JPMorgan and UBS have launched a $225 million equity raising for Steadfast Group.
JPMorgan and UBS have launched a $225 million equity raising for Steadfast Group, priced at $5 a share.Investors were told Steadfast had a binding deal to buy Insurance Brands of Australia, a 41-year-old insurance distribution business focused on the SME sector. IBA had 400 insurance professionals across 70 locations, and expected normalised EBITDA around the $20 million mark for the 2023 financial year.
The total acquisition price was up to $301 million and Steadfast would pay the initial $276 million via scrip and cash. It expected to complete another $220 million worth of trapped capital acquisitions in the 2023 financial year. Steadfast said it would follow Wednesday’s institutional placement with a $25 million share purchase plan.
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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