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Leveraging EFT payment capabilities to help Noxopharm successfully list on the ASX

by Automic IT
Jun 1, 2024 8:07:48 AM


The Company

Noxopharm (ASX: NOX) is a company focused on developing drugs that make to make radiotherapy more effective, to deliver improved survival prospects for cancer patients.

The Challenge

Noxopharm aimed to raise $6M via an IPO with a subsequent listing on the ASX. The company wanted an online payment solution that would offer investors a seamless experience.

How the Automic Group Delivered

The Automic Group provided a simple Electronic Funds Transfer (EFT) solution that processed payments online. Each transaction generated a unique reference number, allowing the system to auto-reconcile payments in the IPO trust bank account.

The Automic Group’s approach was patient, informative and professional during a very important time for our business. The over-riding thought for me during this busy and sometimes challenging time was that we had a great Share Registry and a fabulous Share Register Manager.
– Prue Kelly, Investor Relations Manager, Noxopharm Limited

The Results

The IPO was oversubscribed, with support coming from existing and new investors. 60% of payments were delivered via EFT from Noxopharm applicants. Real time updates on funds raised were provided to Noxopharm, while automated reconciling of transactions ensured accuracy.

Shares were allocated and Noxopharm commenced trading on the ASX in August 2016, the deal went on to become the fifth most successful float of that year with the AFR reporting a 143% increase in stock price (relative to issue price).