| SYDNEY, June 5
SYDNEY, June 5 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
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)