MELBOURNE: Australian private-equity owned building company Ausco Ltd is planning a A$500 million initial public offering, according to several fund managers, in what would be the first float by a buyout firm in the local market in 18 months.
The IPO market has been virtually shut for private equity firms since the disappointing float of department store Myer, which listed in November 2009 and has yet to trade above its offer price.
But two fund managers who have seen premarketing documents for Ausco owned by Waco International, a South-African based industrial services company bought by CCMP Capital in 2006 said its links with the resources boom could see a better reception to a potential float.
Ausco produces and hires out modular buildings for the mining and construction industries, government and schools.
The fund managers spoke on condition of anonymity because they were not authorised to the media. One said a prospectus could be lodged next month.
Advisers UBS and JP Morgan, and Ausco were not immediately available for comment.
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