Dick Smith lodges prospectus to list on ASX

Expects to raise $344.5 million based on a $2.20 share price.

Retailer, Dick Smith, has lodged its prospectus with ASIC for an IPO to list on the ASX.

The offering to retail and institutional investors is expected to raise $344.5 million based on a $2.20 share price.

It expects to commence share trading on the ASX on December 12.

Private equity firm, Anchorage Capital, will remain a key shareholder in Dick Smith, retaining a 20 per cent interest. The Dick Smith management team will collectively hold about 11.5 per cent of the issued shares.

Dick Smith CEO and managing director, Nick Abboud, said since the retailer has been under Anchorage’s ownership, it had undergone a significant transformation.

“With the transformation initiatives largely implemented, management put in place a comprehensive strategy and plan focusing on key business initiatives which provide a strong platform for growth and further development of our business,” Abboud said.

The retailer claims that the transformation program has already delivered substantial improvements to its financial performance. It is forecasting pro forma EBITDA to grow to $71.8 million in FY2014, compared to $23.4 million in FY2013.

Dick Smith chairman, Phil Cave, said as part of the transformation program, the retailer established a platform for the future growth of the business based on four main initiatives: growing the store network, expanding its omni-channel offering, driving growth in its mobility category and expanding its private label offering.

During FY14 is has also opened five new stores and plans to open 11 more locations this financial year as well as take over the operation of David Jones’ consumer electronics departments, launch its new multi-carrier mobile offering, and opened our first mobility-focused Move store concept.

Goldman Sachs and Macquarie Capital Advisers were appointed as the joint lead managers, bookrunners and underwriters in the offer.

Read more: Dick Smith teams with Quickflix in race for movie streaming customers

2015 State of The IT Channel Survey : IT'S TIME!!! Fill in this year's State of the IT Channel Survey and be in the running to win great prizes. CLICK HERE

Join the ARN newsletter!

Error: Please check your email address.

Tags dick smithASX listing

More about CaveDavid JonesGoldman

Show Comments
 

Latest News

Mar 27
AppSense takes the wraps off its new analytics platform
Mar 27
SugarCRM beefs up its global executive team with three new hires
Mar 27
'Do Not Call' spam phone call legislation passed
Mar 27
HubOne lands its first channel partnership in Australia
More News
30 Mar
Australian experts to address cybersecurity challenges and solutions at Canberra...
21 Apr
APJ Progress Spark Conference
22 Apr
2015 Innotribe Startup Challenge
27 Apr
Disruptocon
View all events