David Kirk, chairman of Trade Me Group and Kathmandu Holdings, is seeking to raise A$25 million to A$40 million in an initial public offer on the ASX of Bailador Technology Investments, an Australian and and New Zealand tech fund.
The investment fund is looking to raise new capital selling shares for A$1 a piece, which also carry an A$1 option exercisable in March 2016, according to the prospectus dated Oct. 3. A further 4.3 million existing shares will also be sold into the offer, with Kirk booking A$350,000, fellow founder Paul Wilson securing A$233,279 and other foundation investors selling A$3.7 million.
The company would use proceeds to build on its portfolio, focusing on Australian and New Zealand internet, mobile, online-market places and telecommunications-related growth companies. The businesses must have proven revenue generation and working business models and carry an enterprise value between A$10 million and A$200 million. Bailador wont invest in startups or biotech companies.
Bailador values its foundation portfolio at A$37.7 million, with stakes in three private tech businesses. It has a 13 percent stake in SiteMinder, a hotel pricing and booking software firm, valued at A$18.8 million, a 48 percent holding of Vidcorp, an online video service with customer base across Australasia, worth A$13.4 million and a 7.7 percent stake in Standard Media Index, a media and advertising spend data collector, valued at A$5.5 million.
SiteMinder boosted revenue 80 percent in the 2014 financial year, with sales worth A$19.9 million in the year ended June 30, according to Bailador's offer documents. VidCorp had annual sales of A$9.8 million with revenue growth of 33 percent, while SMI brought in $5.1 million annually and had a revenue growth rate of 31 percent.
Kirk, who led the All Blacks team that won the inaugural 1987 Rugby World Cup, has chaired the board of the Wellington-based online auction site since it listed on the NZX in 2011 and joined the outdoor retailer's board in February. He was chief executive of Australian publishing group Fairfax media from 2005 to 2008, and other directorships include brokerage Forsyth Barr and chair of Hoyts.