Investec Australia has been appointed to work with Booktopia, Australia's largest online bookstore, on its strategic options, as revealed by Street Talk online on Wednesday. 
The options include an initial public offering, a trade sale or a capital raising. Sources said Booktopia could be worth as much as $150 million on the ASX boards, however, it should be noted the strategic review is at the preliminary stage.
In an interview with Fairfax Media's BRW earlier this week, Booktopia CEO Tony Nash said he had his sights set on an $85 million revenue for 2015-16, and a potential float to support speedier expansion into international markets and acquisitions.
Founded in 2004, Booktopia was a feature of the BRW Fast 100 for six record-breaking years (only narrowly missing out in 2015), and despite the unstoppable tide of all things digital, 93 per cent of its revenues come from the sale of physical products.
Online demand for books continues to grow.
According to IBISWorld, the Australian online book market is worth $231 million, and growing 15.5 per cent a year. While a local leader in the market, Booktopia still faces stiff international competition from the likes of Amazon and Book Depository, which can on occasion prove cheaper.
Where the company has the edge over online rivals and physical stores, according to Nash, is in its understanding of and ability to service the local market.
"We think like technologists rather than booksellers," says Nash.
Meanwhile, Investec has had a busy 12 months, advising mobile service reseller Amaysim and law firm Xenith IP on their initial public offerings, and defending HUB24 and PAS Group against takeover approaches.
It's also working with Tatts Group.