May 23, 2014
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Australian clothier PAS to raise $111 mln in IPO

May 23, 2014

SYDNEY, Australia - Australian clothing company PAS Group said on Friday it aims to raise A$120 million ($110.82 million) through an initial public offering (IPO), joining a rush of companies eager to capitalise on the country's buoyant share market.

Review | Source: thepasgroup.com.au

Melbourne-based PAS, which since 2004 has picked up the Review, Black Pepper and Metalicus clothing labels and licences for the Everlast, Slazenger and Mooks brands, plans to list on June 16.

Australia's IPO market is hotting up amid low interest rates and as shares trade near record highs following five years of significant volatility.

In the past three days, the year's biggest IPOs so far - industrial services company Spotless Group Ltd and Genworth Mortgage Insurance Australia Ltd - raised A$1.5 billion and debuted high above their listing prices.

PAS, in its IPO prospectus, said it plans to sell 104.8 million shares at A$1.15 each, or 76 percent of the company.

The remaining shares will be kept by management and existing shareholders Propel Investments, Macquarie Private Equity and State Super.

PAS has grown from eight shops in Australia in 2005 to 223 across Australia and New Zealand, with plans to have 340 by 2017, it said in the prospectus.

$1 = 1.0828 Australian Dollars

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