David Kirk, chairman of Trade Me Group and Kathmandu Holdings, is seeking to raise A$25 million to A$40 million ($44.5 million) in an initial public offer on the ASX of Bailador Technology Investments, an Australian and New Zealand tech fund.
The investment fund is looking to raise new capital selling shares for A$1 a piece, which also carry an A$1 option exercisable in March 2016, according to the prospectus.
A further 4.3 million existing shares will also be sold into the offer, with Kirk booking A$350,000, fellow founder Paul Wilson securing A$233,279 and other foundation investors selling A$3.7 million.
The company would use proceeds to build on its portfolio, focusing on Australian and New Zealand internet, mobile, online-marketplaces and telecommunications-related growth companies. The businesses must have proven revenue generation and working business models and carry an enterprise value between A$10 million and A$200 million.
Bailador values its foundation portfolio at A$37.7 million, with stakes in three private tech businesses.
