Freelancer Limited,
supposedly world’s largest platform provider (freelancer.com) for connecting
employers
and freelancers, is going to list on Australian Securities Exchange,
one of world’s top 10 Exchanges by market capitalization. Company is expecting
to get listed by November 15th 2013.
Freelancer limited
plans to raise $17.6 million through this issue. 6.9% of company will be put on
sale for IPO. It is expected to value the company at $218 million. Matt Barrie,
CEO; Simon Clausen, Non Executive Director and Chief Technology Officer Darren
Williams will together hold 87.4% of company after the IPO float.
But apart from figures
this represents a bold decision by Mr. Barrie. Just months back he has rejected
an offer of $400 million by Japanese giant Recruit Co. Ltd. The offer was way
higher as per as current IPO valuations are concerned. But as said, entrepreneurs’
valuations do not work on current multiples.
It is well known fact
that Recruit Co. Ltd is trying to be on exchange from past one year, but is not
able to materialize the plans. While this seems to be an answer to Recruit’s offer.
It also puts applause to Mr. Barrie’s
daring rejecting the much higher offer and going for his ideas for making
Australia’s biggest online service company.
Definitely Recruit Co.
Ltd. succeeded in acquiring a lot of companies in the past but you can-not put
every foot in same shoe!!!!!
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