Dotcom tips Mega IPO in 18 months

TOM PULLAR-STRECKER
Last updated 12:05 15/02/2013
Kim Dotcom
LAWRENCE SMITH/Fairfax NZ

MARKET SHARING: Kim Dotcom holds a preliminary press conference before the launch of Mega, January 20.

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Mega chief executive Vikram Kumar says the New Zealand Stock Exchange would be the logical home for Kim Dotcom's new cyber-locker service when the company goes public.

Mega founder Kim Dotcom signalled he planned to float Mega in about 18 months after going out for more private investment in a "pre-IPO" funding round in about six months.

"We are definitely looking at the NZX. It would be the logical choice because Mega is a New Zealand company," Kumar said. "Whether there would be overseas ones as well is the question. The next obvious choice would be Australia."

Kumar said Mega now had about 3 million users who were using it to store almost 100 million files. However, only a very small proportion of Mega's patrons are as yet paying customers.

Mega was proving most popular in continental Europe and South America, where privacy tended to be most highly prized, he said.

Wellington-based e-commerce expert Stefan Korn has estimated that it would have cost far less than $100,000 to get Mega off the ground, since it is able to rent servers on which to run its service on a pay-as-you-go basis.

He said it could prove a good investment because of Dotcom's profile.

Dotcom said today that Mega's rapid growth meant it was now in need of extra servers. He tweeted that Mega would soon start hiring.

"If you're a top notch developer, designer or data security genius wait for our job offerings," he said.

Kumar said Mega had no target at the moment with regard to how much it intended to raise through its next private equity raising.

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- The Dominion Post

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