Business News

Class lists on ASX

Software specialist Class was officially listed on the Australian Securities Exchange (ASX) on Friday, trading under the ASX code CL1.

This morning Class chairman Barry Lambert rang the bell at the ASX to mark the occasion.

“Class is 10 years old now and a lot of the original investors have been with the organisation for 10 years so the idea of listing is to provide them with the opportunity to be able to sell some of their shares but more importantly it’s about being able to give equity to our customers, which are the SMSF administrators and accountants,” Lambert told selfmanagedsuper.

“As a listed company, we’ll be able to raise money if need be to develop ourselves as required but at this point of time the company is profitable and there’s money in the bank so it’s unlikely we’ll do that in the short term.”

Lambert said the company will need to diversify away from being a software company that only specialised in SMSFs.

“We recently launched Class Portfolio, which covers a much broader market as it’s not restricted to SMSFs so going forward, clearly we want to broaden our market,” he revealed.

“We’d like to look at assisting in the efficiency of administrating portfolios et cetera.

“So we will be broadening our horizons.”

Class successfully closed its initial public offering on 4 December with a total of approximately $25 million allocated to new investors under the priority Class customer and general offers.

In October, Class chief executive Kevin Bungard told selfmanagedsuper the company listing would boost its innovation and technology developments rather than hinder them.

“I don’t think we can stop innovating anyway – it’s in our DNA,” Bungard said at the time.

“The business started that way. We’ve always looked at solving problems in creative and innovative ways so we will continue to do that in this space.”

Copyright © SMS Magazine 2024

ABN 43 564 725 109

Benchmark Media

Site design Red Cloud Digital