CentralNic this morning formally confirmed that it plans to float on the Alternative Investment Market in London and said the money raised will help it buy stakes in new gTLDs.
The London-based company plans to hit the market at the beginning of September. CEO Ben Crawford told The Telegraph yesterday that the company hopes to raise £5 million ($7.7 million) with the IPO.
CentralNic said in a press release this morning:
The Directors believe that the funds raised for the Group by the placing of shares will allow the Group to enhance its global distribution network, acquire interests in new gTLDs, expand its own retail business and obtain contracts from governments to operate their country code TLDs (“ccTLDs”), especially in developing markets.
While the company is best-known for running pseudo-gTLDs such as us.com and uk.com, it also provides the back-end for the repurposed ccTLDs .la and .pw and has 60 new gTLD back-end contracts, 25 of which are uncontested.
Crawford said in the press release:
We are profitable, debt free, asset backed and about to capitalise on the major changes being made to the internet with the influx of new TLDs. We already have in place the required IT infrastructure and global retailer network. We have also been awarded a significant number of new TLD contracts so the Company is confident of expanding rapidly.
According to The Telegraph, the IPO could value the company at £30 million ($46.4 million).
The Alternative Investment Market is the low-cap little brother to the London Stock Exchange. CentralNic will be the second registry, after Top Level Domain Holdings, to list there.