Freelancer.com has filed its IPO prospectus, revealing plans to issue 35.1 million new shares at an offer price of $0.50 each.
The company, founded by Matt Barrie in 2009, plans to list as “FLN” on the ASX on November 15.
The offer price gives it a market capitalisation of $218 million, with new shares accounting for 8.1%, Barrie with 46%, investor Startive Holdings with 38.5%, chief technology officer Darren Williams with 2.9% and other existing shareholders with 4.6% of the company.
That means that the company will raise just over $15 million in additional capital through the IPO, for which Barrie turned down a $400 million buy-out offer from Japanese firm Recruit Co last month.
Industry analysts reportedly valued Freelancer.com at between $100 million and $250 million last year.
In its prospectus, Freelancer boasts of a strong competitive position, growth strategy, large addressable market, and strong financial position with cash balances of $25 million, net tangible assets of $11.9 million and zero debt as of 30 June.
Forty-year-old Barrie, who is CEO and chairman, is currently paid a fixed salary of $300,000, as well as a bonus of up to half that amount. His fixed salary will increase to $395,000 a year from January 1, so he could earn up to $592,500 a year.
Freelancer.com’s IPO comes after a successful debut by online currency exchange OzForex, whose shares are up more than 20% since listing on the ASX last Friday.