iTouch, a local mobile information service provider, has announced its intention to list on the London Stock Exchange within the next month.
Founded in SA five years ago, the company is 70% owned by Independent Media, and Ivan Fallon, Independent SA CEO, is iTouch`s chairman. Co-founders Avi Azuali and Wayne Pitout hold the remaining 29.4% and act as joint managing directors.
iTouch provides local consumer and corporate information services to mobile phone users through interactive voice response, short message service and Wireless Application Protocol (WAP).
The company operates in Ireland, the UK, Australia and New Zealand, with access to the Israeli market through a 50% joint venture. iTouch plans to use the business model developed in SA within its offshore operations.
The listing will serve as a capital-raising exercise to fund expansion plans in existing operations and into other international markets.
"iTouch has been focusing on this for five years and is already up and running with services, including WAP portals, launched in a number of countries. It is an entrepreneurial, well-backed and established group with excellent media and network relationships, positioned at the forefront of these exciting developments," says Greg Brophy, iTouch SA CEO.
Merrill Lynch will be the sponsor, global co-ordinator and bookrunner of the offering, with Davy Stockbrokers and WestLB Panmure acting as co-lead managers.
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