Cloud-based human resources and recruitment software provider LiveHire has opened its initial public offering (IPO), hoping to raise AU$10 million before securing its spot on the Australian Securities Exchange (ASX) in June.
The company is offering 50 million new shares at an issue price of AU$0.20 each to raise the AU$10 million, which represents 25 percent of LiveHire's post-issue share capital.
Based on the IPO issue price, it is expected that LiveHire will have a market capitalisation of AU$40 million upon IPO.
"We believe that LiveHire's technology and vision have the potential to transform how the best companies hire and manage talent, turning recruitment from a reactive to a proactive process, and saving significant time and costs," LiveHire co-founder and managing director Antonluigi Gozzi said.
"The IPO will enable LiveHire to reach many more clients and large organisations in Australia and Asia."
LiveHire was founded in Australia in 2011 by Gozzi and company growth director, Mike Haywood.
With the IPO in sight, Gozzi said the company is currently focused on scaling its user and client base, continuously enriching its product, and implementing significant channel partnership and technology integrations to accelerate the growth of the platform.
Last month, cloud-based logistics software firm WiseTech Global made its ASX debut, launching with an initial market value just shy of a billion dollars at AU$974 million.
The company raised AU$167.6 million in the IPO through a combination of a sell-down by existing shareholders and an issue of new shares sold at AU$3.35 each.
Investigations and intelligence software firm Wynyard Group is also expected to file for IPO this year, a move that would see the company dual-listed on both the ASX and the New Zealand Stock Exchange.
Wynyard picked up NZ$40 million and the backing of MYOB founder and Xero investor Craig Winkler in June, which re-sparked discussion around when the Auckland-based company was going public in Australia. It was then slated for the fourth quarter of 2015.
In December, Wynyard said it was deferring the ASX listing until mid-2016.