The Millenium Services Group is poised to go public with the public ‘float’ being conducted Baillieu Holst and Ord Minnett. According to today’s The Australian Business page’s Bridget Carter, the contract cleaner has fixed the price of its shares for its initial public offering at $2.25 each.
Millenium’s offer size will be between $43.3 to $49.9 million with the company’s market value expected to be between $91.4 and $104.8 million, observes The Australian.
‘Millennium’s valuation range equates to 12 to 13.7 times its forecasted net profit for the 2016 financial year.
‘The dividend yield for the 2016 financial year equates to between 3.7 percent and 4.2 percent.
‘Owners of the company, which includes (sic) Royce Galea, Stephen Lidbury Tomi-Sasha Holdings, D.J.G Enterprises and Trygela have agreed to voluntary escrow conditions for two years,’ stated Carter’s story.