Australia's OzForex plans $413 mln IPO amid positive equity market momentum

SYDNEY, Sept 23 Mon Sep 23, 2013 4:36am EDT

SYDNEY, Sept 23 (Reuters) - Online foreign exchange services provider OzForex Group plans to raise A$440 million ($413.03 million) by listing on Oct. 11, underscoring positive momentum in Australia's equity market.

The Australian Stock Exchange is enjoying a bumper period of initial public offerings, with OzForex likely joined by online jobs portal Freelancer.com before year-end. An around A$1.1 billion listing of media company Nine Entertainment Co. Pty Ltd is also widely expected soon.

Investment bank Macquarie Group, funds associated with venture capital firm Accel Partners and funds associated with U.S. private equity firm Carlyle Group will sell all they own of OzForex, showed a prospectus for the IPO released Monday.

In total, 240 million shares will be issued at A$2.00 each, according to the prospectus.

OzForex founder Matthew Gilmour will retain 4 percent and two early-stage investors will retain part of their stakes. Existing owners will hold 20.3 million shares when the offer is completed.

Macquarie and Goldman Sachs are joint-managing the listing.

OzForex's income is from fees it charges to conduct foreign exchange transactions.

It recorded net profit of A$17.1 million in its business year ended March 31, 2013, and projects a net profit of A$18.6 million for the year to March 2014.

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