Before NIB’s brave call, no Australian company had gone to market raising anything more than a few bob all week.
The standoff’s because CPI data in the United States isn’t due out until Thursday night, Australian time. And last month, that CPI number was higher than expected and caused markets to tank.
So, all week, we’ve had little happening in equity markets. Volumes have been low, fund managers have sat on their hands ahead of the economic data, and deals almost non-existent.
NIB’s deal was expected to price at or towards the bottom of the range, which was an 8 per cent discount to the last close. It’s a respectable result given market conditions, and will have the health insurer on the hunt for more NDIS-related acquisitions.
Human resources software company Elmo Software is confidentially taking a handful of potential suitors through due diligence, including technology-focused American private equity firm Accel-KKR.
The winds of change blowing through Australia’s private equity scene have claimed another big scalp, this time at pan-Asian outfit Affinity Equity Partners.
Restaurant ordering start-up EatClub is fronting investors with a pre-Christmas capital raising, saying it wanted to expand overseas and tick off the few Australian markets where it currently doesn’t play.
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