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Australia – Ashley Services Group announces IPO date

01 August 2014

Privately-owned training, recruitment, and labour hire company Ashley Services Group lodged its prospectus with the Australian Securities and Investment Commission today after raising AUD 98.5 million (USD 91.7 million) through brokers Evans & Partners and Canaccord Genuity, reports The Australian Financial Review.

The company will list on the Australian Stock Exchange 21 August 2014 with an initial public offering of AUD 1.66 (USD 1.55) per share, valuing the company at AUD 248.5 million (USD 231.3 million).

According to hotcooper.com.au, the funds received under the offer will be used as follows:

  • AUD 31.8 million (USD 29.6 million) will be paid as partial consideration for the purchase of online training platform Integracom.
  • Between AUD 35.1 million (USD 32.7 million) and AUD 47.5 million (USD 44.2 million) will be paid to existing shareholders by way of a dividend and sale of shares.
  • Between AUD 25 million (USD 23.3 million) and AUD 25.8 million (USD 24 million) will repay existing bank debt, provide funding for working capital, and pay the cost of the offer.