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First Kaz off the rank

First Kaz off the rank

Sydney IT outsourcing company Kaz Computer Services is expected to list on the ASX next month in a float worth $80 million.

As part of the initial public offering, the listing -- one of the first technology floats of 2000 -- is expected to attract $10 million in fresh equity and $22 million from institutional investors. The underwriter of the float is KTM Capital.

Kaz develops software packages and provides outsourcing services for enterprise-level companies.

A joint partner of IBM and Cisco, Kaz has been established for 12 years. The company is currently carrying out a $54 million six-year outsourcing contract with AMP which started in 1997. Under the contract, Kaz runs AMP's superannuation mid-range operations, hardware and systems software. Kaz's list of clients also includes Colonial and Nestle.

KTM Capital was unable to comment on its role on the float, while Peter Kazacos, Kaz's managing director and a major shareholder, is overseas.


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