Mobile Tyre Shop is preparing for a listing on the Australian Securities Exchange (ASX) following a period of investment and expansion, according to reports.
The tyre-fitting service, majority owned by Kidder Williams founder David Williams and led by former Challenger head of leasing Travis Osborne, previously sought $6 million in a pre-IPO capital raise approximately a year ago, valuing the company at around $50 million. The funds were earmarked for a 45 per cent increase in marketing expenditure, bolstering the support team, and expanding the company’s mobile fleet.
Bell Potter advised on the capital raising, which aimed to grow the fleet to 100 vans. The move towards an ASX debut signals continued growth for the company, which is capitalizing on increasing demand for mobile tyre services.
Recent reports indicate the company is hoping to raise $6 million as demand for electric vehicle (EV) tyre services increases. This suggests a strategic focus on servicing the growing EV market, which requires specialized tyre knowledge and mobile fitting capabilities.
