Ooh!Media chairman Michael Anderson has pointed to the “unmissable nature” of out of home (OOH) advertising compared to other traditional media, as the company lodges its prospectus ahead of its Initial Public Offer (IPO).
The IPO, open to both retail and institutional investors, is of 87.4 million shares at a price of $1.93 per share, which is expected to raise $168.8 million. Ooh!Media said the shares represent 58.3% of the shares on issue on completion of the IPO.
In a prospectus lodged with the market on Friday, company chairman Anderson said that, compared to other traditional media, OOH isn't seeing a fragmented audience base, and is recording a growing share of viewers.
“OOH audiences have grown at a 10% compound annual growth rate over the last three years to mid-2014, driven by factors such as increased motor vehicle usage and ongoing shopping centre expansions, and is underpinned by the 'unmissable' nature of OOH advertising,” Anderson said.
“This is in contrast to the audience fragmentation believed to be impacting most other media sectors, such as free-to-air TV and radio, which can be turned off, skipped or fast-forwarded by consumers.”
Anderson said these factors make the OOH industry a “beneficiary” of digital technologies rather than a victim of it.
Ooh!Media has a network of more than 1700 digital signs and a tap or scan mobile network of more than 6500 signs.
Its ASX listing follows the IPO of rival APN Outdoor, which started trading on the ASX on November 11.
Ooh!Media's retail offer is expected to close on Monday December 15, with the company tipped to start trading on the ASX on December 17.
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Ooh! brings Times Square to Bourke Street Mall
McDonald's runs temp-targeted outdoor campaign
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