BigDish Plc (LON: DISH), a food tech company that operates a yield management platform for restaurants, is pleased to announce that its Ordinary Shares have today been admitted to the Standard Listing segment of the Official List of the UK Listing Authority and to trading on the London Stock Exchange’s main market for listed securities under the ticker ‘DISH”. On Admission, the Company will have 285,847,519 Ordinary Shares at a listing price of 4.5 pence per share.
Aidan Bishop, Founder and Chairman of BigDish, commented:
“Today marks an important milestone for the Company as we announce our Admission to the London Stock Exchange. We look forward to further developing our business within South East Asia and in the United Kingdom. As a technology company we will also continue to innovate in order to further meet the needs of our restaurant partners and consumers.
“Yield management is a dynamic pricing strategy that charges different prices at different times for the same product. It was introduced in the 1970s by American Airlines and transformed the way airline seats are sold. The hotel industry was the next to quickly adopt yield management. Yield management works wherever there are fixed overheads and perishable inventory.
“The restaurant sector has traditionally been a late adopter of technology and we believe this represents an opportunity for disruption. A restaurant has fixed overheads yet perishable inventory (tables) and empty tables make no money. Yield management uses incentive to change behaviour. BigDish allows restaurants to shape their traffic and bring in more diners at off-peak or quieter periods by using smart incentives that bring in new customers and additional revenue.
“BigDish started life in Manila as a restaurant discount card but we soon discovered this was an old fashioned and outdated model with barriers to achieving scale and generated little data. We made the decision to pivot in mid 2016 after noting a yield management platform in New York that grew rapidly and was acquired by Groupon. That was the beginning for us and we began developing a whole suite of new products.
“The food tech sector is a ‘hot space’ to be in and our yield management platform is a particular niche that is gaining traction. Companies such as TripAdvisor and AirBnB have made recent investments in young early stage food tech startups and that trend looks likely to continue. We believe that we have the right team, in the right place with the right product to develop an exciting business.”
BigDish Ventures LTD Pre-IPO Video Presentation, March 22, 2018
BigDish was founded by British entrepreneur Aidan Bishop in Manila, capital of the Philippines, and has expanded across Asia into Hong Kong and Indonesia to work with around 500 restaurants.
As part of its float in London – which is expected to value the company at up to £20million – BigDish is also buying a similar British business called Table Pouncer, which was founded in Bournemouth.
BigDish charges restaurants a fee to use the app to offer customers discount rates during quiet hours.
The app is free for diners. ‘A restaurant has fixed overheads regardless of whether people come in or not – rent, utilities and staff,’ Bishop told The Mail on Sunday.
‘What we’re looking to do with BigDish is to send people in during quieter periods or off-peak hours when the restaurants most need them.’
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