US private-equity group TPG Capital is preparing to list Australia’s largest poultry company, Inghams Group, on the ASX next month.
According to the prospectus, the listing will value Inghams at between AUD1.3bn (US$985.3m) and AUD1.5bn, with an indicative share price of AUD3.57-4.14 per share.
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Inghams has indicated it will sell 50-70% of the group and expects to raise as much as AUD1bn from the float.
TPG acquired Inghams in 2013. The purchase price was not disclosed at the time but reports in Australia suggested then TPG had splashed out AUD850m.
In 2016, Inghams generated revenue of AUD2.3bn. The firm employs more than 8,000 people and operates 340 poultry farms, processing sites and feed mills.
In the prospectus, Inghams forecast pro-forma profit of AUD99m for 2017. This means the share price has been set at 13 times profit.
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By GlobalDataThe final share price will be detailed on 4 November and the offer will start on 7 November.
