Business

Snakk Media considering dual listing

10:17 am on 21 January 2014

Snakk Media, which listed on the NZX's alternative market in March last year, is considering a dual listing on the Australian stock exchange.

Snakk, which raised $6.5 million of new capital last May, has a market capitalisation of $31.8 million.

Chief executive Mark Ryan said about 95% of Snakk's revenue was generated in Australia, and that the NZX had been "fantastic" for the company.

"With so much of our revenue being derived out of the Australian market with the interest in tech stocks in that market, a lot more demand, a lot more volume, and the fact that we need to make it easy for our Australian partners and customers to purchase shares," Mr Ryan said.

"It just makes a lot of sense for us."

The company was also looking at pushing into Asia fairly aggressive this year and it was arguably easier for it to get into those markets from Australia and New Zealand.

The cost of a dual listing would not be "overly prohibitive" relative to the benefits as from a compliance point of view, what it had done to be on the NZX was not a great deal less than what it needed to do to be on the ASX.

As well, the ASX had been actively courting companies to join its board and to dual list.

Snakk staff were buoyed by the company ranking 62nd in Deloitte's Asia Pacific Technology Fast 500.