Singapore tech startup SportsHero heads for ASX listing

It targets to raise $3.2m capital.

SportsHero (SportsHero.mobi), billed as the world’s first social network dedicated to sports prediction, is heading for the Australian Securities Exchange (ASX) through a reverse takeover (RTO) of Nevada Iron Ltd (ASX: NVI).
NVI has issued a prospectus and the initial roadshows to brokers and sophisticated investors in Singapore and Australia have enjoyed strong interest; SportsHero expects to close the issue early.

Pursuant to the Prospectus, 60,000,000 shares of common stock at AU$0.05 per share, raising AU$3.0m (S$3.2m), will be issued. The RTO has been approved by NVI shareholders and SportsHero anticipates beginning trading on the ASX in December 2016.

Through SportsHero, sports fans can engage, compete and interact with each other through daily, weekly and monthly competitions and win daily prizes. The SportsHero app supports football (soccer), the largest global sport, and is planning to roll out cricket, basketball and baseball in 2017. SportsHero boasts high levels of engagement among its users and the prospectus reports 80,000 users have already registered with the site. The SportsHero app enables users to monetize their sports prediction skills and become “Sports Heroes”. For a follower fee, SportsHero gives users access to validated prediction tips and revenue share with these top sports heroes.

Since launching in April 2016, SportsHero has been building an ecosystem connecting brands and sponsors to sports fans. SportsHero will work with leading global brands to drive peer-to-peer commerce and user engagement, by providing a cost-effective platform to reach large numbers of engaged sports fan around the world. SportsHero is currently available in 164 markets across six continents.