Singapore-based and ASX-listed digital entertainment company migme has successfully completed the placement of 10 million shares, at an issue price of $1.00 per share, to raise $10 million, before costs. Perth-based Patersons Securities Limited acted as lead manager to the placement.
A digital media company that is focused on emerging markets, migme delivers social entertainment services through mobile apps migme and LoveByte, artist management website alivenotdead and ecommerce services through Sold.
While listed on the Australian Stock Exchange (ASX), migme operates primarily in Southeast Asia and East Asia. Currently, they maintain offices in Malaysia, Indonesia, Taiwan and Hong Kong, with their headquarters in Singapore.
According to a release, the share placement to sophisticated and professional investors was heavily oversubscribed and included the participation of several strategic shareholders and institutions, in addition to pro rata investment rights take up by the company’s major shareholders.
Commenting on the placement, Steven Goh, CEO of migme, stated: “We have made excellent progress in all our key markets and to us, the opportunity is larger than ever. This injection of additional capital will enable us to maintain the momentum we have gathered, continue to make progress with platform development, quality of operations and winning in our key markets of Indonesia, the Philippines and India.”
According to a Digital Strategy Consulting report regarding the Indian market: “Internet access is mainstreaming among professionals and the use of mobile is intensifying. The pace of change continues to be rapid with digital channels constantly growing in volume and strength.”
India represents a vast market with the web established in India as a mass market media channel for the wealthy and increasing the middle class segments, given smartphone proliferation. However, use of the digital media is more fractured than in Europe.
PWC’s Global entertainment and media outlook 2014-2018 Outlook for India observed that while India’s digital media domains are seeing robust growth, the traditional media channels still retain their strength, due to their establish brand presence and critical mass.
Meanwhile, a report from Digital Marketing Philippines observed that the Philippines is one of the frontline digital economies of the Asia Pacific region, with over 33 million Internet users. In terms of Internet users, the Philippines is the second highest ranking in Southeast Asia and the sixth in the whole of Asia, according to the Asia Digital Marketing Association (ADMA) and the Internet World statistics.