Quadrant revs up investment banks for $500m Grays Online IPO
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Quadrant Private Equity has kicked off plans to re-list online auctions business Grays Online with a $500 million valuation.
As first reported by Street Talk on Sunday, Quadrant has sent a formal request for proposal to Australian investment banks, seeking their views on who could be interested in buying Grays and at what price.
Grays Online sells heavy machinery to the mining, construction and agriculture industries, as well as real estate, boats, cars, wine, home appliances and electronics.
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Quadrant is expected to use the responses to dish out a handful of sale mandates. It is understood to be keen to prepare Grays for the ASX-boards, although could always be tempted by a big offer from a strategic investor or rival private equity firm.