TEAM Atlassian Corporation PLC

MELBOURNE, Australia—WiseTech Global Ltd., a software company launched out of a Sydney basement in the 1990s, has laid out plans for one of Australia's biggest ever technology listings.

The company said Friday it had lodged a prospectus with the country's securities regulator for an initial public offering that could see it list with a market value of more than 1 billion Australian dollars (US$764.8 million), after raising A$100 million-A$220 million.

The Australian Securities Exchange has attracted a number of technology listings among a flurry of IPOs in recent years, albeit mainly of smaller companies. The government under Prime Minister Malcolm Turnbull is pushing the development of the country's tech industry as the economy grapples with a slump in investment and jobs in mining and energy.

Chief Executive Richard White, who founded the company at his home in 1994 with little more than his credit card to fund development, defended his decision to remain in Australia and opt for a local listing.

Sydney-based software firm Atlassian Corp. raised about US$430 million and garnered a more than US$4 billion valuation listing on Nasdaq in December, and Atlassian co-CEO Mike Cannon-Brookes this week told a business conference that Australia lacked sophisticated tech investors and an ASX listing would have meant a lower valuation for the company.

"Along the way, people have told me that being Australian, it wouldn't work," Mr. White said. "It isn't about which stock exchange you list on, it's about the people."

An ASX listing, he said, would provide WiseTech with sufficient funds to continue growing and give it a base for further acquisitions but more importantly would lift the company's profile among global clients, many of which are themselves listed.

"We are not in a mad rush to raise capital," he told reporters. "We'll get more than enough cash out of Australian investors."

The largest tech listing in Australia to date has been that of MYOB Group Ltd. The accounting software firm raised about US$668 million last year, giving it a postdeal market value of US$1.71 billion, according to data from Dealogic.

Dublin-based health-care software provider Oneview Healthcare PLC made its debut on the ASX on Thursday, with its shares rising 2.5% above the offer price in an IPO that raised A$62.4 million to help fund the rollout of its product. Also this week, Redbubble, an online marketplace for stationary and other printed items, said it had raised A$12 million ahead of a June IPO aimed at bringing in a further A$50 million to fund growth.

However, cryptocurrency "miner" Bitcoin Group Ltd. earlier this month pulled plans to float, blaming a call by the exchange to prove it will have enough capital to run its operations.

WiseTech provides customizable freight-forwarding and customs software, and recently signed a 4½ -year contract with DHL Global Forwarding GmbH that it estimated would deliver revenue of up to A$60 million.

The retail offer is set to open March 29, and early trading is scheduled for April 11. According to the prospectus, WiseTech plans to issue up to 75 million shares priced at between A$2.58 and A$4.12 each. Based on that, it expects a market value for the company of between A$762.9 million and A$1.19 billion.

In April, the company raised A$80 million from investors including Fidelity Worldwide Investment and Sydney-based boutique investment manager Smallco, to accelerate its growth ahead of the IPO.

Mr. White, who will retain a stake of about 50% in his company after listing, said the company had been profitable for the last decade. In the year through mid-2015, it had a profit of A$10 million on revenue of A$70 million, according to the prospectus.

Blackpeak Capital Pty. Ltd. is acting as financial adviser to WiseTech for the IPO, and Credit Suisse (Australia) Ltd. and Morgan Stanley Australia Securities Ltd. are joint lead managers.

Write to Robb M. Stewart at robb.stewart@wsj.com

(END) Dow Jones Newswires

March 17, 2016 23:25 ET (03:25 GMT)

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