$300m raised in cornerstone book

Real estate debt fundie Qualitas has secured its ASX listing, after Macquarie Capital closed the IPO bookbuild at the targeted $300 million on Wednesday.

Qualitas CEO Andrew Schwartz AFR

Investors were told all of the mooted raising was taken up at $2.50 a share, and they should expect allocations as early as Wednesday night.

The allocations would be subject to a clawback of as much as 10 per cent pending wider institutional and retail marketing next week, investors said.

The IPO would see Qualitas list with a $700 million valuation in December.

Qualitas’ broker Macquarie Capital kicked off the two-day cornerstone bookbuild on Tuesday morning. It also hired Canaccord Genuity and E&P to pitch the IPO to prospective investors.

Management presentations during the bookbuild positioned Qualitas as a fund manager in a growing asset class (commercial real estate debt), with a growing client base in superannuation funds.

The pricing of $2.50 a share was 13.7 times forecast EBITDA for the 2022 financial year and 19.1 times forecast net profit after tax and amortisation.

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