SYDNEY May 27 Australian private equity firm
Ironbridge plans to sell the country's No. 2 fertility company
in a float worth up to A$300 million ($277.47 million), joining
a stampede of IPO activity in a buoyant sharemarket, a source
involved in the deal said.
Ironbridge bought Melbourne-based Monash IVF for an
undisclosed sum in 2009, along with several other fertility
companies. It plans to sell a two-thirds stake in the group
using the Monash IVF name for between A$267 million and A$298
million, said the source who declined to be identified because
they were not authorised to comment publicly.
Australian private equity firms are increasingly turning to
IPO exits as the sharemarket trades near record levels. IPO
issuance in the country is headed for its biggest year in half a
decade, with the amount raised more than doubling in the first
Last week, cleaner-caterer Spotless Group Ltd and
Genworth Mortgage Insurance Australia Ltd raised A$1.5
billion in separate floats, more than doubling the value of
Australian listings since the start of the year.
The float of Monash IVF, which credits itself with the
world's first IVF pregnancy in 1973, would give the total
company a market capitalisation of A$442 million, the source
said, smaller than rival Virtus Health Ltd which listed
in June 2013.
Morgan Stanley and Macquarie Group Ltd are
arranging the sale with a bookbuild scheduled for June 3 ahead
of a listing on June 24.
Ironbridge, which is being advised by Fort Street Advisors,
expects to keep up to 11 percent of the company.
($1 = 1.0812 Australian Dollars)
(Editing by Stephen Coates)