| SYDNEY, Sept 23
SYDNEY, Sept 23 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
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
Macquarie and Goldman Sachs are joint-managing the
OzForex's income is from fees it charges to conduct foreign
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.