After publicly launching its e-book reading platform a few weeks ago, Vancouver-based startup Legible began trading on the Canadian Stock Exchange (CSE) this week.

Readable debuted at CSE on December 1 under the symbol “LIRE”. The company’s common stock opened at a price of $ 1.26 per share, hitting $ 1.40 before falling to a low of $ 0.90 on Dec. 2. At the time of publication, Legible’s share price has since risen to $ 0.94.

The IPO of the CSE has been part of the growth strategy of the young startup “from the start”.

The startup, which was founded in February 2020, entered the public market after finalizing its previously announced reverse takeover (RTO) of Twenty20 Investments. Pursuant to this transaction, Twenty20 acquired all of the issued and outstanding securities of Legible Media, and was renamed Legible.

Legible founder and CEO Kaleeg Hainsworth told BetaKit that the CSE IPO has been part of the young startup’s growth strategy “from the start” and is closely tied to the company’s global ambitions. According to Hainsworth, the expanded reach associated with being a publicly traded company, combined with the ability to tap public market funding, will play an important role in Legible’s growth.

The startup offers a browser-based, mobile e-book reading platform. Founded by Hainsworth, an Eastern Orthodox author and priest who previously served as CEO of Vancouver-based full-service digital publishing company Bright Wing Media, the team at Legible consists of a mix of writers, eBook publishers, designers and workers in the publishing industry.

Besides Hainsworth, the management of Legible includes Cameron Drew as director of publication. Drew previously served as Director of Global Content Acquisition for Kobo, in addition to other content and partnership roles at companies like Biblioteca and Booktrack.

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Legible’s platform currently serves Canada, the United States (United States), United Kingdom, Ireland, New Zealand and Australia, with books in English, French and Spanish, for to start.

Following the closing of its Twenty20 RTO, Legible Media has 62.8 million common shares outstanding: 7.3% are held by former Twenty20 shareholders and 92.7% are held by former Legible shareholders Media.

As part of the deal, Hainsworth acquired approximately 17 million common shares, for a total of just over 27% of all readable common stock.

Hainsworth called an RTO the “ideal vehicle” for Legible to be released to the public, adding that the “speed and ease of access” associated with RTOs played a role in the company’s decision to leverage it to become listed on the stock exchange.

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To date, Legible has raised just over C $ 11 million in private equity funds, from a group of individual investors and smaller funds since its inception early last year. Hainsworth has refused to disclose the identity of these investors.

Hainsworth said Legible has chosen to make its platform browser-based and mobile first to ensure that its content is accessible to as many people as possible across the world. “In order to develop our market globally, the browser was the best and most accessible place for the global market to access our books,” said the CEO, adding that “apps get stuck in stores. ‘applications’.

Amid a crowded market for e-book reading platforms, Hainsworth considers Legible’s focus on accessibility, offering a browser-based reading environment, to set it apart from its market-oriented competitors. apps and tablets, since many people around the world do not have access to tablets or app stores.

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Legible aims to deploy five different revenue streams for each title in its library: full purchase of individual books, sponsored shelves, book rental service, book subscription service, and ad-supported reading options.

The start-up company has a big vision: In the long term, Hainsworth has said he wants Legible to become “the internet for books,” offering a bunch of different things, including delivery and reading service. electronic books, the ability to add multimedia components. to ebooks, an editorial platform for authors and publishers, and a philanthropic vision.

For now, the startup is mainly focusing on a few key areas: increasing its library of content, expanding its operations to different markets, and adding new features to its platform.

Legible’s goals also include listing in the United States, as the startup is currently working on its IPO on the OTCQB market in the coming months.

Feature image of Kaleeg Hainsworth, courtesy of Legible