New Zealand Adult Business Seeks Public Investors

Joanne Cachapero
AUCKLAND, New Zealand — Adult business owner Steve Crowe is seeking public investment by offering shares of Vixen Direct on the New Zealand Stock Exchange (NZX).

Only nine adult companies are publicly traded. Three of those are located in Australia, Germany and Spain with the rest headquartered in the U.S. Only two of the publicly traded adult companies, Germany’s Beate Uhse and Playboy can claim revenues of more than $250 million.

Crowe said that he would like to raise $5 million to expand his business that primarily sells adult DVDs to the Australian and South African markets. He also would like to launch a chain of high-end adult retail shops geared toward women and couples.

In the process of creating a prospectus for the initial public offering, Crowe is required to have the value of his business appraised. However, every accounting firm that he has approached to do the valuation has turned him down on moral grounds.

He claims to have enlisted a brokerage to help him with the offering, once he is ready to bring it to market. Ironically, in 2003, Crowe sued the stock exchange when its name was changed to the NZX, claiming infringement on a magazine of the same name. Crowe also is planning to run in Auckland’s upcoming mayoral race.