Diversified print group IVE- which includes the country's biggest sheetfed printer Blue Star – will achieve its stock market listing, with brokers underwriting its $75.6m initial public offering.

The move by Bell Potter Securities and Evans & Partners means IVE will be on the ASX board before Christmas, with December 16 the likely date.

The valuation is at $2 a share for 37.8 million shares, which represents 42.5 per cent of the company, valuing it at $177.7m. 

Current major sharehiolders will retain the majority of shares, with Wolseley Private Equitry holding 38 per cent and the Selig family 15 per cent. The number of shares on issue will be 88.9 million and the existing owners will hold 51.1 million after the IPO.

The offer values IVE at 4.9-times its forecast 2016 proforma EBITDA and at 8.1-times forecast net profit after tax and amortisation. The company is forecasting revenue of $355.7m, and a net profit of $19m for the current financial year.

It is the first successful flotation of a print business since Colorpak in and the biggest in the history of Australian print.  The float comes three years after the Seligs backed by Wolseley rescued Blue Star from the Champ p/e chapter three years ago.

[Related: IVE aims for IPO]

The successful float is widely regarded as good news for the print industry, which has been under the pump in recent years, and especially as IVE's first bid for an IPO was thwarted back in June, due to severe market volatility.

With most listed print stocks including PMP seeing their shares trade well ahead of the ASX in 2016 the financial markets appear to be recognising the sterling work undertaken by print industry leaders in responding to the new post-GFC era in repositioning their businesses.

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