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Brookfield to list DBCT: Reuters
Posted on Thursday, 15 October 2020 14:11
Brookfield Asset Management has come down off the fence and chosen an initial public offering (IPO) for Dalrymple Bay Coal Terminal (DBCT) after putting a dual track process on ice in March, Reuters reported.
Sources close to the situation told the news provider the Canadian group restarted discussions with investors in July and plumped for a listing based on the current equity market conditions.
One of the people noted Brookfield is highlighting DBCT as a “low-risk” regulated utility with a “high stable yield” to the prospective backers.
It intends to kick off the process by publishing pre-IPO research on 19th October and meeting with Australian and offshore investors next week.
The people, who declined to be named as the matter is still private, noted Brookfield has an eye on floating the Australian coal export terminal by the end of 2020.
DBCT is based at the Port of Hay Point on the central Queensland coast and operates around the clock, exporting thermal and metallurgical coal from the Bowen Basin mines to ports around the world.
The terminal is a common user facility, which is owned by the province’s state government and leased to DBCT Management on a 50-year lease.
According to the website, DBCT’s two main commercial coal categories are metallurgical and thermal.
Zephyr, the M&A database published by Bureau van Dijk, shows 41 IPOs targeting companies based in Australia have been announced in 2020 to date.
The largest is the AUD 269.50 million (USD 193.15 million) listing by Adore Beauty, which is followed by Dusk Group’s AUD 70.00 million float.
Last month, Reuters reported Macquarie has hired Morgan Stanley to help work on an IPO for Nuix that values the data analysis programme developer at AUD 1.50 billion to AUD 2.00 billion.
© Zephus Ltd