A company called Tinybeans that hopes to list on the ASX is looking to raise big biccies from sophisticated investors.
Lead manager Bell Potter Securities kicked off the initial public offering on Monday, seeking to raise $6.5 million at $1 a share.
Tinybeans is a private social network for families that was started by a New York-based Australian entrepreneur.
Raising proceeds will be used for additional working capital, and additional flexibility and access to capital markets "to pursue future capital raisings to fund possible growth opportunities," according to a term sheet sent to Bell Potter clients.
The implied market capitalisation at the offer price is $26.145 million. Chairman and chief executive Eddie Geller started spruiking the potential float to institutions in Melbourne on Monday morning.
Bids are due by noon on Thursday. The prospectus will be lodged on February 17 and trading of shares is slated to start March 31.
