Camplify listed on the ASX and its share price fell

Caravan rental platform Camplify listed on the ASX on Monday after raising $11.5 million in an Initial Public Offer.

But despite starting the day with good news, upgrading its prospectus forecasts for gross transaction volume (GTV) and revenue, and seeing its listing price of $1.42 rise to $1.50 in intraday trade, shares in the Newcastle-based business (ASX: CHL) closed down 1.4% at $1.40 on its opening day.

The business has a market capitalisation of $54.25 million.

In an announcement to the ASX prior to listing, Camplify said it expects FY21 GTV of $30-$31.5m up from the $27.8m prospectus forecast, with FY21 revenue of $7.3-$7.6m, a rise of up to $900,000 on the $6.7m prospectus forecast

The business said the changes were do to lower-than-expected impacts from COVID-19 regional lockdowns and border restrictions as well as a faster return to travel and tourism in the UK market.

Camplify is a peer-to-peer online marketplace connecting recreational vehicle (RV) owners to hirers. It launched in 2015, and now operates in Australia, the UK, New Zealand and Spain.

The business has had more than 50,000 user bookings to date, paying more than $35 million to RV owners.

On the opening day of trade, 1.4 million of Camplify’s shares traded hands. Another 29.2 million – 75.43% – of the total issued capital is either in ASX escrow and/or voluntary escrow (17.46m shares) arrangements. Some 11.77 million shares are held by the company’s directors/promotors and related parties are subject to 24 months escrow.

Caravan rentals business Apollo Motorhomes Holiday’s is Camplify’s biggest shareholder with a 17.79% stake.

Founder and CEO Justin Hales has the second largest holding at 14.24% worth around $7.7 million through his company Hales Bought Farm Fund.

Other key shareholders include Acorn Capital (7.68%), NRMA Treasury (6.19%) and startup accelerator/investor Slingshot in two tranches for a combined 7.47% stake. BNP Parabis has a combined 5.1% holding.

The business is planning to invest $7.8 million from the IPO raise on its core business model and pursue growth strategies and $2.6 million on product development and expansion.

That includes caravan sales to premium members.