CVC Asia Pacific sees Mantra shares rise on Australian market listing


Mantra hotleHong Kong-based private equity firm CVC Asia Pacific has seen the shares of Australian portfolio company Mantra Group list at a 2.8 per cent premium to their issue price.

The firm, which tried to sell the business alongside fellow owners UBS two years ago, was hoping for an A$500m valuation through the listing according to Reuters.

CVC bought Mantra in 2008 while UBS, which funded the buyout, acquired a 40 per cent stake via a debt for equity swap.

Mantra listed on the Australian Stock Exchange.

The shares first traded at A$1.85 compared to their A$1.80 issue price, Reuters said.

Hotel and resort operator Mantra has more than 11,000 rooms under management across Australia, New Zealand and Indonesia.

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