Novotech’s $5b+ float; Woolworths goe s green again; BoA shakes trees for ClearView

Good evening,

TPG Capital has dollar signs in its eyes. Its majority-owned contract research organisation Novotech is on track for a healthy $4 billion to $6.8 billion valuation, according to some pre-deal research reports that have been sent to investors.

The IPO on the Stock Exchange of Hong Kong is being led by Goldman Sachs and UBS. The Goldman Sachs research report was the more conservative of the pair and valued the company at 75-times to 76-times forecast 2022 earnings, on a price-to-earnings basis.

But whatever price it fetches, it’s going to be a big payday for TPG. When it sold a 10 per cent stake in February, Novotech was valued at $US2.3 billion-odd.

Elsewhere, Woolworths is pitching European debt investors in a new sustainability-linked bond; Bank of America has started shaking the trees for ASX-listed ClearView Wealth; Ampol is running the numbers on Meridian Energy’s gentailer, and Salter Brothers and Perennial are buying into fintech Verrency.

Happy reading,

Anthony Macdonald and Yolanda Redrup

Street Talk Editors