Wednesday, 01 July 2015 14:06

Mitula lists with $153.7 million market capitalisation Featured


Vertical search website operator Mitula has commenced trading on the ASX with a $153 million capitalisation after completion of an IPO which raised $24.4 million.

Pre-listing, Mitula (ASX:MUA) said it would use the money raised to pursue “complementary” acquisitions and expects strong growth under its two main brands, Mitula and Nestoria.

The IPO was three-times over-subscribed, with investors offered 35.4 million fully paid ordinary shares at an offer priced of $0.75per share.

The company is forecasting revenue of $26.2 million and EBITDA of $13.3 million in the 12 months to June 2016.

Mitula Group’s CEO, Gonzalo del Pozo, said today’s successful listing will enable the Company to operate with increased flexibility and continue to grow at a rapid pace.

“Through our successful IPO, we now have a strong foundation to accelerate organic and acquisitive growth it will enable us to strengthen and improve our current offerings, as well as accelerate the roll out of new product and technology innovations.”

Chairman Simon Baker expects the company’s first half to be in line with forecasts, which he says will position the business well for delivery of 12 month EBITA forecasts to 30 June 2016.

“The Mitula Group is driven by a strong and successful board and CEO, who have significant expertise in the industry, as well as experience in growing revenues and increasing a company’s share price following an IPO.

“We will continue to build on our extensive portfolio, under our main brands Mitula and Nestoria, enabling more advertisers and users to have access to our platform.”

Mitula currently has a portfolio of 51 websites in 38 countries and in 14 languages and in April, its websites reached 51 million visits and featured 234 million aggregated classifieds listings from some 13,000 advertisers.

Revenue is generated through two main sources–direct CPC(cost per click) revenue from the sale of approximately 60% of the ‘click outs’ and revenue from Google AdSense advertisements.

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Peter Dinham

Peter Dinham - retired in 2020. He is a veteran journalist and corporate communications consultant. He has worked as a journalist in all forms of media – newspapers/magazines, radio, television, press agency and now, online – including with the Canberra Times, The Examiner (Tasmania), the ABC and AAP-Reuters. As a freelance journalist he also had articles published in Australian and overseas magazines. He worked in the corporate communications/public relations sector, in-house with an airline, and as a senior executive in Australia of the world’s largest communications consultancy, Burson-Marsteller. He also ran his own communications consultancy and was a co-founder in Australia of the global photographic agency, the Image Bank (now Getty Images).

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