Digital health and fitness newcomer OliveX completes NSX listing

OliveX NSX listing OLX Animoca Brands
OliveX has raised over $2 million to help roll-out its flagship KARA Smart Fitness and Mirror applications across Asia.

Entering what it calls an “exciting phase of growth”, digital health and fitness company OliveX Holdings (NSX: OLX) has raised over $2 million and completed its official listing on Australia’s second-largest bourse, the National Stock Exchange of Australia (NSX), with trading starting today.

The company is a subsidiary of former ASX-listed game developer Animoca Brands, advancing its online health and wellbeing platform in a global industry valued at over $6 trillion per year.

With the listing now complete, Animoca Brands retains a 33% stake in the business and will remain a strategic shareholder moving forward.

OliveX first announced its intentions of conducting a listing in June this year, citing its collaboration with Animoca Brands as a means of developing mobile apps powered by artificial intelligence and utilising gamification to address user wellbeing.

After lodging its prospectus with the NSX in early July, OliveX shares officially commenced trading today.

Where Animoca Brands is focusing on outright gaming and entertainment, OliveX seeks to integrate the same technology for health and fitness applications.

As part of its listing, OliveX has issued 37.4 million shares and has a market capitalisation of just under $7.5 million.

Business model

The company offers a subscription-based business that leverages smart technology and mobile applications to deliver a user experience built on artificial intelligence, gamification and premium content.

Currently, OliveX claims to service users in more than 170 countries, enabling brands, influencers and fitness coaches to engage with consumers at home.

Funds received from the IPO provide OliveX with the ability to advance its combination of technology platforms, world-class content, rich engagement and unique branding opportunities.

Currently, OliveX has published a string of mobile software titles including running game Garfield Fit, voice-based virtual coaching app 22 Pushups, machine learning AI app KAT Squat Trainer and top-ranked basketball coaching paid app Coachbase, first acquired by Animoca Brands in 2017.

In parallel to announcing its NSX listing this morning, OliveX also confirmed it has penned a partnership and distribution agreement with CSL Mobile (Hong Kong Telecom), although the company did not provide further information regarding the nature of the agreement.

Growth plans

A specific commercial avenue OliveX is keen to progress, as a result of receiving its capital injection, is its flagship KARA Smart Fitness application, KARA Mirror.

The service offering is a novel concept that delivers premium, on-demand health and fitness related content and classes from celebrity trainers and wellness influencers across the globe.

OliveX has described Kara as a “community platform for active individuals” that makes fitness activity a central theme around which users engage and collaborate. Part of the rationale behind the NSX listing is to provide OliveX the capital to advance KARA across key global markets, namely Asia.

The company said the application and associated smart mirror technology provided “the complete at-home fitness solution” to consumers while enabling trainers and brands to engage directly with their target market.

“Successfully listing on the NSX is a significant milestone for OliveX and provides us with the ability to considerably fast-track our growth over the coming months,” OliveX managing director and chief executive officer Keith Rumjahn said.

“With the financial strength now in place to drive the coach, brand and user uptake of our suite of applications and hardware solutions, OliveX is well-positioned to capitalise on meeting the increasing consumer demand for safe, technology-enabled, at-home fitness products,” he added.

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