Seek, Australia's biggest internet job site, says it raised A$162.3 million ($174 million) in an initial public offering, selling the stock at the upper end of its price range.
The Melbourne-based company sold 77.3 million shares to retail and institutional investors at A$2.10 each, it said yesterday.
Seek initially offered
shares at between A$1.80 and A$2.20 apiece.
Australian billionaire Kerry Packer's Publishing & Broadcasting paid A$33 million for a 25 per cent stake in 2003 and will keep those shares, say sale documents.
The shares are now worth about A$147 million. Packer's son James has been appointed chairman of Seek.
"We have a clear growth strategy and increased financial flexibility," said chief executive Paul Bassat.
Seek, which will have a market capitalisation of about A$587 million, will use part of the sale proceeds to buy back stock from shareholders. The company is scheduled to start trading today.
