Sydney, October 21Reuters)-
APN Outdoor, a digital billboard company in Australia, will raise $0. 329 billion ($289 million)
A person familiar with the matter told Reuters that in the initial public offer, interest in the new listing weakened in the weak stock market, the shares that the company's private equity owners had hoped to sell were at the bottom of the range.
Private equity in Quadrant will sell 129.
1 million shares APN
The equivalent of 78% of the company-for A$2.
Because the matter is confidential, the person who cannot determine the identity said.
An IPO prospectus was submitted to the authorities on Monday and the scheduled listing date was set to November.
11, added.
The sale brought the market value of APN Outdoor to $0. 425 billion, slightly lower than the company's $0. 45 billion limit on the initial offer.
APN will retain a 22% stake, the person said.
Quadrant did not immediately comment when Reuters contacted.
The relevant APN Outdoor supervisor was not provided immediately.
Quadrant originally proposed to price the stock between $2. 55 and A$2. 75.
Although the price is at the bottom of the interval, since the parent company APN News & Media Ltd. after the purchase of APN Outdoors, the fund still has a return on investment of 57%, according to local media reports, on 2012 and 0. 244 billion, the two issues totaled $2013.
According to Thomson Reuters data, Australia will usher in the largest IPO activity year in history. the IPO activity in the first nine months of 2014 increased by more than 400% over the same period last year, as the owners of the company try to take advantage of the stock market that has been strong until recently.
But since closing at a record high in early September, the market has fallen by about 6% amid reports of slowing resource demand in China and continued weakness in Europe.
Australian Finance Minister Matthias Coleman said Monday that the government has the right to cancel state listings in November.
Medibank Private IPO medical insurance companyMDB.
AX worth up to $5.
5 billion if the market conditions deteriorate.
However, the source said that the APN listing will continue regardless of market conditions, as it is fully covered by joint chief managers Morgan Stanley and UBS.