John McGrath nearing mooted $200 million IPO
The McGrath estate agency was expected to generate earnings before interest and tax of about $20 million in fiscal 2016 and net profit of about $15 million, according to The Australian Financial Review which has again updated details on the prospect that John McGrath intends floating his estate agency around November.
The Street Talk column advised his plans to sell down a meaningful stake in his business as part of a mooted $200 million initial pubic offering.
"Street Talk understands the exact size of McGrath's sell down is contingent upon a number of factors including the sale route and whether the company undertakes a significant acquisition before any transaction," it said.
Increasing loose sources said Bell Potter and JPMorgan are in the box seat to secure the advisory roles.
Luminis Partners is advising the company.
The sources said McGrath was eyeing a major acquisition that would boost earnings materially before the float.
The Australian says McGrath Estate Agents is aiming to raise $100 million.
