Spotless $1bn IPO bookbuild set for May 20
- {{x.value}}
{{ twilioFailed ? 'SMS Code Failed to Send…' : 'Enter verification code' }}
{{ completedStep1 ? 'Authentication & Security' : content.trialHeading.replace('{0}', user.FirstName) }}
{{ content.upgradeHeading.replace('{0}', user.FirstName) }}
The email address you entered is registered with InvestSMART
Please login to continue
We have sent you an email with the details of your registration.
Looks you are already a member. Please enter your password to proceed
{{ upgradeCTAText }}
Updating information
Please wait ...
Your membership to InvestSMART Group recently failed to renew.
Please make sure your payment details are up to date to continue your membership.
Having trouble renewing?
Please contact Member Services on support@investsmart.com.au or 1300 880 160
You've recently updated your payment details.
It may take a few minutes to update your subscription details, during this time you will not be able to view locked content.
If you are still having trouble viewing content after 10 minutes, try logging out of your account and logging back in.
Still having trouble viewing content?
Please contact Member Services on support@investsmart.com.au or 1300 880 160
Please click on the ACTIVATE button to activate your Intelligent Investor 15-day free trial
Please click on the ACTIVATE button to finalise your membership
Unsuccessful registration
Registration for this event is available only to Eureka Report members. View our membership page for more information.
Registration for this event is available only to Intelligent Investor members. View our membership page for more information.
- You are already registered for this event.
- This event is already full.
- Please select a quantity for at least one ticket.
- {{ i }}
Forgotten password
Please enter your email address below to request a new password
- Verify your email address by clicking on the link we sent to {{user.Email}}
- You now have free access, we look forward to helping you on your financial journey.
Spotless Group, the outsourced facility services provider owned by Pacific Equity Partners, will raise about $1 billion in the biggest initial public offering so far in 2014, according to an email sent to Data Room.
New and existing Spotless shares, between 378.5 million and 434.5m, will be sold at between $1.60 and $1.85 a share. The IPO is priced at 12.4 to 13.6 times 2015 forecast net profit per share. As much as $1.15bn worth of shares could be sold in the IPO if an over allocation option is exercised.
A bookbuild is scheduled to take place between May 20 and 21 to determine the final price. The IPO’s proceeds will be used to repay debt and enable private equity firm Pacific Equity Partners to profit from its investment. Spotless' market value may be as much as $1.93bn after the IPO and Pacific Equity Partners will retain a stake of about 50 per cent.
Citigroup, Deutsche Bank and UBS are underwriting the IPO. The boutique equity capital markets and takeover adviser Highbury Partnership is advising the Spotless board on the IPO. The shares are expected to begin trading on the ASX on May 23.
In the 12 months to June 30, 2013, Spotless had a net profit of $47.7m on revenue of $2.58bn through facilities management, food services, cleaning and laundry services. Spotless employs about 33,000 people.
In the 12 months to June 30, 2015, Citigroup expects Spotless’ EBITDA to increase to $305m and sales to rise to $2.7bn.
In the year to date there have been 12 IPOs that have been announced, 11 that have been priced and six that are trading, according to Bloomberg data.
(Reporting by Brett.Cole@businessspectator.com.au)
(Editing by miranda.maxwell@businessspectator.com.au)
Call 1300 880 160
Start a chat
Schedule a call
