OzForex plans debut
The currency transfer business is part owned by Macquarie Group and private equity firm the Carlyle Group.
OzForex plans to sell 219.7 million shares at $2 a share, according to a prospectus lodged on Monday. It will raise an additional $24 million from the IPO that will be paid as a dividend to its existing owners - including Macquarie.
The company is planning its Australian Securities Exchange debut on October 11.
"After 15 years of building this business we've lodged our prospectus with the aim to go public shortly," OzForex chief executive Neil Helm said.
The company's founder, Matthew Gilmour, and an early OzForex investor Gary Lord will each reap about $60 million from the sale. Macquarie is set to receive a little more than $90 million from the sale.
Mr Helm said the company had been growing strongly in the past few years, and there were real opportunities for overseas expansion.
At $2 a share the company is priced at a multiple of 21.7 times its 2014 forecast profit of $18.6 million.
Frequently Asked Questions about this Article…
OzForex is an online foreign-exchange specialist planning an initial public offering (IPO) and is set to debut on the Australian Securities Exchange (ASX) on October 11. The company is being positioned with an expected market capitalisation of about $480 million at listing.
OzForex plans to sell 219.7 million shares at $2 a share, according to the prospectus lodged by the company. The IPO documents also note an additional $24 million from the offer will be paid as a dividend to existing owners.
OzForex is part-owned by Macquarie Group and private equity firm the Carlyle Group. Founder Matthew Gilmour and early investor Gary Lord are each expected to receive about $60 million from the sale, while Macquarie is set to receive a little more than $90 million.
The prospectus states that the IPO will raise an additional $24 million that will be paid as a dividend to OzForex's existing owners, including Macquarie. The article does not specify other uses of IPO proceeds.
At the $2 IPO price OzForex is priced at a market capitalisation of about $480 million and is being valued at roughly 21.7 times its 2014 forecast profit of $18.6 million.
OzForex chief executive Neil Helm said the business has been growing strongly in recent years and that there are real opportunities for overseas expansion. He also noted the company has been built over 15 years prior to lodging the prospectus.
Everyday investors can use the IPO details—listing date (October 11), share price ($2), market valuation (~$480 million) and the 21.7x forecast profit multiple—to assess valuation and timing. The prospectus information about ownership payouts and expansion plans can also help inform a decision, but the article doesn't provide investment advice or analyst guidance.
Key people and firms mentioned include OzForex CEO Neil Helm, founder Matthew Gilmour, early investor Gary Lord, and major owners Macquarie Group and the Carlyle Group. These parties are highlighted in the prospectus and coverage of the IPO.
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