Stuart Gentle Publisher at Onrec

StepStone To Float In Norway & UK - 03/2000

Plans Announced For Stock Exchange Flotations

StepStone ASA, intends to seek a listing for its shares on the Oslo and London Stock Exchanges. The company says it will use proceeds from the offer for general corporate purposes, including brand marketing, and product development, strategic investments and the expansion of the service into additional European countries.

Giles Clarke, Chief Executive Officer of StepStone, said: StepStone is revolutionising the provision of recruitment and career services in Europe, where we estimate it is already the European leader by revenue. We have a strong management team with worldwide experience and going public gives us the power to build on our market leading position and drive our online services into other target countries. The StepStone brand is already well established in many European countries, and we aim to rapidly build awareness of it throughout the rest of Europe, whilst continuing to enhance site content, so as to increase our customer base and accelerate traffic through the sites. StepStone offers a high quality product and with its blue chip client base, aims to become the leading career portal throughout Europe providing employers with a dynamic, cost effective medium for recruiting whilst empowering individuals to manage their career potential.

Currently StepStone has more than 500,000 potential candidates browse every month, in addition, StepStone had in excess of 1.7 million CVs from job seekers listed on its database with monthly user sessions running at approximately 1.8 million.

By the time you are reading this the float should have materialised and the company expects a capitalisation of 514 million - and an oversubscription of 20 times - one investor has already asked for 10%.