TeamMoto owner targets $46m public float
Motorcycle Holdings is set to lodge a prospectus for an initial public offering, targeting an April 29 listingThe owner of the TeamMoto motorcycle chain, Motorcycle Holdings, is set to lodge a prospectus with the Australian Securities and Investments Commission having secured support for its $46.3 million initial public offering at $2.00 per share, according to a report in the Australian Financial Review.
The offering, which included a $26 million sell down by the owners and a $20 million primary raise, will see the company list with a $75.9 million market capitalisation according to terms sent to potential investors.
Motorcycle Holdings owns 34 motorcycle franchises across Queensland, New South Wales and the Australian Capital Territory. As well as being the parent company for TeamMoto, it also owns Ultimate Motorbikes, Morgan & Wacker Harley-Davidson, Morgan & Wacker BMW, Gold Coast Harley-Davidson, Sy's Harley-Davidson, Canberra Harley-Davidson, Motorcycle Riding School, Advanced Motorcycle Spraypainting and Motorcycle Riders Warehouse.
Archer Growth, which also has stake in V8 Supercars, will retain a 10 per cent stake on listing, while Motorcycle Holdings chief executive officer David Ahmet will own 22 percent of the company.
Motorcycle Holdings is looking at a $6.9m profit in the 2016 financial year, based on revenue of about $212.8m.
The company is seeking to list on April 29.
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