ASX aspirant ELMO Talent Management is raising $25 million at $2 a share, according to a term sheet sent to clients on Monday.
The human resources software company's initial public offering of 12.5 million shares has been fully underwritten by Wilsons Corporate Finance.
The books close on June 5 with the prospectus to be lodged two days later.
ELMO is slated to begin trading on the ASX boards on June 30 with a market capitalisation of about $90 million.
As first reported by Street Talk, sponsor broker Wilsons has put an enterprise valuation range of between $89.4 million and $121.5 million on ELMO.
The pre-marketing IPO research highlighted ELMO's recurring revenue and said the company was in a "sweet spot" from a competitive perspective as it focussed on the mid-market sector.
"A key attraction is the strong technology backbone that ELMO has developed," the Wilsons analysts said.
Wilsons said the risks for ELMO centred on the potential for larger-scale competitors or new entrants to target the mid-market and seek to take market share.
In March, this column revealed that ELMO had kicked off a non-deal roadshow.
