Report: Nine Is Close To Finding A Bank To Handle An IPO Worth As Much As $1.2 Billion

Photo: Getty/Cameron Spencer

The Australian is reporting Nine Entertainment is close to signing a bank to oversee its listing, which could value the network at as much as $1.2 billion.

Hoping to list by the end of this year, according to The Aus Nine is probably going to use UBS and Macquarie. The newspaper cited unnamed sources.

US Hedge funds Apollo and Oaktree own 95% of Nine. And according to the report, will probably sell down a lot of their holdings, so that they can buy back in at more than parity, now that the Australian dollar has fallen.

The climate for IPOs also looks to be improving. According to the Aus, it is a good sign that insurance network Steadfast — due to list this week — is priced at the top of its float range, at $1.20.

Momentum, spurred by a run of successful listings, is essential for companies such as Nine who are looking to float.

The latest big-name listing, iSelect, has not fared that well. It closed down yesterday at $1.59 a share. It floated at $1.85 a share.

Read more here.

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