The initial public offering for online book retailer Booktopia closed on Tuesday and has been met with strong demand, with institutional investors volunteering up to $120m for the listing.
The company’s initial public offering size was $43m, and the primary raise was $25m, making the institutional offer five times oversubscribed.
Cornerstone pre-IPO investors include Su-Ming Wong of Champ Ventures, Perennial, Ellerston, Regal, Washington H. Soul Pattinson, Ellerston and Regal Funds management, all of which have either maintained or increased their holdings in the company.
The online book retailer is set to start trading on December 3 with a $315m market value after shares were sold at $2.30 each.
The pricing equates to 1.5 times the company’s forecasted revenue on an enterprise value basis.
China energy bid switched off
Aspirations by China’s State Grid to buy Jemena are understood to have put an end to a possible sale of the energy business.
Healthscope firmly in the sights of Bain
Bain Capital is closing in on its next big target struggling with too much debt – the country’s second-largest hospital operator Healthscope.