Dick Smith Closes Bookbuild Within One Day As Institutional Investors 'Swamp' $500 Million IPO: Report

Electronics retailer Dick Smith has closed the institutional component of its $500 million IPO within the day, after bookrunners Goldman Sachs and Macquarie Group were “swamped with subscriptions”, the AFR reports.

Dick Smith is expected to float at $2.20 a share next month, with an institutional and retail bookbuild to take place next Thursday.

Private equity firm Anchorage Capital is expected to retain 20% of Dick Smith, with Dick Smith’s management team holding on to about 15% of shares.

A vast majority – 85% to 90% – of new shares will go to institutional investors, with today’s bookbuild raising $340 million, the Fin reports. Shares will be allocated tonight.

There’s more on the Fin.

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