iBosses is offering 25 million shares at 20¢ in a bid to raise up to $5 million and begin trading on the ASX on September 30.A fledgling Singaporean entrepreneur coaching company that is about to float claims starting up a business can be done in eight simple steps, but iBosses is yet to break the $100,000 mark for revenue at its own venture.
The one-year-old start-up is solely focused on growing its customer base and as such says in its prospectus, which has no financial forecasts and limited detail on operating history, that it is “unlikely to introduce any additional primary revenue streams in the future” outside of its mentoring service.
But chief executive Patrick Khor said he did not think the youth of the company would deter investors.
“Track record today is a question of effectiveness and not duration. There are numerous companies that have emerged over the years, which many felt literally came out of the blue. Some of these companies, by the time you hear about them, it is because someone bought them out already,” Dr Khor said.
“Also, we are very new but very interested to show the IPO [initial public offering] path to our clients.”
iBosses is offering 25 million shares at 20¢ in a bid to raise up to $5 million and begin trading on the ASX on September 30.
iBosses launched in August 2014 and offers training and coaching for aspiring and early-stage entrepreneurs. The company has a proprietary eight-step model for guiding its clients through business development – from being passionate about an idea to launching a company. They currently offer these courses and consultancy in Singapore and Hong Kong. Significant transformation
Singapore’s start-up scene has undergone a significant transformation since the government began to pour hundreds of millions of dollars into stimulus and support programs for its fledgling tech companies.
The capital raised through the IPO will be used to expand more aggressively across Singapore and Hong Kong in the coming years as well into the Philippines and Malaysia. Dr Khor said they were also keen to establish a presence in Australia to cater to the growing start-up and new-business community.
If the full amount is raised, $1.2 million will be invested in growing the company’s new and existing business centres, $1.2 million into exploring and purchasing potential acquisitions and $1 million into developing its online offerings.
Deputy chairman Steven Lau said they had explored listing on a range of exchanges, both local but also in Hong Kong and London, but decided to list on the ASX as it was a well-regulated market tincreasingly popular with Singaporean companies.
“There is a growing trend of our tech and media companies sector going Down Under to list, so we felt that ASX was the most appropriate for a company of our size, we are very small start-up and the ASX is good for fast-growing companies,” he said.
The company is wholly owned by Dr Khor and his immediate family. If the maximum $5 million is raised, they will own 60 per cent of the company.
The offer is not underwritten and the IPO has a minimum subscription of $2.5 million to proceed. iBosses will list on the ASX on September 30.