Scottish Pacific's investor roadshow uncovers IPO demand
ASX aspirant Scottish Pacific and its advisers will send a bullish message to investors on Tuesday morning, Street Talk can reveal.
ASX-aspirant Scottish Pacific and its advisers will send a bullish message to investors on Tuesday morning, Street Talk can reveal.
The team will say the initial public offering roadshow has seen "very strong" engagement with over 100 investor meetings in Australia and New Zealand.
Retail demand, in particular, has been solid with several of the retail networks shutting their books early due to excessive demand.
A number of local investors have also provided large early indications although the deal will not be cornerstoned, sources said.
ScotPac's institutional bookbuild will close on June 21 with management spending the balance of this week in Asia and London.
A pricing update is expected later in the week. Goldman Sachs and Citi are running the deal.
As Street Talk revealed, Scottish Pacific is seeking to raise up to $314.8 million at $3.05 to $3.45 a share. The offer price range valued Scottish Pacific at 13.4-times to 15-times forecast 2017 financial year net profit and would see the company list with up to a $476.8 million market capitalisation.
Scottish Pacific chief executive Peter Langham, with 31 years experience in debtor finance, and his right hand man Chris Hedge, with another 16-plus years in the industry, fronted investors for day one of the company's IPO investor roadshow last Monday.