xTV the first to skip ‘20c rule’ in backdoor ASX listing

xTV Networks, a Silicon Valley-based video aggregation service founded by Australian Joe Ward, is set to be the first company to list on the ASX without meeting the “20c Rule”.

Sarah Thompson, Anthony Macdonald and Jake Mitchell

Updated Nov 7, 2014 – 11.25am, first published at Nov 6, 2014 – 5.42pm

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xTV Networks, a Silicon Valley-based video aggregation service founded by Australian Joe Ward, is set to be the first company to list on the ASX without having to meet the “20¢ Rule".

In September, the ASX revised its guidance requiring a minimum initial public offering offer price of 20¢ per share. xTV will be the first company to float at 2¢ per share, the new minimum IPO offer price for backdoor listings.