OzForex Group (OFX) has confirmed it is one of Australia’s hottest initial public offerings this year.
Priced at 21.7 times forecast 2014 earnings, OzForex’s bookbuild closed at midday AEST today several times oversubscribed. Small cap fund managers and Australian and foreign hedge funds sought to place orders for the stock at $2 a share.
Allocations of shares will be made during the course of the afternoon by Macquarie Group (MQG) and Goldman Sachs Group Inc in consultation with OzForex.
A breakdown of the allocation of the 219.7 million shares, or 91.5% of OzForex’s stock, was not made available. The shares are scheduled to begin trading on the ASX on Friday.
US private equity firm Accel Partners, with a 22.7%shareholding, Washington-based Carlyle Group, with a 20.4%stake, Macquarie, with a 19.9% equity holding, and Carboni Pty Ltd, with a 1.9%interest, will sell all of their stock in the IPO.
OzForex founder Matthew Gilmour and original investor G&A Lord Pty Ltd have a 17.6% stake each in the company. Gilmour and Lord will sell some of their shares in the IPO but each will retain a 4% holding.