Brisbane-based travel company Corporate Travel Management has announced plans to float on the Australian Securities Exchange in an IPO that will raise almost $22 million.
The company, which was founded in 1994 by entrepreneur Jamie Pherous, recently acquired Sydney travel company and Smart50 member Travelcorp and has completed a number of other acquisitions over the last few years.
The company is projected to have an annual turnover of $490 million next year, and chairman Tony Bellas said the company is well placed to leverage more opportunities in the corporate travel sector.
“The CTM IPO comes at an opportune time for new investors given the recovery being experienced in the corporate travel spend post the GFC,” he said in a statement.
Pherous will not sell any shares in the offer, and says he remain committed to the on-going success of the company.
“We have made a significant investment in building an experienced executive team and a highly-motivated client-focused workforce of more than 300 staff and the benefits of this investment are highlighted by the quality of our business and consistent growth.”
James was the editor and publisher of SmartCompany and LeadingCompany for five years. He is now the Australian Financial Review‘s companies & markets editor, and a former BRW editor.
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