Western Australia-based property syndicator and developer Primewest will tap the market for $100m for its initial public offering at $1 per share.
Terms of its IPO were released to the market on Wednesday. The real estate investor is expected to have a market value at $349.1m once listed, as first flagged by DataRoom online.
Primewest is headed by John Bond, Jim Litis and David Schwartz and controls $3.9bn worth of properties across 75 separate syndicates and funds and seven asset classes.
Working on the deal are Moelis and Shaw. Primewest’s bookbuild will be held on Friday and the company is expected to list on November 8.
Some tipped a merger between Primewest and the listed GDI Property made sense. However, while DataRoom understands GDI has approached Primewest about such a proposal, Primewest was not eager to embark on such a deal.
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