Australian chemical distributor Redox is aiming to raise about A$400 million ($263.96 million) in the biggest Australian new share sale so far in 2023, according to a source with direct knowledge of the matter.
An institutional bookbuild was underway on Monday and final terms for the transaction are due to be set later in the day, the source added.
The source could not be identified as they were not permitted to speak to the media. Redox declined to comment on its IPO.
The shares being sold represent about 30% of the company’s total stock and Redox will have a market capitalisation of A$1.3 billion ($857.87 million) to A$1.4 billion ($923.86 million).
Reuters