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Phone IPO seeks $12m

A Malaysian international mobile phone roaming business is seeking to fill the gap in Perth's lacklustre IPO market by raising up to $12 million.

Founded four years ago, Flexiroam offers budget roaming services to outbound travellers from eight countries, including Australia, the US and the UK.

Under a replacement prospectus, about 30 per cent of the business is on offer via the sale of 60 million shares at 20c each.

The group is seeking a minimum of $8 million from investors.

Flexiroam Ltd is chaired by Perth lawyer Adam Sierakowski, whose Trident Capital is advising the company.

Mr Sierakowski said the proceeds of the offer would fund development of new products and expansion into new territories.

Flexiroam chief executive Kenn Tat Ong will retain at least 47.55 per cent of the company.