July 9, 2003 – It seems that the unsettling world
events have had a noticeable impact on the IPO market here
in Australia.
Initial Public Offerings are down 37% from levels experienced
in the same six-month period in 2002.
A total of 23 floats were announced in the first half of
2003. This compares to a total of 35, which were announced
during the same period in 2002.
Interestingly, the amount sought in the marketplace so
far in 2003 has actually exceeded funds sought in 2002.
This result - $2,345.91m in 2003 vs $2,038m in 2002 –
however was propped up by the Promina float and to some
extent the Transurban CARS Trust float.
Promina sought to raise $1,620m while Transurban went to
the market seeking $430m. The remaining 21 proposed new
listings sought to raise a total of only $295.91m.
In this subdued market, Freehills were the most active
legal adviser. They were involved in a total of 4 new listings.
KPMG and PricewaterhouseCoopers were participants in 3 new
listings each.
The following tables summarise the activity of the IPO
market to the 30th of June.
IPO Summary
The six months to June saw a total of 23 new floats announced
into the market place. The total amount sought for these
new listings was $2,345.91m.
Specific industry listings were consistent with the last
few years results with 6^ new mining floats. The Banking/finance
sector also featured with 4^ new listings announced.
^ As of the 30th of June there were 10 new listings with
industry classifications pending.
The following are the top 5 IPO’s announced in the
first half of this year.
The Top 5 IPO’s - June 30
| Company Name |
Industry |
Legal Adviser |
Acct Adviser |
Amt Sought |
| |
|
|
|
$m |
| |
|
|
|
|
| Promina Group Ltd |
Bank/Fin |
Freehills |
PWC |
1,620.00 |
| Transurban CARS |
Misc/Indust |
Freehills |
PWC |
430.00 |
| Wilson Invest Fund |
Bank.Fin |
Watson Magioni |
Moore Stephens |
100.00 |
| Atlas Group Holdings |
Mining |
Freehills |
KPMG |
71.01 |
| Acumen Cap. Prop. |
Bank/Fin |
Freehills |
KPMG |
40.00 |
Adviser Summary
The following tables outline the top Legal and Accounting
advisers who participated in new listings for the half-year
period up to the 30th of June.
Top Legal Advisers
| |
|
No. of Floats |
Total Amount Sought $m |
| |
|
|
|
| 1 |
Freehills |
4 |
2161.06 |
| 2 |
Corrs Chambers Westgarth |
2 |
4.50 |
| |
Pullinger Readhead Stewart |
2 |
11.61 |
| |
Watson Magioni |
2 |
106.00 |
Top Accounting Advisers
|
