CommSoft IPO launched

The company is offering 15.45 million shares at A$1.10, which will bring its capitalisation to almost A$68 million. The offer will comprise approximately 25% of the company.

CommSoft says there's plenty of interest in the offer with extremely strong demand from institutional investors. Shareholders in NZ tech company, Strathmore, are being offered a preferential allocation.

The company says it has achieved average compound revenue growth of greater than 30% a quarter over the six quarters to 31 March 2000, and is forecasting operating revenue of A$20.9 million for year to the end of June 2001.

CommSoft's two core lines of business are Communications Management Systems (CMS) and Customer Relationship Management (CRM) systems.

Most of the capital raised is expected to go towards acquisitions.

Applications for shares close on September 1, and are expected to commence trading on September 13.

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