Melbourne IT to float

Domain name registry Melbourne IT will list on the Australian Stock Exchange (ASX) in an attempt to raise $110 million.

The company's core business, Internet Names Worldwide, registers Internet domain names for local and overseas businesses, although Melbourne IT also provides e-commerce solutions to IT companies.

The float will see the company's existing shareholder, Melbourne Enterprises International (a subsidiary of the University of Melbourne), reduce its stake in Melbourne IT to 15 per cent.

According to Melbourne IT's chairman, Rob Stewart, the company intends to "leverage its strength in the domain name registration market into related e-commerce areas".

Melbourne IT is currently the only issuer of names in Australia but also provides other generic domain names worldwide.

The company will offer 42.5 million shares at $2.20 a share.

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