Derek Handley giving a speech at Snakk Media’s NZX launch party.
As of March 6th New Zealanders could buy and sell shares (well sort of, see below) in a fledging enterprise that is taking on the online and mobile advertising space. On the back of his success with the Hyperfactory, Derek Handley has set on sights on building Snakk into his next global enterprise.
Snakk already boasts some big clients (Pepsi, Contiki) and is growing quickly – 345 per cent from March 2011 to 2012. The business hopes to focus on capturing a significant chunk of the Asia-Pacific mobile advertising market and claims to be already hold up to 20 per cent of the Australian market.
Snakk has listed on the NZX Alternative Market (NZAX), “ to facilitate the Snakk’s growth through future capital raising initiatives” and hopes to follow in the steps of Xero, which recently reached a valuation of over $1B. Its certainly off to a good start with shares climbing 300% on its opening day. Shares have since come back down to 18 cents.
Interestingly, the listing is not an IPO. While the company is being listed, shares can only be acquired via a share purchase plan. This only allows existing shareholders to trade shares.
Finishing off the formal proceedings, no NZX launch would be complete without a video of support from Sir Richard Branson. In true Branson style the video was recorded via his iPhone while on his private island retreat.
Here is a video from the guys at 90seconds.tv of the night. I snuck on at 48secs.