Class today announced the minimum subscription level of $5 million under the company’s initial public offering (IPO) had been exceeded, despite unforeseen delays caused by the need to lodge a supplementary prospectus.
The result was also prior to an institutional roadshow Class is undertaking with Commonwealth Bank of Australia this week.
“It has been great to see high levels of activity under the Class IPO application process, which has enabled us to quickly meet and exceed the minimum subscription under the IPO,” Class chairman Barry Lambert said.
The priority offer to Class customers under the IPO closes on 27 November and the general offer closes on 4 December.
Last Thursday, Class revealed it had made significant enhancements to its education services, including the launch of new on-demand training modules, which delivered a more flexible approach to learning that could be accessed on any device at any time.
The company also added single sign-on functionality, allowing Class users to access on-demand modules using their existing credentials.
Class chief executive Kevin Bungard said: “Our free training courses have always been a core part of our service delivery, helping our users get the most from their investment in Class.
“Given the Class system allows users to access it any time, any place, from any device, it made great sense to redesign our training content to offer the same flexibility.”
Since the first Class on-demand modules were launched in late October 2015, over 120 businesses have participated in the training.
Further, Class users had the option to register and attend external training courses run by Class online education partners, including Money101.