RealTime IT News

LookSmart to Become Largest Pure Net Play on Australian Exchange

LookSmart will take its rightful place as the largest pure Internet company to have originated in Australia when it lists on the Australian Stock Exchange (ASX) later this year.

The Australian shares will be equivalent to one-twentieth of an existing common LookSmart share on the NASDAQ exchange.

"As an Australian-founded organisation which maintains substantial local operations, we would be pleased to be part of what we regard as our home market," said Evan Thornley, the Melbourne-born co-founder and CEO of LookSmart.

At its valuation of AUS$2.81 billion at the close of trade on Wednesday in the US, Looksmart will be the largest company to be listed on the ASX which only operates on the Internet.

It is still not as large as some of its old media rivals, however. In the media sector, LookSmart is valued larger than John Fairfax at AUS$3.08 billion, but less than the Kerry Packer-owned Publishing & Broadcasting at AUS$5.91 billion, and it lags the largest company to have dual listing in Australian and American markets, which is News Corp. at AUS$23.23 billion.