<article>Chicago-headquartered stock image and design business <a style="color: #000080;" href="http://www.dealstreetasia.com/tag/123rf/" target="_blank" rel="noopener noreferrer">123RF</a> may delay its initial public offer (IPO) to the end of this year, an industry executive with direct knowledge of the development said.</article>

Chicago-headquartered stock image and design business <a style="color: #000080;" href="http://www.dealstreetasia.com/tag/123rf/" target="_blank" rel="noopener noreferrer">123RF</a> may delay its initial public offer (IPO) to the end of this year, an industry executive with direct knowledge of the development said.
The company, that was looking at an <a style="color: #000080;" href="http://dealstreetasia.com/tag/asx" target="_blank" rel="noopener noreferrer">ASX</a> listing till recently, and had been looking at a valuation of over US$220 million, now appears to be in a position to also consider other stock exchanges in developed markets &#8212; Hong Kong, US, Japan, Singapore or even London, this executive quoted above told DEALSTREETASIA.
123RF has not commented on valuation, and its co-founder Andy Sitt, when replying to a query on the proposed listing, said the company was looking for a &#8216;bigger IPO&#8217; after it announces some acquisitions,  an indicator that the final valuation numbers could be significantly higher.
&#8220;We will be announcing some acquisitions soon. We need some time to reconcile the business and then head for a bigger IPO,&#8221; the firm&#8217;s co-founder Andy Sitt told this portal via email.
The firm is being advised by <a style="color: #000080;" href="http://www.macquarie.com/sg/about/company/macquarie-capital" target="_blank" rel="noopener noreferrer">Macquarie Capital</a> for its Australian listing. An executive aware of the developments said that 123RF, after having met several investment banks, had chosen Macquarie Capital due to the latter&#8217;s track record, especially in advising and handling tech IPOs.
Earlier in February, 123RF, which is part of the <a style="color: #000080;" href="http://www.inmaginegroup.com/" target="_blank" rel="noopener noreferrer">Inmagine Group</a>, had raised an undisclosed amount in venture debt from <a style="color: #000080;" href="http://dealstreetasia.com/tag/innoven-capital" target="_blank" rel="noopener noreferrer">InnoVen Capital</a>, largely to fund its expansion spree and a line-up of acquisitions.
To join the dots, at the time when an IPO was being deferred, the company took on capital injection in the form of venture debt, a form of financing where notes are not convertible, which makes it an attractive avenue for growth-stage firms that do not want to see a heavy dilution.
123RF, which competes with <a style="color: #000080;" href="https://stock.adobe.com/" target="_blank" rel="noopener noreferrer">Adobe Stock</a>, <a style="color: #000080;" href="http://www.shutterstock.com" target="_blank" rel="noopener noreferrer">Shutterstock</a> and <a style="color: #000080;" href="http://www.dealstreetasia.com/tag/getty-images/" target="_blank" rel="noopener noreferrer">Getty Images</a>, provides localised service in 44 locations worldwide. Currently, Andy and his wife Stephanie own 100 per cent of the company.
In an interaction with this portal in February 2016, Sitt said that 123RF had also been approached by the Tokyo Stock Exchange (TSE) and the Singapore Stock Exchange (SGX). Since then, it is learnt that the company met executives from the New York Exchange (NYSE) among others.
“We’re at that stage where we have to think of the next stage of the company and I believe that the next stage would be some form of exit. So (profiling the company) is more towards building it for a potential IPO,” Andy had told this portal. 123RF clocks an eight-digit annual revenue in US dollars, with 70 per cent of it coming from markets like US and Europe.
Correction: An earlier version of this article had erroneously stated, quoting an industry source, that the company was looking at a valuation of over Australian Dollar $220 million. This correct figure is US$220 million. Second, the earlier version misstated that 123RF has been advised by Macquarie Capital for its ASX listing, and that it had engaged a new advisor. 123RF has not engaged any other advisor and Macquarie Capital is its only advisor for the proposed listing. 
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<a style="color: #ff0000;" href="http://www.dealstreetasia.com/stories/32367-123rf-32367/">Exclusive: Stock image &amp; design business firm 123RF looks to list as founder mulls exit</a>
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Chicago-headquartered stock image and design business 123RF may delay its initial public offer (IPO) to the end of this year as it is still in talks with several brokers.

Exclusive: 123RF defers listing to year-end; eyes over $220m valuation

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