Pacific Equity Partners nears biggest Australian IPO in nearly four years

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pool_lrgAustralian buyout house Pacific Equity Partners is reportedly set to raise A$954m through an IPO of cleaning and catering company Spotless Group in the biggest IPO in the country in nearly four years.

The share sale was oversubscribed several times over according to Reuters, which cited a source close to the deal.

It said PEP planned to sell a 50.6 per cent stake in the company it took private through an A$723m deal in 2012.

The company previously knocked back fellow private equity firm Blackstone when it came calling with an A$657m offer in May 2011.

AltAssets reported last month that PEP was eyeing up to A$1bn from the IPO, and intended to hold 49.4 per cent of the company following the share sale.

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