Shares in Camplify Holdings Limited (ASX: CHL) burst onto the ASX yesterday following a successful listing.
After being heavily oversubscribed, the caravan and campervan-sharing platform's initial public offering (IPO) managed to raise $11.5 million.
The Camplify share price opened yesterday at $1.44, hitting a high of $1.50 and closing at $1.40. At the time of writing, Camplify shares are trading relatively flat on the company's second day of listing, at around $1.40.
Let's take a closer look at the newly listed company.
Camplify lists and upgrades forecasts
Camplify lodged its prospectus earlier this year, with an offer price of $1.42 per share, giving the company a $42.1 million valuation.
In addition to completing a successful IPO yesterday, Camplify also upgraded its prospectus forecast in an announcement to the ASX.
The company advised that its business was performing strongly and was expected to exceed prospectus forecasts. As a result, Camplify upgraded its gross transactional volume (GTV) and revenue forecasts for FY21.
Camplify expects FY21 GTV in the range of $30.0 to $31.5 million, compared to initial forecasts of $27.8 million. In addition, the company expects FY21 revenue in the range of $7.3 to $7.6 million, compared to its prospectus estimate of $6.7 million.
The company attributed the changes to a lower-than-expected impact of border restriction on operations. In addition, it noted a faster than expected return to travel and tourism in the United Kingdom market with strong customer interest.
In the announcement, Camplify also highlighted that the company plans to start caravan sales to premium members in the second half of FY21. However, the company does not anticipate revenue from sales due to supply chain uncertainty.
More on Camplify
Camplify runs a digital platform similar to Airbnb, that allows owner of campervans and motorhomes to rent out their vehicles to others.
Over the past 7 years, Camplify has become a leading RV rental platform operating in Australia, New Zealand, the UK and Spain. In addition, the company boasts one of the largest RV fleets in Australia with 5400 vehicles on its books.
Similar to Airbnb, Camplify receives a platform fee for facilitating transactions and generates additional incomes through complementary products. In addition to charging commissions on bookings, Camplify handles the back end for lessors and holiday-makers, performing driver licence and ID checks, as well as providing insurance to vehicle owners.
In its prospectus, Camplify highlighted that the COVID-19 pandemic had fast-tracked its growth. With restrictions on international travel, the company estimates that 14 million caravan and camper trips were completed in Australia in 2020.
