The offering size is $336.7 million to $378.4 million. Depending on equity investor interest in the deal, Cuscal could have a market cap of up to $531.4 million.
The institutional book is scheduled to close on November 3rd. Cuscal is due to begin trading on the ASX on November 23.
Slim booty for fundies
If Cuscal’s listing is successful, it would be the second-largest IPO in 2023 after chemicals company Redox, which raised $402 million in July for its listing with a market capitalization of $1.3 billion. The family-owned company sold shares at $2.55 apiece and struggled to break through the market price – closing at $2.32 on Friday. Then there’s Nido, which raised $99 million through Canaccord Genuity, MA Financial and Wilsons Corporate; it hits the ASX exchanges on Monday.
In June, Abacus Property Group launched a $225 million capital raising for the planned spinoff of its $3 billion portfolio of Storage King self-storage properties. Shares of Abacus Storage King sold for $1.41 per share – and have since slipped to $1.08.
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