Good evening,

Just when fund managers thought the suspense was over regarding IPO hopeful Xpansiv’s valuation, they’ve been handed a new set of clues.

The carbon offset trading business lobbed its pathfinder prospectus this week.

But it contained no forecasts.

Instead, the company offered detailed numbers on the addressable market and its past earnings (which are clearly growing), and asked investors to pin a value on it.

The lack of hard and fast forecasts for a $500 million-odd IPO is unusual, but fund managers’ memories are fresh from last year when they were taken down a similar route with SiteMinder.

For now, it’s another fortnight’s wait to Xpansiv’s valuation.

Elsewhere, there’s movement at auctions for Macquarie’s Cobham Aviation, Salt Lake Potash, and New Energy Solar.

Happy reading,

Anthony Macdonald, Sarah Thompson and Kanika Sood

Street Talk editors