Zoom2u lists on the Australian Securities Exchange


Delivery start-up gains $8 million in capital raising

Zoom2u lists on the Australian Securities Exchange
Steve Orenstein

 

Zoom2u, the firm Steve Orenstein founded eight years ago as a parcels-delivery disruptor, became a public company today.

From those days for e-commerce, Zoom2u has grown to become Zoom2u Technologies, parent company of two delivery driver marketplaces, Zoom2u locally and Locate2u internationally.

One of the few listed companies to have a figure in its ASX code – Z2U – it reports that the initial public offering (IPO) was oversubscribed, raising $8 million and a market capitalisation of $34.7 million at the time of listing.

By late afternoon trade, its share price has risen 115% to 43 cents in volatile trade.


Read ATN’s Zoom2u cover story on its early developments, here


"We’ve been delighted by the response the IPO has received from institutional, professional and retail investors which led to a significant level of demand, which was validation of the Company’s performance to date and growth strategy," Orenstein said.

"We would like to particularly thank the customers and drivers who have supported our products to date.

"As part of our growth strategy, we will continue to focus on investing to deliver an outstanding customer experience and explore ways to consistently improve through innovation, savvy technology and robust expansion plans.

"Zoom2u’s vision is to be the leader in last mile delivery both in Australia and across the globe. The first two months of FY22 have started strongly with lockdowns in New South Wales and Victoria supporting growth in revenue, deliveries and GMV.

"We remain confident that the company will continue to drive growth and raise the expectations for the sector, delivering continuous operational performance for shareholders in FY22 and beyond."

 

 

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