Australian Web production firm Spike Networks is
considering closing its share offering early after 1,800 applications in
its first week.
Spike, which will list on the Australian Stock Exchange, said its
directors had asked underwriter Salomon Smith Barney and brokers Hartley
Poynton, Ord Minnett and E*Trade Australia to consider closing the
offering as early as July 16, instead of July 22 as quoted in the prospectus.
Chris O’Hanlon, Spike CEO, said the interest in the float was partly
sparked by the fact that the process for lodging funds was made
completely electronic through the Australia-developed BPay system.
“The response to the innovation also demonstrates how readily
Australians are adapting to new Internet applications,” he said.
The float will raise up to AUS$35.67 million (US$23.8 million) for
further expansion of Spike’s multimedia development operations, which
have already extended out of its Sydney base to the US and Japan.
The application used by investors to fill out the prospectus form and
send funds over the Internet was developed by Spike, Salomon Smith
Barney, Baker & McKenzie and Computershare. The last of these, an
Australian financial software vendor, will offer the software for use in
future Australian IPOs.