Concern with this float is flat profit on FY15 (due to the company undertaking large capex) which will be realised on FY16. Revenue in FY15 is increasing at reasonable pace. In FY14, Huon production is increasing where as Tassal production is decreasing.
Interestingly enough, the $/kg that Huon sold is slightly lower than Tassal. It is priced slightly lower than Tassal, but not low enough for my liking.. Thoughts?
HUON AQUACULTURE GROUP LIMITED – INITIAL PUBLIC OFFERING
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Offerors and Securities
1
Securities Offered:
Initial public offering (“Offer”) of fully paid ordinary shares in Huon Aquaculture Group Limited (“Huon” or the “Company”) The shares are to be listed on the Australian Securities Exchange ("ASX")
A$4.75 – A$5.40 per Security (but may be above, below or within this indicative price range (“Indicative Price Range”). Final price to be determined by the Bookbuild to be held on 2nd and 3rd October 2014
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Offer Size:
A$125m primary equity raising Peter and Frances Bender may sell-down up to A$25m of their shareholding in Huon. The final decision on sell-down and size will be made at conclusion of the Bookbuild.
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Total Securities on issue at listing
Approximately 84m - 87m Securities
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Indicative market capitalisation
A$415m – A$455m
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Enterprise value / pro-forma FY2015 forecast operating EBITDA*
