Fatfish spinoff iCandy Interactive to IPO at US$31mil value

  • Fatfish to receive A$5mil of iCandy shares upon successful IPO
  • iCandy aims to complete IPO by end of June

Fatfish spinoff iCandy Interactive to IPO at US$31mil valueASX-listed venture investment firm Fatfish Internet Group Ltd (FFG) said that iCandy Interactive Ltd, an intended spinoff of its mobile games assets which it aims to publicly list, will have a revised enterprise value (EV) of approximately A$40 million (US$31 million).
This follows its March 25 announcement that it would spin off, after an internal restructuring and exit via an IPO (initial public offering) on the ASX (Australian Securities Exchange), its mobile games assets under iCandy.
The A$40-million EV was determined by the company after a comprehensive review of the assets that iCandy will hold going forward, FFG said in a statement.
An EV is considered to be a more comprehensive evaluation of a company’s business rather than its market capitalisation (cap), which is merely its share price multiplied by the number of shares it has outstanding.
The EV takes into account its market cap, as well as debt, minority interest and preferred shares, minus total cash and cash equivalent, according to Investopedia.
At the proposed valuation of iCandy, FFG will own A$35 million (US$27.1 million) worth of iCandy shares upon iCandy’s successful IPO.
After the completion of iCandy’s IPO, FFG intends to distribute half of the iCandy shares it receives – that is, approximately A$17.5 million (US$13.6 million) worth of iCandy shares – to its shareholders in-specie on a pro rata basis, subject to approval from authorities and shareholders.
The proposed IPO of iCandy on the ASX is anticipated to be completed by the end of June 2015, FFG said.
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