SportsHero raises $2.5 million in IPO on ASX

Singapore-based SportsHero, the world’s first sports prediction social network, has announced it has commenced trading on the Australian Stock Exchange (ASX) under the ticker code “SHO”.

The SportsHero app is a unique platform that allows sports fans to engage, compete and interact with each other through daily, weekly and monthly competitions and win daily prizes.

Users who consistently pick winning teams become “Sports Heroes”.

For a follower fee, SportsHero gives its slightly less-savvy users access to validated prediction tips and revenue share with the chosen “Sports Heroes.”

Currently available in 164 markets across six continents, the company is said to have raised A$3.2 million (US$2.5 million) through the issue of 64 million shares at A$0.05 per share in its IPO.

Dinesh Bhatia, CEO of SportsHero said, “The listing will give SportsHero access to both domestic and international investors and the proceeds raised will allow the company to advance the development and commercialisation of SportsHero on an Asian and global scale, including developing e-commerce and engagement features for further monetization of the platform.”

“Over the next 12 to 18 months we will focus on customer acquisition, introducing additional sports and on enhancing the features and user experience, while sustaining strong engagement among users,” he added.

SportsHero is made by the same company behind TradeHero, a financial learning app with over 8 million users in 91 countries.