Outdoor media company Ooh!Media will go public on the ASX today, following the announcement of its initial public offer (IPO) last month.
The company will list on the exchange at midday today on a conditional and deferred settlement basis, under the ticker code OML. It is expected to trade on a normal basis on Tuesday 23 December.
There will be a traditional bell ringing ceremony at the ASX in Sydney as part of the listing.
Ooh!Media's offer for retail investors closed on Monday, 15 December. Under its revised prospectus from 5 December, it's expected to raise approximately $167.1 million with a share price of $1.93 per share. Ooh!Media said the shares represent 58.3% of the shares on issue on completion of the IPO.
In a prospectus lodged with the market in November, company chairman Michael Anderson said that the outdoor industry is benefiting from a growing share of viewers unlike other traditional media.
“This is in contrast to the audience fragmentation believed to be impacting most other media sectors, such as free-to-air TV and radio, which can be turned off, skipped or fast-forwarded by consumers,” Anderson said.
“The Out Of Home sector is a beneficiary of new digital technologies, which have created significant opportunities to grow revenue and increase the sector’s share of the advertising industry.”
Ooh!Media were unable to be reached for comment in time for publishing today.
The ASX listing follows the IPO of rival APN Outdoor, which started trading on the ASX on 11 November.
In the latest SMI figures, bookings for outdoor ads soared 37.1% in November reading $89 million.
For more news:
OOH growth due to “unmissable nature”
Big and small: outdoors for all
Ooh! brings Times Square to Bourke Street Mall
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