There is real irony in the fact that after an extremely difficult year for deal makers, we might just land the white whale of Australian capital markets before Christmas.

Chemist Warehouse, which is owned by billionaire founders Jack Gance and Mario Verrocchi and their families, has been discussed as an IPO candidate for years. But the pitches from investment bankers, the hush-hush meetings with potential investors, and the constant speculation by the financial media has come to nothing.