The Australian: WiseTech set for ASX debut
As reported by the BusinessNow blog earlier, the deal was covered at $3.20, equating to a valuation of 6.3 times forward revenue. The initial price range was set at $2.58 to $4.12, representing a valuation multiple of 5.2 to 8 times projected pro forma annual revenue.
The float attracted strong demand, particularly from offshore investors attracted by the company’s technology and the unique role it plays in the freight industry worldwide. WiseTech Global chairman, Charles Gibbon, said that the response from investors was an endorsement of the company as a global technology player.
“We are delighted with the strong support for our company; it consolidates our position as the leading provider of mission critical software solutions to many of the world’s largest logistics providers.”
Meanwhile, WiseTech founder and chief executive Richard White said that the IPO was just the start for the next phase of his company’s journey.
“As we grow our global capability and product innovation, we will continue the sensible use of capital and our focus on growing customer and shareholder value,” he said.
WiseTech shares are expected to commence trading under the ticker “WTC” from Monday, April 11 midday on a conditional and deferred settlement basis.
Blackpeak Capital is acting as financial adviser to WiseTech in relation to the IPO, with Credit Suisse and Morgan Stanley acting as joint lead managers. OxStone is WiseTech’s investor relations adviser while Clayton Utz is acting as legal adviser to the company.