12/11/2021 - 12:35

APM makes a soft start

12/11/2021 - 12:35

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Shares in mega stock market float APM Human Services International made a soft start today, falling slightly but still leaving the company worth more than $3 billion.

APM makes a soft start
Megan Wynne's company debuted on the ASX today. Photo: APM Human Services

Shares in mega stock market float APM Human Services International made a soft start today, falling slightly but still leaving the company worth more than $3 billion.

APM’s shares traded as low as $3.20 this morning before closing at $3.33.

That was after the company raised $982 million through its initial public offering at $3.55 per share.

That made it arguably the largest IPO ever completed in Western Australia, rivalled only by the two-part float of construction giant Multiplex in 2003.

The ASX listing crystallised the value of founder and executive chair Megan Wynne’s shareholding.

Along with her husband, Bruce Bellinge, she holds a 34.2 per cent stake worth $1.1 billion at the IPO issue price.

APM’s second largest shareholder is US-based private equity group Madison Dearborn Partners, which has retained a 30 per cent stake.

The capital raising was supported by a range of institutional investors, along with many of APM’s 7,000 employees.

The company said more than 4,000 APM team members chose to become shareholders through the employee gift offer and employee offer.

APM’s core business is the provision of employment, disability and aged care services on behalf of governments.

It generates more than half its annual revenue in Australia and operates in nine other countries.

“Following the IPO we will continue to grow and expand our business globally,” Ms Wynne said today.

“We will continue to deliver on our purpose of enabling better lives, by partnering with our stakeholders, and supporting more clients each year, to positively change their lives.”

Ms Wynne said APM’s clients, regardless of their means or circumstances, should have access to high quality human services.

“This approach fosters equity and social cohesion, which in turn contributes to the welfare of communities as a whole.”

Chief executive Michael Anghie said APM has a history of growth both organically and through strategic acquisitions and investing for the long term.

“We look forward to continuing our journey as an ASX-listed company,” Mr Anghie said.

APM appointed Goldman Sachs as sole global coordinator and joint lead manager for the IPO.

UBS, Bank of America Merrill Lynch and Credit Suisse were also appointed joint lead managers.

Lawyers to the transaction were Gilbert + Tobin.

NB: See next week's edition of Business News for an in-depth profile of Megan Wynne.

 

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