Storm gathers ahead of IPO
Storm Financial has launched an initial offer of 160 million shares ahead of its planned ASX-listing on December 13, available only to employees, clients and institutions.
The share offer is expected to raise between $147.2 million and $172.8 million for the Townsville, Queensland-based dealer group and wealth manager, which has been operating for 15 years.
Shares are on offer at an indicative price range of 92 cents to $1.08 per share, although the final price will be determined through an institutional book build to be held on December 4.
Storm, which has funds under management of more than $5 billion, will have a market value between $424 million and $497.8 million after the offer is completed.
Executive chairman and joint chief executive Emannuel Cassimatis said the group is delivering an adjusted earnings compound annual growth rate of about 146.7 per cent between fiscal 2004 and fiscal 2008.
A prospectus has been lodged with the Australian Securities and Investments Commission for the float ahead a planned stock exchange listing next month.
The share offer opens on November 14 and closes on November 28.
Recommended for you
With the final tally for FY25 now confirmed, how many advisers left during the financial year and how does it compare to the previous year?
HUB24 has appointed Matt Willis from Vanguard as an executive general manager of platform growth to strengthen the platform’s relationships with industry stakeholders.
Investment manager Drummond Capital Partners has announced a raft of adviser-focused updates, including a practice growth division, relaunched manager research capabilities, and a passive model portfolio suite.
When it comes to M&A activity, the share of financial buyers such as private equity firms in Australia fell from 67 per cent to 12 per cent in the last financial year.
