Kim Dotcom set for £109m Mega listing
Billionaire internet entrepreneur Kim Dotcom is hoping to list his online storage service Mega on the New Zealand stock exchange for £109m.
Dotcom who is is wanted by US authorities for copyright infringement started the site in January 2013.
In 2012, Dotcom's house was raided by police and items were seized.
The US Justice department has claimed Dotcom's file storage website Megaupload cost film studios and record companies £300m. The website was shutdown in 2012.
On Tuesday, Dotcom celebrated the news of the company's initial public offering, writing "indicted. Raided. On Bail. All assets frozen without trial. But we don't cry ourselves to sleep. We built #Mega from 0 into a $210m company."
Mega intends to be listed using a process known as a reverse takeover. Mega hopes to buy out listed shell company TRS Investments. TRS will subsequently buy Mega through a share issue to its shareholders.
TRS will then own 99 per cent of Mega and will change the company's name to Mega. Mona Verga who is married to Dotcom currently owns 26.5 per cent of the company.
Mega chief executive office Stephan Hall, said in statement:
The rapid global growth of Mega has generated significant interest from potential investors
Listing on the New Zealand stock exchange will allow investors to participate in the ongoing growth of Mega.
The company says it has roughly seven million registered users.
In January, Dotcom celebrated the two year anniversary of the police raid on his home by releasing an album and launching a new music sharing service called Baboom.