Australian Clinical Labs terms: $408.6m IPO at $4 a share
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Stockbrokers Bank of America and Goldman Sachs have widened the buyer search for IPO hopeful Australian Clinical Labs.
The brokersâ equities desks sent terms to fund managers on Wednesday morning, and said they would be back with an institutional bookbuild to sell shares and lock in the listing on Tuesday April 27.
Street Talk. Â
Erin Jonasson
The term sheet said Australian Clinical Labs would seek to raise $408.6 million at $4 a share.
The price represented 15-times forecast profit for the 2021 calendar year, 9.9-times EBITDA on an AASB 117 basis and implied a 3.4 per cent dividend yield.
Aus Clinical Labs: $400m raising for IPO
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Pathology group Australian Clinical Labs is seeking to raise $400 million in a deal valuing the group at $750 million to $800 million on a market capitalisation basis.
ACL wants its shares to trade on the ASX late next month. Â
Louie Douvis
Australian Clinical Labsâ owner, private equity firm Crescent Capital Partners, has its bankers at Bank of America and Goldman Sachs taking cornerstone bids, in an effort to have the raising locked away by mid this week.
Investor sources said the cornerstone book was at 14 to 15-times forecast profit on Monday night. Based on CY21 NPAT forecasts of $53.6 million, the deal would value ACL at as much as $804 million.