Norkom, the compliance software company whose shareholders include Denis O'Brien and Gavin O'Reilly, expects to raise about €30 million from its initial public offering (IPO).
The Irish company said last month that it would seek a listing on London's AIM and the Irish Stock Exchange's IEX markets in June. The group was valued then at more than €100 million, based on forecast profit of €4 million and an average peer price earnings ratio of 24.9.
Norkom had been preparing for a share sale in late 2000, when analysts valued it at €200 million, but it had to shelve the IPO and come up with a new business model when the dotcom bubble burst.
The Dublin-based company provides compliance software that enables financial institutions to combat financial crime. Its solutions help organisations detect, analyse, and investigate financial crime issues such as money laundering, debit and credit card fraud, identity theft, market abuse, terrorist financing, and the illegal transfer of funds to individuals and organisations.
Norkom intends to use the proceeds from its IPO to accelerate growth by acquiring rivals in the US and Europe.
Trinity Venture Capital remains the largest shareholder in Norkom, with 36.9 per cent of the stock, or 22.8 million shares, while chief executive and founder Paul Kerley owns 10.1 per cent, or 6.26 million shares, including those he holds in trust for third parties.
Mr O'Brien owns 83,343 shares and also controls a company that holds 2.4 million shares, or 3.9 per cent of Norkom stock. Mr O'Reilly owns 99,147 shares.
