Swipejobs has appointed investment banks UBS and Barrenjoey to work on a potential initial public offering (IPO), as the AI-powered jobs matching platform founded by billionaire Katrina Leslie considers a listing or trade sale.
The appointments follow reports in June that Swipejobs had engaged Rothschild to run a dual-track process for the business, which has been valued at more than $1 billion.
Swipejobs uses artificial intelligence to match job seekers with available roles based on factors including their skills, availability and location.
The company has more than 800 employees and generates most of its earnings from the US and Canada, while the UK is regarded as a key growth market.
Swipejobs is reported to generate around $1.3 billion in annual revenue and has been profitable for 6 consecutive years.
Earnings before interest, tax, depreciation and amortisation (EBITDA) are understood to be running at between $60 million and $70 million.
Founder Katrina Leslie debuted on The Australian’s The List – Australia’s Richest 250 this year with an estimated fortune of $1.06 billion.
Potential boost for ASX IPO market
A Swipejobs listing could provide a significant test for the Australian IPO market after several major potential floats instead resulted in trade sales.
Healthcare imaging business I-MED was sold to Jardine Matheson for $3.4 billion rather than proceeding with an IPO, while Estia Health was acquired by Stonepeak for $2.5 billion.
Other potential listings remain under consideration, including Wiluna Mining and Boston-based cybersecurity and data protection company Point Wild.
Next steps
Swipejobs is expected to continue assessing both an IPO and potential trade sale under the dual-track process, with UBS and Barrenjoey now involved in preparations for a possible market listing.