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LookSmart Aims to Raise $156m From IPO.

Australian-owned internet directory LookSmart is aiming to raise $156m with an IPO prior to listing on the Nasdaq later this month. The price of $13 share price values the company at $1.15bn, which would make it the Australia's most successful listed internet venture.

Investors in the company, all of whom are likely to see windfall profits of up to ten times their original stakes from the listing, include Macquarie Bank, the Packer family's Conpress Trading, the Reader's Digest Association and a Sydney venture-capital firm, Australian Mezzanine Investments as well as the two founders Evan Thornley and Tracey Ellery.

Although it is now based in San Francisco and has chosen Nasdaq for its float, LookSmart is expected to consider a subsequent joint listing on the Australian Stock Exchange in order to facilitate trading by its Australian employees and investors, according to analysts.

Meanwhile Eisa Ltd became the latest internet company to announce plans for a local stockmarket listing, aiming to raise A$57m ($37.3m).
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Publication:Computergram International
Geographic Code:8AUST
Date:Aug 4, 1999
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