MST Financial Services has begun pounding the sidewalk for Hiro Brands IPO hopeful and celebrating its first full day of investor talks on Monday.
Garry Hounsell is chairman of skincare company Hiro, which is targeting ASX boards. Justin McManus
Fund managers said Hiro’s CEO Steven Chaur, non-executive director Paul Docherty and chief financial officer Albert Zago spent the day introducing Melbourne investors, while Sydney is scheduled to start Wednesday.
Hiro, which makes home and personal care products, went public after $25-$35 million in fresh funds with a market cap of $105.4-$115.4 million.
Prospective investors were told that proceeds from the IPO would be used to pay down and restructure debt, consolidate manufacturing facilities and fund working capital.
Hiro did not provide detailed financial guidance and had negative EBITDA for the first half. But it was confident its products — which range from drain cleaners to lipsticks and are already selling $80 million a year — could gain more market share.
The pitch said Australians have a strong preference for locally made products (60 per cent for household cleaning products, for example), while only half of the $6.8 billion worth of home care and personal care products are currently made locally.
The shares were offered for $1.87 each. MST is scheduled for August 9th in the book build.
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