Redox touted its 58-year history, its clean balance sheet and consistent profitability when convincing investors to bet on the first big listing since June last year.
Chemicals distributor Redox’s $1.3 billion initial public offering on Monday was the first ASX listing north of $100 million in more than a year, leaving bankers hopeful the deal will coax more floats from Australia’s capital markets pipeline.
Established by the Coneliano family in 1965 in Minto in Sydney’s south-west, Redox has grown to be Australia’s largest distributor of chemicals and ingredients to clients in crop protection, food and beverage, nutrition, paint and plastics sectors. Chief executive Raimond Coneliano said few people knew about Redox, but its exposure to staple industries like drinking water and lithium batteries helped it tell a growth story to investors.
Unlike 2021, when investors punted on young, unprofitable, but unicorn-like companies, the 58-year-old Redox needed to convince investors it had a strategy to stay profitable, while its family owners reassured the market they were still committed long term. The war in Ukraine, stubborn inflation and rising interest rates have weighed on global bourses. In addition to strong financials, it is up to bankers to determine the best time to list. Mr Lack is buoyed by the Vix volatility index’s low levels this year, and is holding out hope the second half could bring more IPOs.
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Housing market growth slowed in June amid RBA uncertaintyThe housing market grew last month but the pace was slower, which has been attributed to a lack of supply and the uncertainty around the Reserve Bank’s cash rate decisions.
Read more »
Indonesia’s President to land in Sydney today ahead of talks with PM AlbaneseIndonesia’s President Joko Widodo will land in Sydney today ahead of talks with Prime Minister Anthony Albanese. Mr Widodo’s three day visit to Australia will include the eighth Australia-Indonesia Annual Leaders Meeting where increased economic and commercial ties are expected to be the top of the agenda. According to the Financial Review – Australia and Indonesia are also close to signing a joint effort on the production of batteries for electric vehicles. Mr Albanese travelled to Indonesia in June last year in one of his first acts as Prime Minister.
Read more »
Government hopes surplus figure will cause Reserve Bank to ‘hold fire’ on interest ratesThe federal government will post a surplus bigger than the $4.2 billion predicted for last financial year 2022-23, in what it sees as a boon for its economic credentials and something it can politically bank all the way to the 2025 election. “Treasury figures out last week showed that in the 11 months to May 31, the surplus had come in at $19 billion,” Sky News Political Editor Andrew Clennell said. “Once the June figures are in, the surplus is likely hit as high as 20 billion, which would be a record. Mr Clennell said the government hopes the surplus figure will encourage the RBA to “hold fire” when it comes to its decision on interest rates next Tuesday.
Read more »
Brimson, Horsburgh called in as Maroons eye Origin clean sweepQueensland coach Billy Slater has named his squad for Game Three of the 2023 Ampol State of Origin series to be played at Accor Stadium on July 12.
Read more »
Maroons Origin III squad realises debutant’s dreamQueensland coach Billy Slater has handed firebrand forward Corey Horsburgh his first State of Origin cap, as his career-defining 2023 campaign culminates in the realisation of a childhood dream.
Read more »
Australia sides with China, Russia in bid to sink Pacific nations’ climate planDespite the government’s vow to act on climate and strengthen ties with the Pacific, Australia has declined to back a plan to clean up global shipping.
Read more »