Azurn launches IPO, hopes to raise $3 million

Azurn launches IPO, hopes to raise $3 million

Initial Public Offering of 15 million shares released as a forerunner to the vendor's trading on the ASX, expected to commence in April

Azurn is hoping to raise $3 million through an Initial Public Offering

Azurn is hoping to raise $3 million through an Initial Public Offering

Australian unified communications provider, Azurn (ASX: AZU), is hoping to raise $3 million through an Initial Public Offering (IPO) launched today ahead of its listing on the ASX.

The 15 million shares will be issued at a price of $0.20, with the offer expected to close on or before the end of March and trading on the ASX to begin in April.

The estimated market capitalisation is about $50 million. The sponsoring broker for the IPO is Novus Capital.

The group is owned by CEO Ananda Rao, and maintains facilities in Australia, the US, India and the UK. Its client base includes Cambridge University Press, Taylor & Francis, McGraw Hill, Informa, Cengage and Gardners Books.

Rao said the company was not concerned about the current economic climate, or being listed on the ASX.

“We have recently landed some very large projects and already have 300 shareholders. Our technologies help to improve an organisations’ efficiencies so now is a good time for us,” Rao said.

“Our goal for the next year is to leverage the product sets that we’ve already got and continue to develop our relationships in Europe.

“Education is a serious space for us, and we’ve recently entered a partnership with Hughes Communications to take education to various places in India, so we’re also looking to develop that partnership.”

Azurn is a communications and process collaboration vendor that aims to help businesses which are heavily reliant on processes which have a multi-location, multi-stakeholder and multi-timezone footprint.

In 2007, Azurn acquired Value Chain International, a digital content management specialist company that works with the publishing industry to build capabilities and in a digital world.

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