An integrated building services group, whose clients include insurers
QBE,
CGU,
Suncorp, and Cushman & Wakefield, is considering getting listed on the Australian Securities Exchange (ASX) in an offer that could value the Melbourne firm at over $200 million.
Johns Lyng Group (JLG) provides building and restoration services across Australia, and conducts 24-hour emergency plumbing and electrical call-outs in joint venture with insurers RACV and NRMA. It is partly owned by ASX-listed insurance broking group
PSC Group and entrepreneur Scott Didier.
It is understood that JLG hired Bell Potter and Evans & Partners to examine the potential float, and is planning to canvass fund managers starting this week, The Australian reported.
According to Street Talk, JGL is selling shares at $1 apiece to raise $95.8 million, which will deliver the company $220 million market capitalisation and enterprise value of $225.4 million. The funds raised will be used to settle company debts and debts to shareholders, working capital, and to cover the costs of the IPO.
The firm will submit a prospectus on Oct. 2, and its shares are expected to commence trading on the ASX on Oct. 25.
If JLG's IPO pushes through, it is understood that a new high profile chairman will be tapped to head the new public company board; while Didier will continue as an executive chairman and COO, The Australian said.
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