The companies taking Ive to a stock market flotation have launched the IPO, and are aiming to sell $75m worth of shares that will value the business at $177.7m.
The float is releasing 37.8 million shares at $2 each.
The Ive group includes the country’s biggest sheetfed printer Blue Star, as well as web offset business Webstar, a digital print business, a mailing operation, a wide format retail display business and various non-printing businesses.
The IPO funds are to be raised at an institutional bookbuild next Monday, a prospectus will come out the next day, and if all goes according to plan the company will be launched the Friday before Christmas on Dec 18.
If successful the float would leave Ive’s current owners, Wolseley Private Equity and the Selig family, with the majority 57.5 per cent of the listed company, with Wolseley holding a 38 per cent stake and the Selig family owning 15 per cent.
The new IPO is the second time Ive has attempted to float this year, in June it was called off due to severe market volatility, this time around the signs are that the market is stable.
This time’s $150m market value target is down from $200m last time, meaning the IPO target is also likely to be lower and more attainable. AFR says this would give investors a dividend yield of close to eight per cent.
It would still be the biggest stock market float in Australian printing history and cap off a big year for the marketing communications company, which includes Australia’s biggest sheetfed printer, and which is now a major wide format player following a series of acquisitions over the past 18 months.
Ive executive chairman Geoff Selig told ProPrint the time is not yet right to comment on the development. He said in June that the company would try again when the market was more stable and it seems now is the time.
Ive is forecasting $355.7m revenue, $37.5m EBITDA and $19m in profit for 2016.
Comment below to have your say on this story.
If you have a news story or tip-off, get in touch at editorial@sprinter.com.au.
Sign up to the Sprinter newsletter