Australia's Ironbridge set for partial exit from Monash IVF
Australian GP Ironbridge Capital is on course to exit the majority of its stake in Monash IVF through an IPO.
The company will raise A$315 million ($292 million) by selling its shares at A$1.85 apiece, the top end of the indicative range, The Australian reported. Ironbridge was planning to retain a 10% interest in the business but it is now expected to hold just 5% due to strong investor demand.
According to AVCJ Research, Ironbridge and US-based Horizon Health picked up a 61% stake in Monash in 2009, with AXA Private Equity - now known as Ardian - and Pantheon also participating as co-investors. The transaction, worth $123 million, facilitated the exit of Allegro Private Equity.
The IPO follows that of rival IVF specialist Virtus Health, which went public last June, raising A$338.7 million. Quadrant Private Equity, majority owner of the business, made a full exit at the IPO stage, having originally been expected to retain a 10% interest.
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