
PE-backed OzForex plans $413m IPO
OzForex Group - an Australian online foreign exchange services provider backed by The Carlyle Group, Accel Partners and Macquarie Group - plans to raise $440 million in its Australian IPO scheduled for October 11.
A total of 240 million shares will be issued at A$2.00 each, with Macquarie and Goldman Sachs are joint-managing the listing, according to a regulatory filing.
Set up in Sydney in 1998, with a view to tapping the growing market for international remittances, OzForex now has more than 350,000 clients globally and executes over 500,000 money transfers per year, 85% of which are conducted online.
The company has partnerships with Moneygram and Travelex and last year moved A$12 billion in international funds. Pre-tax profit for the year ended March 2013 came to A$24.2 million.
Accel and Carlyle invested an undisclosed sum in the company in November, 2010, in return for a minority stake. The capital was intended to support the company's expansion into North America, Europe and Asia, as well as fund the development of complementary products and services.
The IPO is set to be the Australia's largest this year - more than the A$339 million raised by fertility service providers Virtus Health in July, which allowed a full exit by Quadrant Private Equity.
According to AVCJ Research, PE-backed IPOs in Australasia reached their highest quarterly level in three years between April and June this year. In 2012 as a whole, three offerings raised $156 million between them.
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