Australian Clinical Labs will launch the book build for its initial public offering on April 27 after pricing shares at $4 each, taking its market value to $809.3m.
It comes after it launched a cornerstone process to lock in early investor support that was finalised on Tuesday night after the market closed.
The price represents 15 times its forecasted net profit for the 2021 calendar year.
Shareholders will receive a 3.4 per cent dividend yield based on the forecasted net profit for the first half of the 2022 financial year.
The company is owned by private equity firm Crescent Capital and is listing on the Australian Securities Exchange through Goldman Sachs and Bank of America.
Australian Clinical Labs, which is the country’s third largest pathology provider servicing over 90 private and public hospitals, will raise $408.6m.
The deal equates to 15 times the company’s forecasted annual net profit and 9.9 times its forecasted annual earnings before interest, tax, depreciation and amortisation.
Australian Clinical Labs is expected to list on a deferred settlement basis on May 14.
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