Captioning business Ai-Media lodges prospectus for underwritten IPO

The offer will remain open until September 3 with shares expected to begin trading on September 15.

Ai-Media, a global provider of technology-enabled live and recorded captioning, transcription and translation services, has lodged its prospectus with the Australian Securities and Investments Commission to list on the Australian Securities Exchange via an initial public offering (IPO).

The underwritten offer is expected to raise total gross proceeds of $65.5 million based on an offer price of $1.23 per share. This values the company at a total enterprise value of $157.6 million with an indicative market capitalisation of $177.4 million. Approximately $30.0 million of the gross proceeds will be raised through the issue of new shares by the company with the balance via a secondary offer of shares by existing Ai-Media shareholders.

Founded in Sydney, Australia in 2003, Ai-Media is a global media access provider, utilising its technology platform to make content available for all through live and recorded captioning, transcription, subtitles, translation and speech analytics services. Ai-Media has developed a cloud-based captioning, transcription and translations platform that utilises a combination of artificial intelligence, machine learning and human intelligence to convert speech to text and has established itself as a global technology business across its three business lines of Live Broadcast, Live Enterprise and Recorded content.

Ai-Media chair Deanne Weir (pictured) said: “From its local foundations, Ai-Media has developed into a global success story in the growing market it operates in. The IPO provides us with a great opportunity to leverage our success to deliver strong ongoing growth, particularly offshore, and continue to invest in product innovation and our technology platform to provide a wider range of services for our customers. I am thrilled to have the opportunity to welcome new investors to Ai-Media, to share in our future success and join us in our mission to make the world a better place by providing access for all.”

Tony Abrahams (pictured), Ai-Media CEO and co-founder, said: “Ai-Media was founded with the goal of providing equal opportunity for the deaf and hard-of-hearing community in viewing recorded television media. While today we have broadened our initial mission and target audience, this philosophy still drives our business as we continue to advocate for inclusion through technology and social innovation. I am particularly excited about welcoming members of our community, through our retail offer, to share in the pursuit of our goals across the global market.”

The offer will remain open until September 3 with shares expected to begin trading on September 15.

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