Trade Me to list on NZX and ASX in December - reports
Online auction giant expected to raise $300 million in dual-listing.
Online auction giant Trade Me is expected to dual-list on December 13 both the NZX and ASX exchanges, raising $NZ300 million for Fairfax Media.
The Fairfax-owned AFR said today that 33% of Trade Me would be floated through an offering of 135 million shares.
The IPO is expected to value shares at between $NZ2.30 and $NZ2.70, giving the company a valuation of approximately $NZ1 billion.
The newly-floated company is tipped to be chaired by former Fairfax chief exective David Kirk.
The float will be the largest IPO in either Australia or New Zealand this year.
Trade Me was sold to Australia’s Fairfax for $NZ700 million (plus up to $NZ50 million in earn-out bonuses) in 2006.
Fairfax recently reported a net full-year loss of $A400 million. The company is seeking to reduce debt of $A1.49 billion.
Matt Nippert
Wed, 26 Oct 2011
Wed, 26 Oct 2011
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Trade Me to list on NZX and ASX in December - reports
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