Australia: United Petroleum Sets IPO Deadline

Australia: United Petroleum Sets IPO Deadline

Fuel retailer United Petroleum has set December 31 as deadline for its initial public offering.

United Petroleum has filed documents with the Australian Securities and Investments Commission for listing in the Australian Securities Exchange before the end of the year.Company's sponsor brokers Credit Suisse and Morgan Stanley plan to have the company back out in front of potential investors in coming weeks. Herbert Smith Freehills is also with the company doing the legal work.

Last year, company initiated a non-deal roadshow to promote its prospectus, but thereafter the deal was cancelled and the company and its advisers went about reframing the prospective offer.  This time, company is expected to present as an operating business only, with the property assets stripped out and likely to stay with the company's existing shareholders Avi Silver and Eddie Hirsch.

United Petroleum accounts for 4.9 per cent market share in the Australian retail fuel sector, and is anticipated to be worth more than $500 million. Investors may compare it to Caltex Australia, who own 16.8 per cent share of the retail fuel market, and other retailers on the ASX-boards. Management will need to be out on the road within the next six weeks if company has to list this year.

APN Property Group is expected to hire UBS investment bankers and Macquarie Capital to pitch for joint lead manager roles before the end of the month in a fuel service station deal in its slated fuel service station REIT.  APN's proposed REIT would be different from United Petroleum. While both are in the fuel sector, one would be a property vehicle similar to the recently listed Viva Energy REIT, while the other is anticipated to be an operating business.

Viva Energy REIT has attracted renewed investor interest in the sector, which performed well since listing at $2.20 a share in August. The owner raised $911 million for its IPO and its share has since touched a height of $2.60. PWKD21092016

Last modified onThursday, 22 September 2016 01:35
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