Afilias set for €78m AIM floatBy Matthew Ord, Digital Staff Writer
Dublin-headquartered Afilias is set to float on AIM, with new shares issued by the company expected to raise approximately 0m (€78m).
The technology company said the float would enable it to pursue its growth strategy, increase its corporate profile with existing and new customers, assist in incentivising and retaining key management and employees, create a liquid market in the ordinary shares for shareholders and provide the selling shareholders with a partial realisation of their investment in the company.
The money raised from the float, which will comprise an offer of new and existing ordinary shares, will fund "attractive acquisition opportunities" and develop parts of its business.
Afilias provides internet services that enable top level domains (TLDs) to operate. It expects the float to take place in November 2014.
Hal Lubsen, chief executive of Afilias, said: "Since 2001, we have established ourselves as one of the world's leading players in the domain name industry. The increasing use of the internet is here to stay, and underpins the growth in our market.
"In recent years we have invested substantially in infrastructure and technology to enable us to take on a much greater number of domain names.
"Today's announcement is an important step in the next phase of our growth, as we look to be a key player in the new programme of TLDs, and make selective acquisitions to increase the breadth and depth of our services and reach."
Jonathan Robinson, executive chairman of Afilias, added: "I have seen at first hand the strength and resilience of Afilias's business model, growth prospects and management team having been a director of the company since 2001.
"The placing will bring significant benefits - by providing further capital to fund our organic and acquisitive growth plans, and raising our corporate profile with existing and new customers."
Immediately following completion of the placing, it is expected that the company will have a free float of approximately 30 per cent of the issued share capital of the company.