Australian Clinical Labs will head to the market as a business with a market value worth more than $800m after it priced its float on Tuesday night at $4.04 per share.
The price - first revealed by DataRoom - was locked in after a cornerstone process and equates to 15 times its forecast earnings for this calendar year.
Australian Clinical Labs will sell a stake of about $320m to $340m for the IPO.
The healthcare group is listing through Goldman Sachs and Bank of America. It was on the market last year amid bumper conditions for pathology service providers carrying out large amounts of testing during the global pandemic.
The country’s third largest pathology network Australian Clinical Labs is a roll up of various businesses, including operations from Healthscope and St John of God.
It was expected to generate $178m of earnings before interest, tax, depreciation and amortisation this calendar year and expects to generate $621m of revenue this year.
This equates to forecast revenue growth of 4.3 per cent this year.
It hopes to generate 0.3 per cent of annual EBITDA growth.
The pricing was based on an adjusted EBITDA figure that accounted for leases and COVID benefits, say sources.
Sources say the price compares favourably to Healius and Sonic on a like for like basis.
Crescent Capital is believed to have reached a deal to buy out other shareholders in its SunDoctors business and fold it into its Australian Clinical Labs business ahead of the listing.
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