New 'wise' logistics play makes first pitch
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The last time a logistics business with "wise" in its name hit the ASX-boards, it was logistics software company WiseTech Global and it quickly grew into a $6 billion six-bagger.
So we can understand the early interest in freight forwarding company Wiseway Logistics which is lining up for a sharemarket listing.
It is understood broker Bell Potter Securities had Wiseway in front of a handful of fund managers with a round of non-deal roadshow meetings last week.
Wiseway is a Sydney-based international forwarding and logistics company that handles sea and air freight, customs clearance, transportation, warehousing and distribution for clients. It told fundies it specialises in shifting goods between Australia and China and is the No.1 air freight business between the two countries.
It is understood Wiseway will be back in front of potential investors to formalise its mooted float as early as next week. It is slated to list on the ASX in late October or early November, which means formal marketing would have to commence within the next fortnight.
Wiseway will seek about a $70 million valuation on listing. Its existing owners are expected to remain invested in the listed company.
Former Australian ambassador to China and former Fortescue Metals Group director, Geoff Raby, is on board to chair the company.
