onevue plans 2014 stock market float

Direct competitor to HUB and one of the few pure-play platforms out there. Will be very interesting to get a look at the prospectus. Should provide some clarity around the true intrinsic value of HUB.

http://www.afr.com/p/business/sunday/onevue_plans_stock_market_float_wEoYxVgCFWzyEt3VssifBI

Investment and administration platform operator OneVue has appointed Bell Securities and PricewaterhouseCoopers to assist with its planned stock market float, scheduled for March or April next year.

Just three months after acquiring a unit registry business from Computershare for an undisclosed sum, OneVue said it was preparing for a listing before the end of the financial year in order to maximise the value of the firm’s stock.

OneVue chief executive Connie Mckeage said there was a “huge discrepancy” between the prices of private and public companies. “We have a responsibility to act in the best interests of our shareholders,” she added. Based on an equity multiple, the company could be worth more than $120 million.

OneVue’s share registry boasts some high profile business names, including UniSuper chairman Chris Cuffe, chairman of Platinum Asset Management Michael Cole, and Bruce Hogan, chairman of Snowy Hydro and former joint managing director of Bankers Trust Australia.

QUEUE TO LIST
OneVue, which is heavily exposed to the fast-growing self managed superannuation industry, becomes the latest in a long line of firms queuing to capitalise on strong investor sentiment and join the ranks of listed companies.

Earlier this month financial software provider Class Super brought forward its planned listing to late 2015 after announcing an 80 per cent rise in revenues for 2012-13 and appointing a new chief executive in David Smith. Dairy processor Murray Goulburn is expected to pursue a partial listing on the Australian Stock Exchange, Goldman Sachs and Macquarie Group have launched an initial public offer book build for retailer Dick Smith and last week credit reporting company Veda launched its prospectus ahead of a planned float.

OneVue will also be buoyed by investors’ response to recent listings of financial services companies, such as foreign exchange payments company OxForex and insurance-broking group Steadfast.

ATTRACTIVE TO INVESTORS
Early signs suggest that OneVue will also be attractive to investors.

“It’s an exciting market offering at a time when the value proposition for traditional platforms is being tested. They will go up against companies such as IRESS and Hub24 and they will be a pureplay wealth management player,” said an industry analyst who declined to be named.

“It’s also a play on the SMSF sector, with an intermediated offering directed to retail advisers. It will also have a direct digital capability. The register of the company is also bluechip,” he said.

Last week listed wealth manager Perpetual and Thorney Investments, the investment vehicle backed by Alex Waislitz, joined the register with a $6.75 million capital injection. The investment gave the two shareholders a combined stake of just over 20 per cent. It is understood Perpetual made the larger cash injection.

OneVue specialises in online investment management and administration solutions for the financial advice, self managed superannuation funds and unit registry sectors.

Losses at the company narrowed to $919,000 in the year to June 2012 from $2.3 million the year before after revenues fell to $4.5 million from $4.8 million, according to the latest accounts filed with the Australian Securities and Investments Commission.