Late last week the Mitula Group received approval from ASIC (Australian Securities and Investment Commission) for its prospectus and is targeting listing on the Australian stock exchange (ASX) in early July.
According to the company's prospectus, it is raising AUD 27 million through a combination of issuing new shares at AUD 0.75 and through a partial sell down by some of the existing shareholders. Following the IPO, there will be 204 million shares on issue, valuing the company at over AUD 150 million.
As part of the prospectus, the company is forecasting revenues of over AUD 26 million for the 12 months ending June 30, 2016 and an EBITDA of over AUD 13 million. This will be a year on year growth of 40% in revenues and 80% in EBITDA.
According to management, demand for shares has been very strong with the institutional allocation being significantly over subscribed.
The IPO follows on from the recent acquisition of Nestoria.
Disclosure: Simon Baker, the owner of Property Portal Watch, is the Chairman and investor in the Mitula Group.