UPDATE 1-KKR-backed Pepper Money plans to raise $389 mln in Australia s biggest IPO of year Reuters 6 hrs ago
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By Shruti Sonal
May 7 (Reuters) - Private-equity firm KKR-backed Pepper Money plans to raise about A$500.1 million ($389.38 million) in Australia s biggest initial public offering of the year so far, valuing the non-banking lender at A$1.3 billion.
The listing plan comes as near-zero borrowing costs and rebounding investor confidence spark hopes of record deals in merger and acquisition activity this year, leading to a jump in initial public offerings (IPOs) in Australia.
Pepper Money, which provides home loans and commercial real estate loans in Australia and New Zealand, also plans to capitalise on the rebound in jobs and the housing market.
KKR-Backed Australian Pub Operator Seeks $272 Million in IPO yahoo.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from yahoo.com Daily Mail and Mail on Sunday newspapers.
KKR to list majority-owned Australian pub group seeking $271m
Photo: Reuters
May 3, 2021
Private-equity firm KKR is seeking to raise A$352 million ($271.36 million) in the initial public offering of its majority-owned pub group Australia Venue Co. (AVC), according to a memo seen by Reuters.
The raising will be in exchange for a minority stake in one of Australia’s largest pub companies, in a deal valuing the group at A$903 million, according to the document sent to investors on Monday.
Representatives for KKR and Australia Venue declined to comment.
KKR’s current 80% ownership will be significantly diluted as the firm does not intend to sell any shares, a source with knowledge of the deal added, declining to be identified as the person could not speak publicly.
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SYDNEY, May 3 (Reuters) - Private-equity firm KKR is seeking to raise A$352 million ($271.36 million) in the initial public offering of its majority-owned pub group Australia Venue Co. (AVC), according to a memo seen by Reuters.
The raising will be in exchange for a minority stake in one of Australia’s largest pub companies, in a deal valuing the group at A$903 million, according the document sent to investors on Monday.
Representatives for KKR and Australia Venue declined to comment.
KKR’s current 80% ownership will be significantly diluted as the firm does not intend to sell any shares, a source with knowledge of the deal added, declining to be identified as the person could not speak publicly.
Retail brokers test demand for Australian Clinical Labs
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A big retail broker syndicate is tasked with drumming up interest in the countryâs No.3 pathology play, Australian Clinical Labs.
Bell Potter Securities, Canaccord Genuity, Commsec and Ord Minnett have all been tapped as co-lead managers to Australian Clinical Labsâ IPO, while MST Financial was added as a co-manager.
Australian Clinical Labs performed 8.3 million tests in 2020. Â
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The brokers are tasked with selling Australian Clinical Labs shares to retail clients - to ensure the pathology group gets the spread required to list and ends up with a balanced share register.