OzForex Group Ltd. (OFX), which raised about A$440 million ($416 million) in Australia’s largest initial public offering this year, rose 30 percent in its debut on the Australian Securities Exchange.
Shares in the Sydney-based online foreign exchange company climbed to as much as A$2.59 in initial Sydney trading compared with the A$2 that investors paid for the stock in the IPO. Part-owners Carlyle Group LP (CG:US), Macquarie Group Ltd. (MQG) and Accel Partners raised the money in Australia’s third-largest IPO in three years.
OzForex’s opening may embolden companies waiting to sell shares to Australian investors. Nine Entertainment Co., an Australian television broadcaster part-owned by Apollo Global Management LLC (APO:US) and Oaktree Capital Group LLC, may sell shares in December to raise as much as A$1.2 billion, the Australian newspaper reported Sept. 24 without citing anyone.
Macquarie, Carlyle and Accel together owned 63 percent of OzForex before the IPO and have exited the firm, according to the offer prospectus.
OzForex posted net earnings of A$17.1 million on net operating income of A$52.1 million in the year ended March 31 and forecast net profit of A$18.6 million in the year through March 2014, the prospectus shows. It completed more than 460,000 transactions worth in excess of A$9.1 billion in fiscal 2013, it said.
Including OzForex, Australian IPOs have raised about $1.9 billion this year, a 46 percent rise from the $1.3 billion raised in 2012, according to data compiled by Bloomberg.
The IPO is the third-largest in the country in three years, Bloomberg data show. Shopping Centres Australasia Property Group (SCP) raised $483 million in October 2012 and rail company Aurizon Holdings Ltd. (AZJ) raised $4.2 billion in October 2010, the data show.
Goldman Sachs Group Inc. and Macquarie arranged OzForex’s IPO, according to offer documents.
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