(Reuters) – Australian billboard company oOh! Media said it plans to raise A$166 million ($141 million) in an initial public offering, the latest in a series of listings by private equity-owned firms.
oOh! Media said in prospectus filed on Friday that its owner CHAMP Private Equity will sell down its stake to 32 percent from 76 percent, while minority shareholders will also cut their stakes in a listing that will give the company a market capitalisation of A$289 million.
The company aims to sell 86.1 million shares for A$1.93 ahead of a Dec. 17 listing. Just a month earlier, Australia’s Quadrant Private Equity listed rival billboard chain APN Outdoor Group Ltd.
On Friday, APN’s shares closed at A$2.47, a three percent discount to their A$2.55 issue price.
Australia is headed for its biggest year of IPO activity, with private equity firms rushing to exit their investments amid a relatively buoyant share market.
The listing effectively makes a swift 77 percent return on investment for CHAMP, which bought oOh! Media for A$163 million in March 2012.