Adamantem to add Legend to growing IPO list

Legend was previously listed but was privatised by Adamantem in 2019 for $100m.

Private equity firm Adamantem Capital is understood to be preparing its Legend electrical business for an initial public offering next year.

The float will add to what is said to be a growing IPO pipeline for next year, with 10 prospective candidates emerging from the recent Morgans Conference in Noosa that are being worked on by the broker.

Legend was previously listed but was privatised by Adamantem in 2019 for $100m.

It has been on the market through Miles Advisory for about a year. Adamantem will no doubt have made all the moves to place it back on offer and justify a far higher price tag. The company is an engineering solutions provider that operates in the electrical, power, rail, mining, information technology, telecommunications, defence, medical, industrial and commercial gas industries.

Bell Potter and Ord Minnett are also working on a listing of the roughly $100m business Vitrafy Life Sciences, while David Di Pilla is planning a float for at least $2bn worth of data centres he plans to buy.

Mr Di Pilla is carrying out due diligence on the Global Switch-owned Australia data centres worth about $2bn. Sources believe he could strike a deal with the group to buy the assets subject to getting an IPO away, which would pay for them.

Investment banks have been appointed for a float.

Others are Homart Pharmaceuticals, medical technology company Nicolab and Optic Security Group, which sells infra-red cameras.

Moly-Cop is expected to list next year once the IPO window reopens, as is Virgin Australia.

Meanwhile, undersea cable business Campana will aim for a 2025 listing, while payments company Cuscal is planning a run at the boards before Christmas after locking in cornerstone investors.