WiseTech Global well-covered at low end of range; launches...

WiseTech Global well-covered at low end of range; launches institutional bookbuild

ASX aspirant WiseTech Global has launched its institutional bookbuild, telling shareholders there have been indications from offshore and local institutions that significantly exceed the base deal size of $100 million at the low end of the range.y.
ASX aspirant WiseTech Global has launched its institutional bookbuild, telling shareholders there have been indications from offshore and local institutions that significantly exceed the base deal size of $100 million at the low end of the range.
The indicative enterprise value is $699 million to $1.081 billion, while the indicative market capitalisation post offer is $763 million to $1.191 billion, according to the termsheet sent to fund managers and obtained by Street Talk.
The offer size is $100 million to $220 million, while the indicative price range is between $2.58 and $4.12 a share.
The bookrunners were calling for bids at various levels; $2.58, $2.75, $2.90 and similar intervals all the way up to $4.12 a share.
Bids were due to close at midday on Thursday.
WiseTech's indicative enterprise value to pro-forma FY17 forecast revenue is 5.2 times to 8 times, while the indicative enterprise value to pro-forma FY17 forecast EBITDA is 14.6 times to 22.5 times.
The selling shareholders will sell up to 16.9 million of their existing shares to SaleCo for transfer to successful applicants under the offer, the termsheet says. "Final decision on selldown will be made at the time of the bookbuild and such amount may be nil."
The bookbuild closes on Thursday. Expected commencement of trading on a conditional and deferred settlement basis is scheduled for April 11.
Credit Suisse and Morgan Stanley are joint lead managers.

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