Morgans has kicked off marketing for the country's newest listed litigation firm, Litigation Capital Management Ltd. 

According to details sent to clients on Tuesday, Morgans is seeking to raise up to $15 million for LCM at 70¢ a share. The offer was priced at 6.5-times to 7.1-times forecast 2017 financial year earnings per share.

LCM is seeking to become the fourth listed litigation firm on the ASX-boards, joining IMF Bentham, Hillcrest Litigation Services and Just Kapital Litigation Partners. 

The broker told potential buyers that LCM had a maturing portfolio of litigation projects, with 36 per cent of its project book expected to complete in the 2017 financial year and the rest in fiscal 2018. 

It said had a "strong pipeline" of new works ready to commence following the raising. 

The bulk of funds raised were pegged to repay a credit facility. 

If successful, LCM would list with up to a $37.5 million market capitalisation next month. 

The broker told clients that LCM had managed 24 litigation projects over the past five years, with $23.6 million returned from $10.3 million capital invested.

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KKR & Co is moving back into familiar territory with a bid for pharmaceutical group iNova.

The private equity giant has been an active investor in healthcare companies, including pioneering Australian cancer services provider GenesisCare, in which it held a majority stake until earlier this year.

This time around, Street Talk can confirm KKR is running the numbers over Valeant Pharmaceutical's iNova.

Sources said deliberations were under way over whether to proceed to the next stage of the Goldman Sachs-run auction.  

As this column first reported, indicative offers were submitted last week and a string of strategic and private equity buyers are lining up to take a shot at the $1 billion-plus business.

London-listed pharma giant GlaxoSmithKline is understood to be considering at least parts of the portfolio and Street Talk has noted that Pacific Equity Partners has been preparing an indicative bid.

Meanwhile, KKR's track record in the healthcare sector dates back 25 years. Its Asian II Fund includes Gland and Panasonic Healthcare, and of course, there was GenesisCare in the Asian I Fund. 

iNova develops and markets over-the-counter and prescription medicines and houses brands including Difflam, Nyal, and Duromine. 

Shares in its troubled US parent Valeant have been decimated over the past year, as a scandal about its drug pricing and accounting methods led to chief executive Michael Pearson leaving and an overhaul of the company's operations and strategy.

As Street Talk has noted, a key talking point among suitors preparing second-rounds bids is how to value iNova's bestselling product Duromine.

The high-margin weight loss drug is viewed as an attractive part of the iNova stable but does not have patent protection. 

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Stockbroker APP Securities is in the market for telecommunications provider United Networks, seeking to raise fresh funds for the business and have it listed on the Australian Securities Exchange. 

It's understood APP has had United Networks in front of potential investors in recent days and is seeking to have a bookbuild wrapped up this week.

United Networks provides all types of telecommunications services - traditional telephone, mobile, fixed data, consultancy and the like - as well as white label products. 

It is seeking to raise $7.5 million for its IPO, at 20¢ a share.

It's understood the offer values United Networks at $25.5 million, on a market capitalisation basis. 

United Networks has told potential investors it had $7.6 million revenue in the 2016 financial year and $1 million earnings before interest, tax, depreciation and amortisation. 

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Now that all each of the big four banks have unveiled their results, analysts and investors are trying to pick the winners. 

While much of the focus is on capital and restructuring, fund managers have not forgotten about earnings growth which is likely to underpin dividends and capital generation. 

And when it comes to earnings growth, Deutsche Bank analysts are tipping Westpac Banking Corp and ANZ Banking Group to outperform their peers over the coming three years in terms of cash earnings per share growth.  

The analysts reckon Westpac and ANZ should record 3 per cent average annual earnings growth in the coming three years, while Commonwealth Bank Australia is forecast to grow 2 per cent and National Australia Bank trails with 1 per cent. 

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Austin Engineering has stockbroker Blue Ocean Equities back in the market for fresh funds on Tuesday, only months after recapitalising the company with a two-for-one rights issue. 

Blue Ocean Equities contacted fund managers on Tuesday morning, seeking buyers for new shares to be issued at 16¢ each. 

The offer was priced at a 13.5 per cent discount to the last close and an 18.7 per cent discount to the 15-day volume weighted average price. 

The share placement was seeking to raise $8.4 million and funds raised were pegged for working capital and supporting recent contract wins, according to terms sent to potential investors. 

Blue Ocean Equities was seeking bids by 4pm Tuesday. 

The raising comes less than five months after Austin recapitalised the company with a two-for-one entitlement offer and share placement which together raised nearly $30 million.

That deal was done at 8¢ a share. 

Austin Engineering is a designed and maker of "large yellow good" components and maintenance services provider to the mining industry. 

The company's shares went into a trading halt on Tuesday ahead of the placement. 

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