Virtus Health, backed by private equity firm Quadrant, launches its Australian initial public offer of shares. Virtus is an in-vitro fertilization business and its IPO projected proceeds was pegged at Aus$300 million.
According to Reuters, the offering of Virtus Health is for a volume between 51.3 million and 53.7 million shares with an indicative price range of between Aus$4.92 and Aus$5.68 per share. The offer is made by the biggest in vitro fertization or IVF business in the Asia Pacific region according to IFR, the Thomson Reuters publication. This is also set to be the largest IPO for the year in Australia.
For its part, the buyout firm Quadrant is divesting its shareholdings to a volume between zero and ten percent. This was the condition prior to the IPO according IFR. The listing for the initial public offer is set for June 11, with Morgan Stanley and UBS as joint bookrunners for the sale.
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