Online classifieds venture firm Frontier Digital Ventures is en route to listing on the Australian Securities Exchange, raising A$25 million ($18.69 million).
The Australian reported that stockbroking firms Bell Potter and Morgans have launched the initial public offering, with shares placed at A$0.50 and market capitalisation set up A$103.1 million.
Frontier Digital Ventures invests and an operates online classifieds businesses in frontier markets within Africa, in Pakistan, Sri Lanka and Myanmar. The firm is backed by Catcha Group, which stable of companies include iflix, iCar Asia and Rev Asia.
At the moment, Frontier Digital Ventures has stakes in 15 operating companies across 19 markets. These companies, or partners, range from automotive listing portals to online property classifieds.
The Australian reported that the venture firm typically holds 30 to 76 per cent equity interest in its targets.
Frontier was founded in 2014 by Shaun Di Gregorio, who headed property portal iProperty Group.
When contacted by DEALSTREETASIA, Di Gregorio declined to comment on the exercise.
Catcha Group sold iProperty to Australia’s realty website REA Group in November 2015, for $414 million.
Early in 2015, when Catcha Group was preparing to launch iflix, it had expressed interest to list the internet TV service on Nasdaq as well. Although this plan may have been put on the back burner for now as iflix has raised at least two sizeable rounds of financing over the 15 months.