Freelancer.com, the Australia-based outsourcing platform, today announced filing for initial public offering on the Australian Securities Exchange (ASX). Known on the stock exchange as FLN, the company disclosed that it is raising A$15 million (US$14.2 million) with 30 million new shares about to be offered to the public at A$0.50 a share.
According to TechCrunch, Freelancer revealed in its IPO prospectus that revenue for 2013 is forecasted at A$18.3 million (US$17.3 million). With the upcoming IPO, the valuation of the platform sits at A$218 million (US$206 million).
With over nine million users and 4.9 million projects, the online marketplace said that it is valued at over A$1.2 billion (US$1.1 billion). For registered users who wish to invest in the company, they will fall under the “Freelancer Foundation Shareholder Program” which allows them to receive priority customer support, receive a unique badge which states that he or she is a registered shareholder, and a five percent rebate of project and contest commissions.
Aside from giving back to its users, the company will also be setting aside 5.1 million new shares to eligible employees under its new employee share scheme.
Dropping acquisition offer, heading IPO
Last month, e27 reported that Japan-based job portal Recruit Co. had offered to acquire Freelancer.com at US$400 million. CEO and Chairman Matt Barrie told us that the company had been considering various options over the years and finally decided to pursue a listing on the ASX. He added, “We believe that Freelancer has the potential to trail blaze a path for other technology companies to view the ASX as a viable source of funding.”