BricsNet NV, a supplier of design software and online services to the construction industry, yesterday gained approval for its initial public offering from Easdaq. The Belgian firm plans to list two million new shares, as well as 360,000 existing shares, priced at between 10 and 12 euros ($10.34-$12.41) each, which will begin trading on June 30.
BricsNet’s core business is computer aided design (CAD). It develops and direct-sells CAD applications based on Autodesk Inc’s AutoCAD and Visio Corp’s IntelliCAD systems. The firm employs around 110 people across its offices in Belgium, the Netherlands, France, and Germany as well as its Canadian and US subsidiaries. A US office is currently being opened.
In April, the company completed a round of funding totaling 7.1m euros ($7.34m) and changed its name from Brics to BricsNet to emphasize its move to an online business model. It opened an internet store and took substantial stakes in US firms AEC Info Inc and EVOLV LLC which, respectively, provide the architectural, engineering and construction industries with online information and host services to allow collaborative design workgroups to run over an extranet. Funds from the IPO are expected to be used to fund further expansion, particularly in the US.
