Australia's Ironbridge increases size of Monash IVF IPO to $293 mln

SYDNEY, June 5 Thu Jun 5, 2014 4:08am EDT

SYDNEY, June 5 (Reuters) - Australian private equity firm Ironbridge said it will sell a bigger stake in the country's second-biggest in vitro fertilisation company than initially planned in an initial public offering of shares.

In the prospectus for the sale, issued on Thursday, Ironbridge said it will now sell 74 percent of Melbourne-based Monash IVF Group for A$315.9 million ($293 million). It previously expected to raise up to A$298 million by selling two-thirds of the listing, which was several times oversubscribed on Wednesday.

Ironbridge said in the prospectus that it will sell the shares for A$1.85 each, toward the upper end of an indicative target range of A$1.65 to A$1.95. The shares are scheduled to list on June 24.

Australian private equity firms are rushing to list businesses as the share market trades near record levels and a spate large IPOs perform well. The country is headed for its biggest year of new listings in almost a quarter century.

A source familiar with the sale process said Ironbridge decided to sell more shares than anticipated because of the strength of investor demand.

Ironbridge had planned to keep up to 11 percent of Monash IVF, but reduced the amount it will keep to 5 percent because of the high demand according to the source, who was not authorised to comment publicly.

($1 = 1.0787 Australian Dollars)

(Reporting by Byron Kaye; Editing by Kenneth Maxwell)

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