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Spike launches three-pronged attack with IPO

Spike launches three-pronged attack with IPO

Australian Internet company Spike Networks signalled its intention to become "the largest Internet company in the world" yesterday in issuing the company's prospectus for an IPO listing on the Australian Stock Exchange in July.

Spike's loquacious CEO, C. Chris O'Hanlon, announced a three-pronged branding strategy based on new ventures, original content development and Spike's core business of Web-site construction, to secure Spike's future growth. A growth that Spike and underwriter Salomon Smith Barney are counting on to divest 26.4 per cent of the company to the public.

On offer are 22.5 million shares at $1.45 per share, equating to a capital injection of $32.6 million with an over-subscription option for a further $3 million. Applications close on July 22 with Spike debuting on the ASX on July 22.

The listing also signals the first time in Australia that IPO share applications can be filled out over the Internet and appropriate funds sent via the Web or B-Pay. Working with Spike to provide this service is online trading company Computershare.

Spike's online prospectus and application form is available at http://www.spike.com.au


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