Candle seller Dusk readies roadshow for $120m IPO News21 Sep 2020

The flame for private equity-owned retailer Dusk's ASX listing ambitions is starting to burn that little bit brighter.

 

As first reported by Street Talk on Sunday, the candle retailer and its brokers Canaccord Genuity and Shaw and Partners are poised to launch an initial public offering roadshow for the business this coming week.

 

It is understood at those meetings – which will start from Tuesday – funds will be told that Dusk will look to raise around $70 million for its IPO, which implied a market capitalisation of $120 million. A raising of that size would see Dusk trade on a PE multiple of nine times.

 

Sources said the IPO would be entirely done through a selldown, which would see all the money raised go into the pockets of Dusk's existing investors. Its biggest backer is Sydney-based private equity outfit Catalyst, led by dealmaker Trent Peterson.

 

Catalyst Buyout Fund 2 acquired Dusk along with sheets and homewares retailer Adairs in December 2010, and subsequently split the businesses then listed Adairs in mid 2015.

 

In regards to the roadshow, potential investors would have a chance to meet – online of course – analysts from the joint lead managers to run them through Dusk's numbers and its position in the market on Tuesday. That would be followed by virtual meetings with Dusk's management team on Wednesday.

 

The candle retailer – which has a network of more than 100 stores and posted EBITDA of $20 million in fiscal 2020 – is one of many ecommerce/retail-type plays lining up for the ASX boards and competing for the attention of money managers. Others include online-only cosmetics retailer Adore Beauty and wine retailer Vinomofo.

 

Dusk's roadshow comes after a non-deal roadshow last month where management ran through its growth strategy, including plans to boost online sales.

 

Article source: AFR, 20 September 2020

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