Manila-based tech startup debuts on London Stock Exchange

Manila-based tech startup BigDish PLC on Wednesday said it has successfully debuted on the London Stock Exchange, in line with its global expansion plan.

In an interview with GMA News Online, BigDish Digital Marketing manager Andrew Francisco said the company officially listed on the LSE earlier this month.

According to its disclosure, the company was listed on the LSE on August 2 with a total of 285,847,519 ordinary shares at a listing price of 4.5 pence per share.

This brought the company’s total market capitalization to £12.86 million, or P885.118 million at the current exchange rate of £1:P68.88.

“The proceeds will be used for growth, restaurants, and user marketing technology,” Francisco said.

Expansion fund

BigDish CEO and co-founder Joost Boer said the additional funding will finance the expansion of the company moving forward.

“The IPO provides us with funding that enables us to both grow BigDish within our current markets as well as continue to further develop our technology,” he said in a separate statement.

“We have some great new products in the pipeline, all of which are designed to make the dining experience better for both diners and restaurants alike,” Boer noted.

BigDish allows users to make reservations at discounted seats with partner restaurants during specific times via its mobile app or website.

It also provides subscriber discounts ranging from 10 to 50 percent on off-peak hours, depending on the day and the time.

Francisco said the company has 200 partner restaurants in the country, mostly in Metro Manila, including the brands IHOP, Motorino, and California Pizza Kitchen.

The company seeks to book up to 500 partner establishments by the end of 2018.

Last week, BigDish completed the acquisition of Looloo, a restaurant and travel platform which caters to the Philippine market.

“The directors of BigDish saw great opportunity in Looloo’s restaurant discovery platform and large user base, which generates revenue through paid-for content with low overheads, is approaching breakeven and has a strong growth potential,” Boer said.

Looloo’s platform allows users to rate and review establishments. It has over 28,000 restaurants on record with a monthly average of up to 500,000 unique visits. —VDS, GMA News