Dotcom music service to list in Australia

By Holly Ryan

Online music service Baboom, linked to Kim Dotcom, has outlined plans to raise A$4.5 million (NZ$4.8m) by listing on the Australian stock exchange later this year.

Baboom, which was founded by Dotcom and is still associated with him, has offered 11.5 per cent of its share capital at A40c per share to potential investors in a prospectus issued last month.

The prospectus offer had a minimum investment of A$20,000 or 50,000 shares, with the company valued at A$39.5million if the maximum subscription was reached.

The offer document said that Dotcom had no day-to-day role or stake in the company, but that he had a commitment for driving change through innovation, a vision the company was following.

In the documents the company describes itself in three words - bold, innovative and legal.

Baboom is intending to apply to list on the Australian share market by the end of the year depending on completion of the capital raising, with the company set to launch within the same time period

- NZ Herald

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