Here you go nani.. Aged care operator Estia Health has launched...

Here you go nani..

Aged care operator Estia Health has launched its bookbuild and will raise $725 million from its initial public offering.
As revealed by copyright link, shares were offered at $5.75, or a multiple of 21-times forecast net profit, which would give the company a market value of $1.035 billion. It’s understood the book is well covered and the offer has been underwritten by the joint lead mangers, Deutsche Bank, Morgan Stanley and UBS.
There was strong demand from offshore and local institutions, while retail demand had to be materially scaled back. Major shareholder Quadrant Private Equity will retain around 20 per cent of Estia after it is listed on December 5. The forecast dividend yield is 4.8 per cent.
The offer is a slight discount to listed aged care companies Japara Healthcare and Regis Healthcare, which have both performed well after floating this year.
EXPANDING AGGRESSIVELY
Quadrant acquired the core Estia business, which was then just 13 facilities in Victoria, in October 2013. It has been expanding aggressively with acquisitions into SA, NSW and Queensland. The combined group has 39 facilities and 3600 beds.
As revealed by Street Talk on Financial Review Sunday, the indicative share price range had been set at $5.17 to $6.96 reflecting a multiple of 20-times to 23-times forecast net profit.
Estia’s team met with fund managers in Singapore, Hong Kong, Boston, New York, London, Sydney and Melbourne over the past fortnight.
Estia is the fifth company Quadrant has listed in the past 18 months. The others – Virtus Health, Burson Auto Parts, iSentia and APN Outdoor – have all traded higher in the secondary market.

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