transfield-prices-infrastructure-fund-at-top

Transfield prices infrastructure fund at top

The Australian operations and maintenance company raises A$285 million from the spin-off of its infrastructure assets.
Transfield Services priced its offering of shares in a new infrastructure fund at the top of guidance yesterday, raising A$285 million $235 million from institutional and retail shareholders in a lightening-speed bookbuild exercise.

ôIt became very clear early in the peace that the deal was going to be oversubscribed by multiples,ö says a source close to the offering. ôInvestors were hoovering up the shares at such a rate. There is going to be a lot of friction over who gets shares and who doesnÆt.ö

At the time of writing yesterday, the allocation to investors was still being determined, though Transfield had previously indicated that existing shareholders in the parent company would be given priority. Transfield...
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