Bain and GIC offload more shares in Judo through Goldman Sachs

Australian listed bank Judo has market value of close to $2.1bn. Picture: iStock.

Bain Capital and GIC sold down a 9.8 per cent stake in listed bank Judo on Wednesday night through Goldman Sachs.

According to a term sheet sent to investors, the stake was worth up to $191m.

About 110 million shares were offloaded in an auction where the floor price was $1.78 per share, ranging up to $1.80.

The price was a 6.2 per cent to 3 per cent discount to Judo’s last closing price of $1.86.

The trade comes after the pair offloaded shares in December.

Then, Bain Capital and the Singapore sovereign wealth fund GIC offloaded 71.6 million shares at between $1.83 to $1.89 in a book build, a discount of between 4.2 per cent and 1 per cent to their last traded price of $1.91.

Working on the deal was investment bank Goldman Sachs.

The stake equated to 6.4 per cent.

Judo was co-founded by former chief executive Joseph Healy in 2016.

It listed successfully in 2021 with a $2.3bn market value, equating to 1.7 times its book value.

Its market value is now close to $2.1bn, with a dilemma for the bank being that it needs to offer generous deposit terms to attract customers.

The latest deal follows a raft of block trades late last year, with China Investment Corporation’s $1.9bn selldown out of Goodman Group and Auckland Council’s $NZ1.3bn exit out of Auckland Airport the two largest.