Sharechat Logo

Fairfax prepares for Trade Me IPO

NZPA

Friday 26th August 2011

Text too small?

Fairfax Media is preparing for a sale of between 30 and 35 percent of online auction website Trade Me in an initial public offering (IPO).

The IPO remained subject to financial market conditions, but if it went ahead Trade Me would become a stand-alone, publicly listed company on the New Zealand Exchange (NZX).

Consideration would also be given to an ASX listing, Fairfax said today.

The way Trade Me worked, and the focus on providing a safe and trusted marketplace to buy and sell would remain the same, Fairfax said.

The decision to pursue the IPO was an initiative arising from a recent strategic review of the Fairfax portfolio of assets.

It was anticipated proceeds from any IPO would be used to reduce debt and provide flexibility to increase dividends, Fairfax said.

Fairfax chief executive Greg Hywood said Trade Me was now of a sufficient scale to operate as a standalone, separately listed company.

Fairfax believed it would benefit from an increased public profile, independent access to capital, and opportunity for direct investment by New Zealand investors.

Former Fairfax chief executive David Kirk had agreed to be the non-executive chairman of Trade Me.



  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

SML - Synlait Milk Limited - Trading Halt of Securities
AIA - Auckland Airport announces board chair changes
AIA - Auckland Airport announces board chair changes
CEN - Tauhara commissioning progress update
FPH initiates voluntary limited recall
March 28th Morning Report
KFL Celebrates 20 Years of Excellence in Investment Mgmt.
SVR - Savor FY24 Earnings Guidance & Change in Banking Partner
NZK - NZ King Salmon Investments Limited FY24 Results
March 27th Morning Report