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Yeah the rumour started late last week.. When a float is...

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dimaz11

751 Posts.

24/11/14

16:40

Post #: 14343690
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Originally posted by peterdoobes ↑

This got downsized and re-priced. Glad I stayed away
AFR:
Vacuum-cleaner retailer Godfreys is expected to lodge its prospectus with the Australian Securities and Investments Commission on Monday afternoon, after re-pricing and downsizing its initial public offering.
It is understood Godfreys’ board met on Monday morning and signed off on the equity raising, which was done at 9-times forecast profit.
Godfreys raised $78 million at $2.75 a share through brokers CBA Equities and Credit Suisse and will list with a $110 million market capitalisation in December.
Existing shareholders, including management and long-time investor John Johnston, are expected to retain a 30 per cent stake.
The company had initially set out to raise $90.2 million to $103 million at 10.5-times to 12-times profit.
Godfreys has 208 stores in Australia and New Zealand, including 122 company-owned shops and 86 franchises. It is forecast to make $22.1 million in earnings before interest, tax, depreciation and amortisation in the 2015 financial year, and a $12.2 million normalised profit.

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Yeah the rumour started late last week.. When a float is repriced lower, it's never a good sign.

http://www.ipohub.com.au/chat/godfreys-ipo
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