OzForex set for October float OzForex founder Matt Gilmour. Picture: Brad Fleet Source: News Limited ONLINE foreign exchange group OzForex will tap investors for almost $440 million in one of the years biggest initial public offerings. The company, which launched its prospectus yesterday, expects to debut on the Australian Securities Exchange on October 11. OzForex business, which is based in Australia and has offices in the US, Europe and Asia, will issue 219.7 million shares at $2 each in a $439.4 million equity raising program. The company will have a market capitalisation of $480 million, with founders Matt Gilmour and Gary Lord accounting for the bulk of the remaining capital. Present backers, investment bank Macquarie Group and US private equity firm The Carlyle Group, will sell their stake during the public offer. The company handled 460,000 international payment transactions last financial year - up 50 per cent on the previous year - totalling $9.1 billion. Earnings before taxes, depreciation and amortisation weighed in at $24.7 million, up from $19.1 million a year earlier. Net profit rose from $13.1 million to $17.1 million over the same period. OzForex was founded in 1998 and has eaten into the market share of major banks by using online technologies to provide international money transfers at much cheaper rates. "We still think there is a huge amount of upside in terms of the business," chief executive Neil Helm told BusinessDaily yesterday. Nine Entertainment is expected to launch a $1.2 billion float before the end of the year while Brambles is spinning off its document storage unit in a move worth more than $1.5 billion.