SA-based internet media company Moneyweb had a successful listing on the JSE`s Development Capital board today (June 17).
The share opened at 180 cents (issue price was 100 cents) reached a high of 208 cents, a low of 168 cents. In the first two hours over R13-million worth of stock was traded in over 130 deals, making this one of the most actively traded stocks on the day.
A total of 10-million ordinary shares were issued of which 1,5-million were allocated to Moneyweb subscribers. The balance was placed with selected financial institutions, broking members of the JSE as well as business associates and staff of Moneyweb.
Moneyweb CEO and chairman Alec Hogg is delighted with the listing and today`s results.
"We believe Moneyweb`s reception on the JSE reflects its ranking as the dominant on-line source of financial information for financial services professionals, investment specialists and high net-worth individuals. There is also clear market confidence in the group`s future as an important player in the areas of Internet content and e-commerce," he says.
"The listing will enable the group to fund acquisitions and future growth as well as help it to attract, retain and incentivise top quality intellectual capital essential in the on-line media arena."
In addition to the Moneyweb.co.za website which provides up-to-the-minute financial information, additional websites or portals have been developed to meet the needs of carefully targeted niche audiences and markets.
These include Broadband.co.za which provides specialised content and services to SA`s IT and telecommunications market sectors; MiningWeb.co.za which targets the mining community; and Travelzine.co.za, which is designed to provide the high quality travel information required by Moneyweb`s target audience.
Additional niche sites are expected to be launched in the near future.
"We believe the group will achieve significant growth in the foreseeable future as it is well positioned to capitalise on the rapid expansion of the Internet as well as the projected growth in both Internet advertising and e-commerce - particularly as Moneyweb expands its offerings into international markets," Hogg concludes.
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