Veda Group is relying on a history of strong and consistent revenue growth to attract investors to its initial public offering. The company's revenue has grown at a compound annual growth rate of 14.6 per cent since 1993 and is forecast to grow by 8.2 per cent in the current financial year.The other pitch to investors is that once the proceeds of the offer have been used to repay debt, profits will get a significant boost. Veda issued a prospectus yesterday, offering 272.8 million shares (32.4 per cent of the total shares on issue) at A$1.25 a share.Based on forecasts in the prospectus, the offer price would put the stock on a multiple of 16.5 times earnings per share, with an implied dividend yield of 1.6 per cent.Veda likes to describe itself as a data analytics business, but, as the prospectus makes clear, the bulk of its earnings come from credit reporting services.The context in which Veda generates its revenue is the big theme of the prospectus because of the onset of a positive credit reporting regime in Australia from March 2014.Eighty-five per cent of Veda's revenue in 2012/13 came from what the company calls "click revenue", which is generated by charging a fee each time a customer accesses Veda's consumer and commercial credit files. "Non-click revenue" includes data and software sales, and marketing and consulting services.It has credit information on 20 million individuals and on 5.7 million commercial entities. It claims an 85 per cent share of the consumer credit reporting market in Australia. It is the leading commercial credit reporting company in Australia and it is the leader in consumer and commercial credit reporting in New Zealand.It claims to have 12,500 business customers and 470,000 consumer customers.Ninety per cent of the company's revenue is generated in Australia and most of the rest in New Zealand. Veda has a number of equity investments and joint venture interests in Singapore, Malaysia, Cambodia and the United Arab Emirates.The company will have $692.2 million of funds at its disposal when the IPO is completed. This will be made up of $341.1 million of cash from the sale of shares, $39.5 million from the exercise of warrants held by existing shareholders and $311.7 million that will be drawn down from new banking facilities.The funds will be used to repay $276.4 million of mezzanine preference notes and $371 million of existing debt (plus pay fees associated with the IPO). This will result in a $306.8 million reduction in borrowings and an $18.9 million adjustment to net finance costs in 2013/14.The company's pro forma forecast is for revenue of $290 million and a net profit of $63.9 million in 2013/14 (the company has not provided net profit figures for previous years).