Shares for APN Outdoor were priced last night at $2. 55 each. “It is a fantastic result in a difficult market,” Quadrant Private Equity managing director Chris Hadley said. “We thought that the management team would be well received. ” The pricing takes the company’s market capitalisation to $425m and its enterprise value to $505m.
APN’s assets include digital billboards, static roadside billboards and bus, tram, rail and airport advertising, and its float coincides with the sale of rival business Ooh! Media.
Quadrant Private Equity is set for a major cash windfall through the sale of APN Outdoor when the digital billboard owner hits the public market in November as a $425 million public company.
Sources said the advertising business, which has more than 50,000 panels across Australia and New Zealand, attracted strong demand from global and international institutions. The price of $2. 55 a share equates to 15 times the company’s earnings for the 2015 calendar year.
Read more here: Business Spectator