QMS board chosen
Billboard operator QMS Media has chosen its board ahead of its initial public offering to raise $85m at 80c per share through joint lead manager Baillieu Holst.
The company, which operates in Australia, New Zealand and Indonesia, will list with a $165m market value and will be chaired by Wayne Stevenson, with Barclay Nettlefold as chief executive.
The price of the deal equates to 10.8 times the group’s 2016 forecasted net profit.
Listed rivals oOh!Media and APN Outdoor are trading on multiples of 25.6 times and 18.7 times respectively.
QMS Media’s management roadshow is being held next week in Sydney and Melbourne.
Bids are due on April 30 and the company will lodge its prospectus in early May for a June listing.
Mr Nettlefold will hold 20.3 per cent of the company after the initial public offering, with 51.5 per cent of the business to be sold down.
QMS expects to make the bulk of its revenue from its 33 digital signs and 240 static billboards.
