iBuy to acquire Dealguru; raise A$37m through IPO

PATRICK Grove's iBuy Group is looking to raise about A$37 million (S$42 million) via an initial public offering (IPO) on the Australian Stock Exchange, as it embarks on a series of acquisitions to take on a portfolio of e-commerce websites specialising in flash sales in Hong Kong, Singapore, and Malaysia.

According to its IPO prospectus, iBuy will acquire Dealguru which owns Deal.com.sg (Singapore) and Mydeal.com.my (Malaysia); Buy Together which owns BeeCrazy.hk; and Dealmates.com (Malaysia) which is part-owned by Patrick Grove's Catcha Group.

The Dealguru transaction is priced at US$11 million in cash and US$23.28 million in shares at the offer price, as well as an amount expected to be about US$400,000 payable in shares on the basis that the valuation of iBuy on completion of the offer (but excluding the shares to be issued under the offer) is expected to exceed US$70 million. The Buy Together transaction is priced at US$8.4 million in cash and US$12.6 million in shares at the offer price; and Dealmates for US$10 million in cash.