Five years after it controversially quit the ASX in search of a better valuation in private markets, Updater appears to have achieved the polar opposite.
The home relocation technology group maintains a wide Australian shareholder base, and is raising $US40 million ($60 million), giving it an enterprise value of around $US260 million. That’s a significant fall from the company’s last publicly available value of $US756 million.
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Sarah Thompson has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones. Email Sarah at sarah.thompson@afr.com
Emma Rapaport is a co-editor of the Street Talk column. Prior to that, she was a markets reporter at The Australian Financial Review. Connect with Emma on Twitter. Email Emma at emma.rapaport@afr.com
