Freelancer.com, the online recruitment portal files for a USD 14.2 Mn IPO

freelancerA French origin job outsourcing marketplace, Freelancer.com has now took the IPO way for further growth, rejecting the USD 400 Mn buyout offer made by Japan-based HR site Recruit Co. in order to get listed on Australian stock exchange.

The company intends to raise USD 14.2 Mn by offering 30 Mn shares at an offer price of AUD 0.50 per share. At this offer price the company’s market capitalisation value is AUD 218 Mn (USD 206 Mn).

The team plans to use the raised money to develop freelancer’s services and strengthen its global positioning through strategic acquisition and expansion.

The portal was launched in 2009 and has acted as a marketplace for outsourced services and crowdsourcing projects. It helps to connect startups, small businesses etc. who need things done with a global workforce of skilled online freelancers who are looking for a job.

The recruitment portal offers jobs across 600 categories and in sectors such as IT, Media, Legal, Finance, Government – Semi Government Organisations, Education, Construction and FMCG.

As revealed from the company’s prospectus, it is currently having a user base of 9 Mn across 247 countries, regions and territories. It reported 82 Mn visits in last one year along with over 5 Mn projects posted to date, representing USD 1.2 Bn in posted work. The top 5 countries posting projects are the United States (24.4%), Australia (10.2%), India (9.1%), the United Kingdom (8.6%) and Canada(4.2%).

Talking about its monetization strategy, the company earns most of its revenues from projects posted by users on its network of websites. Other fee generating services include subscription memberships, project upgrades, crowdsourcing contests, bid upgrades, advertising and certification fees.

Similar Read:  Fundingwire - Luxury Retail & Lifestyle Aggregator Vclusive Raises $6.3M & More Funding Updates

The company seems to have a strong financial position as it expects its 2013 revenues to be AUD 18.3 Mn(USD 17.3 Mn).

Since its inception, Freelancer has acquired many companies globally such as GetAFreelancer, Scriptlance, EUFreelance, LimeExchange and RentaCoder.

The opening date for applications is 21st October 2013 and will close at 7th Nov. 2013.

To get more insights from its shared prospectus please find it here.

To contact author, email at meha@wirefootindia.com

Category