Image (from left): Michael Go of SSX, Ping Lee of West Coast Aquaculture and Kenny Lee of STAX
Australian fintech STAX has completed a A$5 million IPO fundraise for West Coast Aquaculture (WCA), an international fisheries company with a strong Asia–Pacific presence. WCA is expected to commence trading on the Sydney Stock Exchange (SSX) at 10.15am, Tuesday, 24 November 2020.
Of the amount raised, 89.1%, or A$4,478,591 was USDT, otherwise known as Tether, a stable cryptocurrency pegged to the US dollar. The remainder of the funds was raised in AUD.
This is the first company in Australia to raise IPO funding via cryptocurrency, meeting tight Australian regulatory standards.
Kenny Lee, CEO of STAX, says that the acceptance of cryptocurrency in an IPO is a significant and transformative step forward for investment in Australia.
“The successful WCA capital raise and IPO paves the way for the future of capital markets in Australia,” he explains. “We are allowing access to a market which has been hard for overseas investors to get into, and it will only benefit Australian businesses longer-term.”
The STAX platform is Australia’s first capital raising platform to accept both Australian dollars and cryptocurrencies. STAX has partnered with the SSX to be able to offer a faster, reliable method for companies wishing to go public.
Following its IPO, WCA plans to use funds for expansion. This will include the purchase of hatchery and nursery facilities to allow further control of the supply chain.
Neo Ching Hoe, CEO and Founder of WCA, says: “WCA has always been an innovative organisation and we are proud to be part of this historic moment in Australian investment history.
“We hope this bold initiative helps open the door to more global investment for local companies.”
WCA’s IPO has been managed by Agile Legal and STAX to ensure all legal and regulatory compliance has been met in accordance with Australian law.