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Australia-based facility Management firm, Spotless Group Holdings Limited, today announced an offer of new and existing shares at an offer price of between $1.60 and $1.85 to raise approximately A$1 billion through an initial public offering (IPO).
The bookbuild is scheduled to take place on 20 and 21 May 2014 and will determine the final price.
The purpose of the offer is to allow Spotless to repay debt, to enable others to invest in Spotless (creating a liquid market for the company's shares) and to provide an opportunity for existing investors to realise part of their investment.
The offer comprises:
Spotless chairman Ms Margaret Jackson said that, on behalf of Spotless' board, she was pleased to offer shareholders the opportunity to invest in an iconic Australian company that is today a market leader and a major employer.
Ms Jackson said:
"Within the markets it serves, Spotless is the leader by revenue, scale and breadth of services. Spotless is a strong business, with multi-year contracts and a large number of long term customer relationships. The business is well diversified across industries and services, allowing the team to offer truly integrated facilities management services to their clients.
The business has identified potential new contract opportunities representing approximately $1.5 billion in annual revenue coming to market by the end of FY2015, with further significant new opportunities in adjacent services and sectors."
Under private ownership since August 2012, the Spotless management team has restructured the business to focus on: