Here is another one for the 2017 initial public offering pipeline.
IFM Investors-backed contracting services company Infrastructure Services Group Management (ISGM) is readying for a run at the ASX-boards, and believed to be seeking advisers to take them to a sharemarket listing.
Street Talk understands ISGM sent a request for proposal to stockbrokers and investment banks over the past fortnight, inviting pitches for listing structures, potential valuations and potential investor appetite.
The business would be pitched to microcap and small cap fund managers, and is expected to be worth up to $200 million.
Sources said ISGM, which counts Telstra among its partner companies, was also considering a re-brand as part of the IPO and was eyeing the name "Tandem Corp".
ISGM is the country's largest specialist contractor management company with more than 500 employees and 4000 subcontractors.
IFM Investors, the $70 billion asset manager best known for buying local ports and electricity networks, took a 50 per cent stake in the business last year. It's understood IFM holds the investment in its direct private equity investment team, having acquired the stake from fellow buyout firm Ironbridge.
IFM's investment, believed to be worth about $100 million, was pitched as a way to help the company grow to $1 billion in annual sales, which would have more than doubled its footprint at the time.
The company's other shareholders include founders and management.
Should the company push ahead with formal IPO plans, it would be expected to be compared with IT services companies and consultants such as Melbourne IT and the recently-listed Bravura Solutions.
Sources said the vendors were preparing to take pitches and finalise adviser appointments over the coming month, ahead of a run at the ASX-boards later in the year.
