growth prospects that the IPO funding brings to My Rewards. This will help accelerated growth and deployment of our direct to consumer offering and the digital wallet.”
- Maitreyee Khire, Managing Director, My Rewards International
On the first day of trading, over 4m shares were traded and the stock closed at $0.13, down 35% from its IPO price of $0.20. This outcome was unsurprising given the weakness in tech stocks currently due to the current macroeconomic environment.
MRI Chair, David Vinson, wasn’t fazed by the result and understands that the true value of the company isn’t based on one day of trading in public markets.
“While we would’ve liked the share price to go up, we’re unperturbed by the initial weakness. Management and our largest shareholders are confident that our true valuation will be reflected in the share price as the execution of our growth strategy plays out. This initial weakness is a buying opportunity for those who back MRI.”
- David Vinson, Chair, My Rewards International
Despite MRI going public, little will change in the day-to-day operations of the company. Management can now focus on the integration of the Perx Rewards acquisition and the initial rollout of the Ria Money Transfer international contract. All that can be said is that it will be exciting to see what’s next for My Rewards.
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