Books open on WiseTech IPO Investors are predicting WiseTech,...

Books open on WiseTech IPO
Investors are predicting WiseTech, the global logistics software firm, will list on disallowed at $2.75 per share, the low end of its valuation range.
The predictions comes as brokers to the company’s float, Credit Suisse and Morgan Stanley opened the books this morning on a $220m raise, aimed at launching the company on the stock exchlater this month.
WiseTech, which was founded by entrepreneur, Richard White, is seeking $100m to $150m in a primary raise.
A further $70m may be sourced from a secondary selldown.
The deal’s price range has been set at $2.58 per share to &4.12 per share.
According to a term sheet sent to fund managers, investors have been asked to bid up in the following price increments: $2.58, $2.75, $2.90, $3.05, $3.20, $3.35, $3.50, $3.65, $3.80, $3.95 and $4.12.
In total 24.3m-75m shares will be distributed to public market investors.
Of that figure 24.3-58.1m are primary shares with up to 16.9m earmarked for a secondary selldown.
That delivers an enterprise value, which includes debt, of $699m to $1.08bn.
WiseTech’s equity or market capitalisation is worth $763m to $1.2bn.
As revealed by DataRoom, many large Australian fund managers have shied away from the deal, partly due to its hefty valuation.
However it is understood WiseTech has lured significant offshore interest.

source: http://www.theaustralian.com.au/business/businessnow