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
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
Having peaked at more than 40 per cent growth since the first M&A bid, Insignia Financial shares have returned to earth six months later as the company awaits a final decision from CC Capital.
