KKR is seeking to raise A$352 million ($271.36 million) in the initial public offering of its majority-owned pub group Australia Venue Co. (AVC)
The raising will be in exchange for a minority stake in one of Australia’s largest pub companies, in a deal valuing the group at A$903 million, according the document sent to investors on Monday.
KKR’s current 80% ownership will be significantly diluted as the firm does not intend to sell any shares, a source with knowledge of the deal added, declining to be identified as the person could not speak publicly.
According to the document sent to investors on Monday, shares in AVC, which operates a network of 175 pubs, bars and venues across Australia and New Zealand, are being offered at A$2.33 per share, equivalent to about 15 times forecast 2022 earnings.
It follows domestic private equity firm Crescent Capital Partners seeking to raise A$408 million in the IPO of its pathology provider Australian Clinical Labs, adding to the already four-fold increase in public offerings in the first quarter.
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