ASX stocks up on IT
- — 09 March, 2000 16:44
Soon after opening the stock hit a high of $4.10, with more than half a million shares traded in the first hour.
The listing values the company at close to $300 million which sees it ranked among the top 200 companies on the ASX. The initial public offering raised $32 million for Kaz through the sale of $10 million in new shares and $22 million through a sell-down by existing shareholders.
Kaz managing director Peter Kazacos said the company's goal is "to be the best, if not the biggest" outsourcer in the APAC region. He said the listing would provide funds for the company's further expansion into Asia where it already has offices in Singapore and Hong Kong.
Kazacos also said some customers would be more comfortable dealing with a public company which was more open to scrutiny than its private counterparts.
Kaz forecast a profit after tax of $4.12 million for the year ending June 30, 2000 and $6.23 million for the year ending 30 June 2001. The company has also forecast a fully franked dividend for the period between now and September 30 of 1.3 cents per share, and 3.9 cents per share for the year ending June 30, 2001.
Internet search engine Fast Scout also floated on the ASX this week, opening at forty cents, double its twenty cent issue price. The company sold 30,000,000 ordinary shares at 20 cents to raise $6 million.
Fast Scout's short-term aim is to create a "unique internet search and navigation website" to act as a first point of entry for business users of the internet, the company stated in its prospectus.
The stock was priced at around thirty-five cents in early afternoon trading today.
Meanwhile, online advertising "specialist" eMitch will float this Friday, after its IPO closed oversubscribed "many times", according to the company's CEO, Ben Burge. eMitch raised $28 million from the sale of 56 million fifty-cent shares.
Also on its way to the ASX is Beyond Online -- the internet arm of media company Beyond International. Beyond Online's IPO closed oversubscribed after it offered 13 million forty cent shares to raise $5.4 million. Beyond has a tentative listing date set for March 15, according to the company's executive chairman, Ian Ingram.http://www.kaz.com.auhttp://www.fastscout.com.auhttp://www.emitch.com.auhttp://www.beyond.com.au