Azurn launches IPO ahead of ASX listing with $50m market capitalisation

Peter Dinham
Tuesday, 17 March 2009 16:30

IT Industry - Deals

Unified communications solutions provider, Australian-owned Azurn International (ASX:AZU) expects to raise funding of $3 million with an IPO launched today ahead of its listing on the Australian Stock Exchange with an estimated market capitalisation of around $50 million.

Azurn CEO and managing director, Ananda Rao, said today the company was seeking to raise $3 million through the issuing of 15 million ordinary shares at an issue price of $0.20 cents.
 
The offer is expected to close on or before the end of March 2009 and trading on the ASX is anticipated to commence in April 2009.  The sponsoring broker to the issue is Novus Capital Ltd and assuming full subscription, the total number of shares on issue will be approximately 255.4 million shares.
 
Rao, who was the original CEO in Australia of Indian outsourcing giant, Infosys, said that Azurn, together with its two primary subsidiaries, Value Chain International and Azurn America, as the Azurn Group, has worldwide operations centred on its facilities in Australia, the United States, India and the United Kingdom, with core capabilities in communication and online publishing technologies.

Rao said Azurn’s communication technology seamlessly integrated audio, video and data content to be delivered across any carrier network, including the internet, broadband, telephone and wireless protocols, and to any device such as computers, mobile phones and PDAs.

He also said the group’s publishing technology enabled large volumes of printed material to be converted to ‘XML’ for efficient online distribution and access, with the online or digital publishing services (DPS) business conducted through Value Chain in India and was an advanced revenue earning business.

Rao said the company’s ongoing list of clients were  a range of international publishing houses which included Cambridge University Press, Taylor & Francis, McGraw Hill, Informa, Cengage and Gardners Books, and who used the Azurn technologies to create, sell and/or distribute electronic content (eBooks and eLibraries) swiftly, securely and cost-effectively.
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