SLI Systems eyes May IPO

SLI Systems eyes May IPO
SLI Systems Limited could raise up to $27 million in an IPO early next month.

SLI Systems Limited could raise up to $27 million in an IPO early next month.

Recently TradeMe founder Sam Morgan invested $1 million into the Christchurch-based company, which provides website search and navigation products to online businesses, mostly overseas. Clients include Harrods, Interflora, Mitre 10, and The Warehouse.

Chief executive and co-founder Shaun Ryan (above) said the company was considering raising $15 million in additional capital to recruit additional sales and marketing staff, expand into new markets and fund the development of new and existing products.

"In conjunction with the issue of new shares, a number of existing shareholders will be taking the opportunity to realise $12 million of their investment as part of the offer."

Ryan previously told Idealog that SLI made $17 million last year and that revenue has increased on average by 30 percent year on year since 2005.