iSelect Limited ("iSelect"), a leading online-driven comparison service, today announced the successful completion of its initial public offering ("Offer"). The Offer closed on 17 June 2013 following a strong response from institutional and retail investors. The institutional offer was over-subscribed.
The Offer will provide iSelect with funding flexibility to support future growth, and enables the Company to strengthen its balance sheet and pay down debt. The Offer will also create liquidity in iSelect shares by listing on the ASX, enabling existing and new shareholders to sell their shares or buy further shares on market.
The Offer included the sale of approximately 62.35 million existing shares and the issue of approximately 54.05 million new shares ("New Shares"). Based on the Offer price of $1.85 per share, iSelect's market capitalization at listing is approximately $479.3 million.
Damien Waller, Executive Chairman and co-founder of iSelect commented on the completion of the Offer,
"We are thrilled to announce the successful completion of our IPO today, which represents a major milestone for the Company. Since I co-founded iSelect 13 years ago, we have grown from a small business that offered comparison of private health insurance products, into an established company offering comparison services across a range of additional categories, including life insurance, car insurance, home loans, broadband, energy and personal financial products. In the process we have evolved to become a leading online comparison service and today, an ASX-listed company.
"Today’s IPO is the culmination of a lot of hard work and dedication from the 430-strong iSelect team. Today's milestone represents the next step in a much longer journey for iSelect. We see a great deal of opportunity and growth ahead of us and what draws the iSelect team together is our shared commitment to innovation, customer service, and growth," said Mr Waller.
Matt Mccann, Chief Executive Officer said,
"The very strong response from institutional and retail investors alike was very encouraging and has energised the entire iSelect team as we commence life as an ASX-listed company. iSelect has proven its resilience amidst turbulent economic conditions in recent years, recording $111.9 million of consolidated revenue and $24.1 million of EBITDA in FY12, representing a compound annual growth rate in EBITDA of 61 % from FY10. We strongly believe iSelect is well positioned to capitalise on the continued growth in Australian online comparison and the attractive characteristics of the underlying markets we serve," Mr McCann concluded.
iSelect shares are expected to commence trading on the ASX on Monday 24 June 2013 at approximately 12.00pm midday AEST on a deferred settlement basis, under the ASX code of ISU.