Following on the coat tails of Freeserve, Internet financial services company The eXchange Holdings is aiming to raise about £155 million from a stock market flotation, which would value it at £384 million.
The eXchange plans to offer its shares up for sale next month, which will test the British Investor’s appetite for Internet stocks. In the US the market has exploded with small investors clamouring to buy into the online revolution.
The eXchange will offer 81.7 million shares, or about 40 per cent of the company, at between 170p and 207p per share in an issue underwritten by Warburg Dillon Read and Goldman Sachs.
The firm has received 12,000 requests for issue details from retail users of its moneyextra.com site. Brokers, however, are expecting this offering to appeal primarily to institutional investors. The shares are slated to start trading on 13 August.
The eXchange maintains that its decision to make a floation at the same time as Dixons Freeserve is compeletely coincidental. It claims that it has been working on a strategy for is financial portal of the last 18 months and that its model in no way compares to Freeserve.
The eXchange is looking at raising £18 million cash to pay off debts. It plans to use the rest of the funds from the floatation for further product development. It has not ruled out possible acquisitions in the future either. Unlike many online companies The eXchange has, to date, turned in profit.
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