Australian facilities management company Spotless Group, owned by private equity firm Pacific Equity Partners (PEP), said on Monday it plans to raise around A$1 billion ($930 million) in an initial public offering (IPO).
Spotless said it will offer new and existing shares at an offer price between A$1.60 and A$1.85 in a back-end bookbuild, scheduled to take place on May 20-21.
Shares offered through the IPO will represent around 51 percent on the shares on issue. PEP, the biggest private equity firm based in Australia and New Zealand, will retain around 49 percent of the company.
($1 = 1.0774 Australian Dollars) (Reporting By Jane Wardell; Editing by Paul Tait)
Take your pick!
- Buyouts delivers exclusive news and analysis about private equity deals, fundraising, top-quartile managers and more. Get your FREE trial or subscribe now.
- VC Journal provides exclusive news and analysis about venture capital deals, fundraising, top-quartile investors and more. Get your FREE trial or subscribe now.