SHAREMARKET FLOATS – AUSTRALIA

Tech start-ups flood in through the back door

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Original article by Sally Rose
The Australian Financial Review – Page: 2 : 3-Dec-14

A growing number of emerging technology companies are electing to list on the Australian sharemarket via a so-called "backdoor listing". More than 20 such companies have done so in 2014 or propose this means of listing, although the Australian Securities & Investments Commission has some concerns about the trend. However, the ASX’s Eddie Grieve stresses that every company that lists on the market is subject to the same level of scrutiny

CORPORATES
ASX LIMITED – ASX ASX, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, GTT VENTURES PTY LTD, CIRRUS NETWORKS PTY LTD, XTV NETWORKS, COVATA LIMITED – ASX CVT, SKYFII LIMITED – ASX SKF, GRAYSONLINE AUCTIONEERS, GRT PTY LTD, MPIRE MEDIA PTY LTD, DIGITAL CC LIMITED – ASX DCC, STREAM GROUP LIMITED – ASX SGO, DECIMAL SOFTWARE LIMITED – ASX DSX, ZIPTEL LIMITED – ASX ZIP, YONDER AND BEYOND LIMITED, ENVERRO LIMITED – ASX ERR, BIG REVIEW TV LIMITED, CROWD MOBILE, YPB GROUP, INTERGEN (AUSTRALIA) PTY LTD, MIGME LIMITED – ASX MIG, 1-PAGE LIMITED – ASX 1PG, ECP ASSET MANAGEMENT PTY LTD

The price was right, says Cormann

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Original article by Jacob Greber
The Australian Financial Review – Page: 4 : 27-Nov-14

Shares in Medibank Private closed 2.1 per cent lower at $A2.10 on 26 November 2014, after peaking at $A2.23 on debut in the previous trading session. Federal Finance Minister Mathias Cormann believes that the pricing of the IPO was appropriate, and has benefited both taxpayers and investors who bought shares in the float. The Australian Government is widely tipped to pursue further asset sales

CORPORATES
MEDIBANK PRIVATE LIMITED – ASX MPL, AUSTRALIA. DEPT OF FINANCE, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AUSTRALIA. DEFENCE HOUSING AUSTRALIA

Vacuum cleaner doyen has Alan Bond moment

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Original article by Simon Evans
The Australian Financial Review – Page: 13 & 20 : 26-Nov-14

Vacuum cleaner retailing chain Godfreys is preparing for an IPO, with a listing date of 10 December 2014 and an issue price per share of $A2.75. It aims to raise $A78m, down from an initial target of as high as $A103m for the company with 209 stores. A stake of 8% will be held by CEO Tom Krulis and one of 20.2% by the current owner and original co-founder in 1936, John Johnston. The latter reacquired the business for a rumoured $A100m in 2011, having sold it for $A300m in 2006 to private equity firms Pacific Equity Partners and Unitas Capital

CORPORATES
GODFREYS, PACIFIC EQUITY PARTNERS PTY LTD, UNITAS CAPITAL PARTNERS PTY LTD, NOMURA AUSTRALIA LIMITED, INVESTEC AUSTRALIA LIMITED, ASX LIMITED – ASX ASX, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, CREDIT SUISSE (AUSTRALIA) LIMITED

A lot of fizz but no pop for Medibank IPO

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Original article by Jessica Gardner, Joyce Moullakis, Vesna Poljak
The Australian Financial Review – Page: 1 & 6 : 26-Nov-14

Medibank Private’s stock closed at $A2.14 on 25 November 2014, after peaking at $A2.23 on its first day of trading. Retail investors paid $A2 per share in the $A5.7bn IPO, while institutional investors paid $A2.15. Finance Minister Mathias Cormann said the stock was priced appropriately, but Glenn Rosewall of BBY says Medibank shares were priced higher than some market watchers had anticipated. The Federal Government is considering the privatisation of more public assets

CORPORATES
MEDIBANK PRIVATE LIMITED – ASX MPL, AUSTRALIA. DEPT OF FINANCE, BBY LIMITED, TELSTRA CORPORATION LIMITED – ASX TLS, AUSTRALIA. DEFENCE HOUSING AUSTRALIA, AUSTRALIA POST, COLONIAL FIRST STATE GLOBAL ASSET MANAGEMENT, GOLDMAN SACHS AND PARTNERS AUSTRALIA PTY LTD, ASX LIMITED – ASX ASX, CSL LIMITED – ASX CSL, JAPARA HEALTHCARE LIMITED – ASX JHC, NIB HOLDINGS LIMITED – ASX NHF, ALIBABA GROUP HOLDING LIMITED, NATIONAL COMMERCIAL BANK, AHM HEALTH INSURANCE, MACQUARIE CAPITAL PTY LTD, DEUTSCHE BANK AG, MARTIN CURRIE INVESTMENT MANAGEMENT LIMITED

Medibank IPO fee pool not as lucrative for key bankers

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Original article by Joyce Moullakis
The Australian Financial Review – Page: 13 & 18 : 25-Nov-14

The three banks that were lead managers for the $A5.7bn IPO of Medibank Private will be collectively paid $A19.7m in fees. They will each receive a base management fee of $A5m, as well as incentive fees. The total fees associated with the IPO tops $A36m when the fees paid to law firms and other advisers are taken into account. IPOs of government-owned businesses are typically less lucrative for bankers, but they tend to be attracted to such floats for the prestige and the potential for similar work in the future

