Australia might be set to get a new listed dotcom company, with reports real estate website onthehouse.com.au is on track for an IPO.
Former KPMG managing partner Jim McKerlie, who has been named chairman of the company, confirmed the float to SmartCompany this morning.
“We expect to be lodging a prospectus in the very near future.”
According to a report in the Australian Financial Review, the company has appointed broking firms WilsonHTM and RBS Morgans as joint underwriters on the float, which has been shopped around institutional investors in recent weeks.
“Clearly the interest that has been shown has been good and we are optimistic about the reception we will get,” McKerlie says.
The site, which was established in 2006, contains property listings, data and news and is modelled on the highly successful United States property website, Zillow.com.
McKerlie says that the site’s aim is to allow users to examine the sales history and value movements for every house in Australia, similar to the way a sharemarket investor can research a company.
“This will provide a similar level of transparency for what for most people is their most important asset. Our database covers almost every residential property in Australia.”
The company is expected to raise $50 million by issuing 50 million shares at $1 share and would have a market capitalisation on listing of $80 million.
“The capital is being used to accelerate the development of the company,” McKerlie says.
Sources suggest a prospectus could be issued as early as April 21.
The company was not available to comment prior to publication.
In other float news, private equity firm Gresham Private Equity appears to be getting closer to an IPO for the fashion chains Witchery and Mimco, with investment banks pitching to manage the float this week.
The AFR says the business has forecast sales of $275 million for 2010-11, with earnings before interest tax, depreciation and amortisation of $45 million.
Witchery was previously owned by Solomon Lew’s son Peter, who sold the business to Gresham in 2006 for about $130 million.
Witchery acquired Mimco from Amanda and David Briskin in August 2007 for an estimated $45 million.
There are now 190 Witchery stores and 83 Mimco stores.
James was the editor and publisher of SmartCompany and LeadingCompany for five years. He is now the Australian Financial Review‘s companies & markets editor, and a former BRW editor.
