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Proposed IPO of Trade Me by Fairfax
Proposed IPO of Trade Me by Fairfax
Trade Me’s parent company Fairfax Media Limited has today announced that it intends to sell between 30% and 35% of Trade Me via an initial public offering. Fairfax announced the proposal via a notice to the ASX this morning.
There are lots of rules about “pre-prospectus publicity” set out in the Securities Act that mean very little can be said at this stage. A couple of things that can be said are as follows:
Fairfax is considering making an offer of securities to the public in relation to Trade Me; no money is currently being sought; and the timing of the IPO has not yet been finalised.
The IPO remains subject to financial market conditions, but if it goes ahead this would see Trade Me become a stand-alone, publicly listed company on the New Zealand Exchange (NZX). Consideration will also be given to an ASX listing.
It is all business as usual from Trade Me’s perspective. The way Trade Me works, and our focus on providing a safe and trusted marketplace for Kiwis to buy and sell will remain the same.
Click here for Fairfax's Release on this news (pdf)
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