Australian IT companies jumping on ASX bandwagon

Australian IT companies jumping on ASX bandwagon

With the success of several Australian IT companies listing on the ASX, a host of other companies are set to follow suit.

In the front running is real-time financials information software company Bourse Data. Its listing is slated to close in mid-June at $0.50 per share attempting to generate $7.5 million.

Also planning to float is SME accounting software company MYOB Limited. MYOB is hoping to secure a significant $35 million slug from an initial share offering of $2 per share.

MYOB CEO Craig Winkler says the decision was made 18 months ago and signals an attempt to capitalise on opportunities which weren't possible through the existing internal funding infrastructure.

With the capital to actively seek out potential market and technology-based acquisitions, Winkler told ARN that the software vendor is looking to expand its international operations and product R&D.

The offer will open this Friday and is expected to close on June 25, 1999.

Looking to prove itself on the international stage is recently formed New Zealand-based IT venture capitalist IT Capital, which is looking to list in Australia as an exempt foreign entity, according to managing director David Seton.

Already listed in New Zealand, Seton claims the company is looking to secure a number of deals before listing in Australia where a substantial proportion of its shareholders are based.

"I think it's a good time," claims Seton. "IT stocks are at the beginning of a cycle."

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