New Net flotation planned

By RACHEL OLDROYD
Updated:

 

Online auctioneer icollector is rushing to capitalise on Internet fever fuelled by the huge City demand in the Freeserve flotation.

London-based icollector, whose shares are traded on the unregulated Ofex market, plans to seek a proper listing on the London Stock Exchange and one of the European markets such as Germany's Neuer.

The company, which is being advised by Durlacher, is believed to have approached investment banks Goldman Sachs, Bear Stearns and Merrill Lynch. It hopes to beat other UK Internet firms to a flotation, including its rival QXL, which could be valued at £750 million when it lists later this year.

A main stock market listing could significantly raise icollector's profile and £40 million valuation. In 1998 icollector reported a £1.13 million loss on revenue of just £500,000.

On Monday, thousands of Freeserve subscribers who received a maximum of £750 of shares in the 150p offer are expected to receive their share allocation letters.

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