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P2P Transport’s IPO motors on: AFR
Posted on Monday, 13 November 2017 12:44
Hailed as one of Australia’s largest point-to-point fleet management operators, P2P Transport is considering listing, the Australian Financial Review (AFR) has reported.
The Street Talk section of the newspaper’s website stated that the Huntingdale, Victoria-based business will raise AUD 30.00 million (USD 22.94 million) from the initial public offering (IPO), valuing the passenger car rental services provider at AUD 100.00 million.
It went on to claim that P2P Transport, which is being advised by Shaw and Partners, will meet with fund managers this week after successfully finding backers.
No further details were provided.
Established in 1987 as a cab firm in Victoria, the company now owns one of the biggest fleets in the country, with 695 customised, fully equipped taxis. It also has ten luxury corporate vehicles and 15 of its recently-launched “meego” brand of ride-share cars.
Its market share in Victoria, New South Wales and Queensland is 3.8 per cent, 5.4 per cent and 10.5 per cent, respectively; this is due to the sector in Australia being highly fragmented, with a lot of companies each owning small fleets.
However, globally, the passenger car rental industry is booming thanks to mobile applications such as Uber and Lyft and has, according to AFR, annual revenues of nearly AUD 6.00 billion.
P2P Transport reportedly expects AUD 13.00 million in earnings this fiscal year and plans to expand its operations to include a mobile based ride-hailing application, which is partly owned and currently in soft-launch.
Zephyr, the M&A database published by Bureau van Dijk, shows that there have been 88 deals targeting passenger car rental businesses announced so far this year.
The largest such transaction was Europcar Groupe’s USD 616.20 million acquisition of Goldcar Spain in June.
© Zephus Ltd