TPI Enterprises IPO by Wilsons

This will be another ripper I missed. Just found out from a contact that its 4 times Over subscribed and will be extremely tightly held like IPH. What a frigin pity It will be one of the only 9 Licensed Producers and Makers in the world. Anyone here got lucky at Wilsons Boyz. Cheers
Narcotics producer TPI Enterprises pitches to investors
aw materials producer TPI Enterprises started a one-week investor roadshow in Melbourne on Tuesday before a $36.5 million equity raising and eventual compliance listing on the Australian Securities Exchange.
The unlisted opium company is already reasonably well-known among institutional investors and counts Washington H Soul Pattison, the late Simon Marais, Ellerston Capital and Acorn Capital among its backers.
But TPI founder and chief executive Jarrod Ritchie is using the roadshow to educate the masses, with a compliance listing scheduled before June 30.
TPI buys opium poppies off contracted farmers in Tasmania, Victoria, Northern Territory and Portugal, then extracts and purifies the narcotics for drug companies to use in painkillers such as morphine and codeine.
The pitch to investors is that three-quarters of the world's population has limited or no access to pain relief. And as the population grows and ages - and middle classes emerge in developing countries - TPI's growth could look pretty impressive.
It also pointed to a heavily regulated industry, with local, state and federal bodies keeping close watch of poppy growing, harvest, manufacture and import/export.
In the meantime, TPI needs $36.5 million to repay Rabobank and shareholder loans. The company told investors it lost $14.5 million in 2014, while revenue almost halved as manufacturing stopped mid-way through the year to dismantle its factory and relocate to Victoria.
TPI's broker Wilson HTM was calling for bids by March 16. The offer was priced at $4.75 a share and valued the company at $245 million.
Soul Pattison is expected to buy about 20 per cent of the 7.7 million shares on offer - while other investors including directors, management, Ellerston and Acorn are not expected to take part in the raising.