Online retailer to list on ASX

 

eftpos, creditcard,online shopping,ecommerceRetail website operator, iBuy, is set to list on the Australian Securities Exchange on December 20, after raising $37 million in a public offer of new shares.

iBuy will use some of the funds raised to finalise the acquisition of four e-commerce businesses in Hong Kong, Singapore and Malaysia that specialise in “flash sales” – online sales of goods and services to the public at discounted prices for a limited time.

The acquisitions will cost $US65 million ($A72.88 million), comprising $US29 million in cash and $US36 million in scrip.

iBuy will also use some of the money raised through the share offer for advertising and marketing to boost the size of the buyer database, and for future acquisitions.

iBuy raised $37 million through the issue of about 116 million shares at 32 cents per share.

It expects to have a market capitalisation of approximately $113 million when it lists.

iBuy CEO Patrick Linden said iBuy aimed to capture a large market share in the high-growth Asian e-commerce market.

“iBuy has strong market positions in each of its core markets, and operates in an industry that is forecast to experience excellent growth,” he said in a statement on Tuesday.

The four websites that iBuy will acquire are BeeCrazy.hk (Hong Kong), Deal.com.sg (Singapore), MyDeal.com.my (Malaysia) and Dealmates.com.my (Malaysia).

iBuy said the sites had a total buyer database of more than three million people.

In the nine months to September 2013, the sites generated more than 1.23 million sales transactions.

iBuy said e-commerce sales in the Asia-Pacific region were estimated to grow at an annual rate of 24 per cent from 2011 to 2016.

AAP

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