In its announcement today, job outsourcing marketplace Freelancer.com had filed for an initial public offering on the Australian bourse. Wall Street Journal reported that the target date of the IPO would be on November 15, same with Twitter Inc. The company's public listing would have it raising up to AUD15 million or USD14.2 million. Freelancer would be offering 30 million shares at a price of AUD0.50 per share. The IPO would have Freelancer valued at AUD218 million or USD206 million.
The funds that would be raised from its IPO would go towards organic company growth plans and potential acquisitions in the future. It prospecturs showed that it would be looking to earn AUD18.3 million ot USD17.3 million this year. This is significantly higher than last year's revenue of AUD10.6 million or USD10 million and an 88% gross marhin.
Chief executive and Chairman Matt Barrie credited the new generation of online workers from developing economies for its aggressive growth. Barrie wrote, "Today, I find it hard to believe that with 7.1 billion people in the world, only 2.7 billion people are on the Internet. Almost 4.5 billion people are yet to connect. We are confident that there is tremendous growth potential ahead for the Company, as the rest of the world's population goes online."
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