EINDHOVEN, 15/11/06 - The Member Company (TMC) is to be listed on Alternext this month. The Eindhoven-based contract staff provider announced its initial public offering (IPO) on the alternative bourse floor of Euronext Amsterdam yesterday.

The company, which provides technical specialists for companies like Philips, ASML and Oce, estimates the proceeds from its IPO at 20 million euros. It plans to use the money for further growth.

TMC is issuing 10 million euros of new shares and floating another 10 million euros of existing shares. The issue price will be between 12.75 and 14 euros. In total, a maximum of 1,568,628 shares will be floated.

Subscriptions are expected to close on 23 November, with initial trading in the shares a day later. The underwriting bank, Rabobank, has the option to issue extra shares up to a maximum of 15 percent of the initial proceeds until 30 days after the bourse launch.

Alternext is being decked out by Euronext to lower the bourse-listing hurdle for small and medium-sized companies. Companies listing there can place fewer shares than on the 'ordinary' bourse and do not have to report accounts according to the international IFRS accounting rules.