CORPORATES
MEDIBANK PRIVATE LIMITED – ASX MPL, MACQUARIE GROUP LIMITED – ASX MQG, GOLDMAN SACHS AND PARTNERS AUSTRALIA PTY LTD, DEUTSCHE BANK AG, AURIZON HOLDINGS LIMITED – ASX AZJ, TELSTRA CORPORATION LIMITED – ASX TLS, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, LAZARD PTY LTD, REUNION CAPITAL PARTNERS PTY LTD, HERBERT SMITH FREEHILLS PTY LTD, KING AND WOOD MALLESONS, ERNST AND YOUNG, DELOITTE TOUCHE TOHMATSU LIMITED, BELL POTTER SECURITIES LIMITED, BELL FINANCIAL GROUP LIMITED – ASX BFG, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, MORGANS FINANCIAL LIMITED, UBS WEALTH MANAGEMENT AUSTRALIA LIMITED, ARNHEM INVESTMENT MANAGEMENT PTY LTD

Medibank pressure to perform

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Original article by Jessica Gardner
The Australian Financial Review – Page: 1 & 8 : 24-Nov-14

The Australian Government will gain $A5.7bn from the sale of Medibank Private, after the institutional bookbuild price was set at $A2.15 per share. Jan van der Schalk of CLSA values the health fund at between $A1.55 and $A1.64 per share, noting that Medibank’s management will face a lot of pressure to achieve results due to the high issue price for the stock. Retail investors will pay $A2 per share for Medibank stock, which will debut on the sharemarket on 25 November 2014

CORPORATES
MEDIBANK PRIVATE LIMITED – ASX MPL, CLSA AUSTRALIA PTY LTD, ARGO INVESTMENTS LIMITED – ASX ARG, AUSTRALIA. DEPT OF FINANCE, AUSTRALIAN ETHICAL INVESTMENT LIMITED – ASX AEF, JAPARA HEALTHCARE LIMITED – ASX JHC, NIB HOLDINGS LIMITED – ASX NHF, RAMSAY HEALTH CARE LIMITED – ASX RHC, HEALTHSCOPE LIMITED – ASX HSO

Medibank float could raise $5.8b

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Original article by Jessica Gardner, Sarah Thompson, Jake Mitchell
The Australian Financial Review – Page: 21 & 26 : 20-Nov-14

Strong demand for shares in the Medibank Private IPO has prompted the Australian Government to upgrade the indicative share price range. This was initially set at between $A1.55 and $A2, but will now be from $A2 to $A2.30. Some fund managers expect the final issue price to be set at $A2.10 per share, which would value the float at about $A5.8bn. Retail investors will pay a maximum of $A2 per share

CORPORATES
MEDIBANK PRIVATE LIMITED – ASX MPL, AUSTRALIA. DEPT OF FINANCE, TELSTRA CORPORATION LIMITED – ASX TLS, QR NATIONAL LIMITED

Medibank book-build under way

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Original article by Jessica Gardner, Sarah Thompson, Jake Mitchell
The Australian Financial Review – Page: 15 & 26 : 19-Nov-14

An unnamed fund manager says there has been a "bidding frenzy" for shares in the IPO of Medibank Private. The institutional bookbuild commenced on 18 November 2014, with some fund managers tendering to buy shares at a price well above the indicative range of $A1.55 to $A2 per share. The retail component of the share offer attracted some $A17bn worth of bids. CLSA analysts have valued Medibank stock at between $A1.55 and $A1.64

CORPORATES
MEDIBANK PRIVATE LIMITED – ASX MPL, CLSA AUSTRALIA PTY LTD, TELSTRA CORPORATION LIMITED – ASX TLS, RAMSAY HEALTH CARE LIMITED – ASX RHC, HEALTHSCOPE LIMITED – ASX HSO

Medibank Private float stirs hype as retail demand balloons

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Original article by Joyce Moullakis
The Australian Financial Review – Page: 18 : 18-Nov-14

There has been strong demand for Medibank Private shares from both retail and institutional investors. Retail investors have expressed interest in buying more than $A4.8bn shares in the IPO, while institutional demand is estimated at $A12bn. The share offer for retail investors closed on 14 November 2014, while the bookbuild for institutional investors will commence on 19 November. Retail investors will pay no more than $A2 per share

CORPORATES
MEDIBANK PRIVATE LIMITED – ASX MPL, AUSTRALIA. DEPT OF FINANCE, DEUTSCHE BANK AG, GOLDMAN SACHS AND PARTNERS AUSTRALIA PTY LTD, MACQUARIE CAPITAL PTY LTD, ELEY GRIFFITHS GROUP PTY LTD, PROMINA GROUP LIMITED, TELSTRA CORPORATION LIMITED – ASX TLS

Perpetual says Medibank attractive

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Original article by Jessica Gardner
The Australian Financial Review – Page: 13 : 22-Oct-14

The indicative share price range for the IPO of Medibank Private has been set at $A1.55 to $A2. Matt Williams of Perpetual says Medibank will be an attractive investment if the stock is offered at the right price. However, he says Medibank is likely to achieve cost efficiencies in the medium-term rather than immediately after it becomes a public company. He adds that the health insurer could be a player in consolidation of the industry

CORPORATES
MEDIBANK PRIVATE LIMITED – ASX MPL, PERPETUAL LIMITED – ASX PPT, QR NATIONAL LIMITED, TELSTRA CORPORATION LIMITED – ASX TLS, NIB HOLDINGS LIMITED – ASX NHF, BUPA AUSTRALIA PTY LTD, CANACCORD GENUITY (AUSTRALIA) LIMITED, MACQUARIE CAPITAL PTY LTD