AU: Lynch uses IPO to acquire China’s VDB Group

Grower and wholesaler Lynch Group will kick off its bookbuild for a $314 million initial public offering at midday on Thursday, and seek to have its listing secured by close of business.

All indications from the three sponsor brokers to fund managers is that there is plenty of demand, and a handful of cornerstone backers that were secured in the past week. They’ve been pointing to Lynch’s 16.4-times P/E, on a proforma consolidated 2021 net profit after tax and amortisation basis, versus listed peer Costa Group at 25-times.

Fundies know, though, that these deals are never done until the books are shut. If Lynch gets away, it’ll be a timely shot in the arm for Australia’s IPO. If not, then nerves will shoot through the long list of contenders sitting in the pipeline.

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