BT, AMP line up for $317m Amaysim IPO

BT Investment Management and AMP are expected to be among the cornerstone investors in Amaysim IPO.

BT Investment Management and AMP are expected to be among the cornerstone investors in the $317 million initial public ­offering of low-cost mobile operator Amaysim.

Platypus, Renaissance and potentially IFM Investors may also feature on the register by the time the company debuts on the stock exchange next month.

With the deal being priced on Tuesday at $1.80 a share, equating to a valuation of 15.9 times forward earnings — a fraction below the initial value range of 16 to 18 times. A $210m raising will be executed by joint lead managers, Goldman Sachs and Macquarie, on Friday.

Meanwhile, investors paid $8.20 for Westpac’s shares in BT Investment management, as first flagged by DataRoom online yesterday.

It comes after Westpac announced this week that it was selling off part of its 59 per cent controlling stake in the company, reducing the interest to between 31 and 40 per cent. Shares in BTIM last traded at $8.76 before they were halted yesterday.