Mobile information service provider iTouch is expecting a market capitalisation of lb325 million when it lists on the London Stock Exchange this month.
The company intends to raise around lb70 million after listing expenses to fund existing and new businesses internationally.
Founded in South Africa five years ago, the company is 70% owned by Independent Media, and Ivan Fallon, Independent SA CEO, is iTouch`s chairman. Co-founders and joint MDs Avi Azuali and Wayne Pitout hold 29.4%.
iTouch provides local consumer and corporate information services to mobile phone users through interactive voice response, short message service (SMS) and wireless application protocol (WAP).
iTouch intends to use the proceeds of the global offer to financial institutions to fund the development of its existing operations and to develop other international markets.
Significant areas of expenditure will include capital expenditure, marketing (further building of the iTouch brand), general working capital requirements and acquisitions.
Independent News & Media plc will, immediately following the global offer, hold about 50%; the co-founders of iTouch will hold approximately 20.8%; and APN Digital will hold about 4.1%. None of the shareholders are selling shares in the global offering.
"We are very pleased that preparations for our London listing are on track," says Fallon. "We are rapidly rolling out our business model, having launched WAP portals in SA, Ireland, the UK and New Zealand, and are well positioning ourselves to take advantage of the global opportunities inherent in the rapidly developing mobile market."
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