Australian IT research company Ideas International intends to raise $4 million ahead of listing on the Australian Stock Exchange next month.
Following approval by the Australian Securities and Investments Commission, Ideas registered its prospectus with the ASX on last Friday.
According to its prospectus, Ideas is offering for subscription three million new and one million existing shares at an issue price of $1 to raise $4 million.
Upon listing on the ASX, Ideas will have a market capitalisation of $12 million at the offer price. Existing shareholders will hold eight million shares, or 66 per cent of the total issued capital.
The offer will be open on February 19, and is due to close no later than March 12 at 5pm.
Proceeds of the offer will be used to fund further expansion plans, develop new products, and increase the company's presence internationally.
The company now derives 99 per cent of its revenue from outside Australia, is headquartered in Sydney and has offices in the UK, and US.www.ideasinternational.com