E&P opens books for $30m Openmarkets IPO
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E&P Corporate Advisory has ramped up its pitch for initial public offering contender Openmarkets Group, calling for bids into an institutional bookbuild by midday on Thursday.
The broker sent terms to potential investors on Wednesday morning, outlining a $30 million to $32 million IPO in a deal valuing the company at as much as $160.7 million on a market capitalisation basis.
Openmarketsâ software is used to support more than 200,000 investor accounts, according to a pitch for its IPO. Â
Jim Rice
The broker was calling for bids at 4.5 times to 5.5 times forecast revenue, with the offer proceeds and Openmarketsâ valuation dependent on the final multiple.
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