Home and personal care products roll-up Hiro Brands has trimmed its IPO offer price by 30 per cent odd and pushed out the bookbuild to next week.
at $1.87 a share, to pay down and restructure debt, consolidate manufacturing sites, and fund working capital.Investor sources said it was now expected to offer shares around the $1.31 mark and run the bookbuild on August 23 and 24.
It kept the target raise the same at $25 million to $35 million, meaning the deal’s cheaper for the IPO investors but more dilutive for original shareholders.Hiro ventured out during an IPO drought, with a well-credentialed team in tow to make its Australian-manufacturing pitch to investors. The preliminary soundings played out before the reporting season opened, when fund managers had plenty of time in their calendars, with no other IPOs or sizeable follow-on deals competing for attention.
But Hiro was expected to have to calm investors nerves on how consumer spending would pan out amid inflation and rising rates. The business makes $80 million a year in revenue. It would list with a $105.4 million to $115.4 million market capitalisation. co-edits Street Talk, specialising in private equity, investment banking, M&A and equity capital markets. He has 10 years' experience as a business journalist and worked at PwC, auditing and advising financial services companies.
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