More: http://www.businessspectator.com.au/...37-million-ipoiBuy seeks to raise $37 million in IPO
18 Dec, 1:40 PM
By Brett Cole
iBuy Group Ltd, an e-commerce business incorporated less than four months ago by entrepreneurs Patrick Grove and Lucas Elliott, is raising $37 million in a fully underwritten initial public offering. The proceeds will be used to pay for acquisitions and fund advertising.
Canaccord Genuity Australia Ltd is managing the sale of 115.6 million iBuy shares at 32 cents each. There is also an issue of $7 million of new shares through convertible notes in conjunction with the IPO, bringing iBuy’s total capital raising program to $44 million.
iBuy is scheduled to begin trading on the ASX on Friday. The company has yet to report any earnings.