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eSec Shares in Demand as Company Announces Listing

E-commerce security provider eSec has announced that it will list on the Australian Stock Exchange next Monday.

The announcement follows the company's successful IPO, which closed on December 17 last year.

eSec CEO Saxon Hill, said the initial public offer of 15,000,000 shares at a price of A$0.40 per share was twice over subscribed.

The company which commenced operations in 1995 as a subsidiary of the Australian Computing and Communications Institute, provides IT security infrastructures for local and international businesses.

With the money raised, the company will be targeting three growth markets, managed network security services, e-commerce middleware and Internet payment services.

Hills said the A$6 million will be used to expand the company's research & development program and its network operations centre. As well as hiring additional technical and administrative staff.