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Primewest looks to raise A$100M via IPO

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Primewest looks to raise A$100M via IPO

Primewest aims to raise A$100 million via its planned IPO, The Australian Financial Review reported Oct. 9.

The brokers of the planned offering, Moelis Co. and Shaw and Partners, have sent terms to potential buyers. The shares to be offered under the IPO represent a 29% stake in the Australian real estate fund manager.

The deal would value Primewest at A$349 million on a market capitalization basis, and 18.4x profit, based on pro forma fiscal 2020 forecasts, the publication reported.

An institutional bookbuild to sell the IPO stock will be held Oct. 10. If the offering is successful, the company's shares will be listed Nov. 8.

The proceeds from the offering will be used to repay some shareholders, for excess working capital, and to pay transaction costs, AFR reported.