OzForex seeking $440m in the year's biggest float Neil Helm, left, with Asia-Pacific head Simon Griffin and chief financial and operating officer Mark Ledsham in Sydney yesterday. ONLINE currency and payments group OzForex believes there is plenty of growth left in the business and says management is committed for the longer term after laying out plans for the biggest float of the year. In a sign of the improving initial public offering market, OzForex yesterday lodged a prospectus with the corporate regulator to raise $439.4 million at $2 a share. OzForex, which processes global payments for consumers and businesses in more than 50 currencies, is eyeing a listing on October 11 with a market value of $480m. The stock, which is being compared to other "online disruptive" businesses like REA Group and Seek, has an indicative dividend yield of 3-3.4 per cent. OzForex operates around the world, competing largely against banks on price and by making its websites efficient and easy to use. While being dwarfed by the bumper dual listing of New Zealand's Mighty River Power, OzForex would usurp Virtus Health as the biggest purely local IPO. OzForex is partly owned by private equity, with The Carlyle Group, Macquarie Group and Accel Partners signing off on a float last week after interest from trade and private equity buyers. OzForex confirmed its three sponsors would sell their combined 63 per cent in the IPO, despite calls from some fund managers for private equity to retain stakes following some poor floats. OzForex chief executive Neil Helm, who took the role in 2007, said the issue had not been discussed in recent "very positive" meetings with fund managers, which continue this week. Founder Matthew Gilmour and early investor Gary Lord will maintain a shareholding of 4 per cent each, down from 17.6 per cent. One fund manager who declined to be named said while he was eager to look at Ozforex, he would think twice because the cash raised from the IPO would be paid out to the owners, rather than investing in the business's growth. In the Virtus float, Quadrant Private Equity sold out of the company completely, and the stock has risen more than 35 per cent since listing. OzForex's underwriters Goldman Sachs and Macquarie have opted for a "club deal," ensuring firm commitments from several institutional investors. Retail investors will only have access via a small broker firm offer. When asked about how long he would stay in the role, Mr Helm said he was not "going anywhere" and the whole leadership team "really love this business." Mr Helm is eligible for 39.1 per cent, or $2.07m, of a $5.3m cash payment to the company's leadership team on the first anniversary of the IPO, conditional upon continued service. "We see plenty of upside in the business," he said. "We've got lots of great growth opportunities we are pursuing domestically, but also, more importantly, globally, so from our perspective the IPO is the next logical step," he said. Mr Helm said the company, which has no debt, would expand globally and there were opportunities to provide more white-label products to institutions. OzForex has a March 31 financial year. It is targeting 2014 profit of $18.6m, up from $17.1m.