Australian whisky and vodka producer Top Shelf has updated investors on its sales forecasts ahead of the book build for its initial public offering.
The company locked in terms for its IPO, which was priced last week.
In a message sent to investors on Monday, Top Shelf’s advisers said that the book for its IPO was anchored by a large spread of tier one institutional investors.
The company’s year-to-date trading is in line with its forecasts, with November sales currently ahead of budget, with continued momentum running into the Christmas trading period, the company said.
Working on the float is Ord Minnett and Wilsons.
Top Shelf will raise $47.2m.
Shares will be sold at $2.21 each, with the company’s market value to be $109.9m.
The value including debt of $90.5m equates to 4.5 times forecast revenue for the 2021 financial year.
The company’s book build is due to close on Wednesday with the prospectus to be lodged on Thursday.
Top Shelf is expected to start trading on a normal basis on December 10.
Top Shelf is a Melbourne-based producer and marketer of high-quality Australian spirit-based beverage brands.
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.