Home Markets IPOs give new meaning to Down Under

IPOs give new meaning to Down Under


Workers are reflected in an office building’s windows in Sydney’s Barangaroo business district in Australia’s largest city, May 8, 2017. REUTERS/Jason Reed

It’s a good time to be an M&A banker in Australia – contested tie-ups read more are surging. Colleagues in equity capital markets are having a rougher time. Deals get done, but performance is wanting.

Keypath Education (KED.AX) became the latest disappointment on Wednesday. The online-lesson provider’s shares tumbled more than 8% at one point. More than half the 13 companies listing on the Australian Stock Exchange this year with a market value above A$100 million ($78 million) now trade at or below the offer price against an 8% rise in the benchmark index. They include Australian Clinical Labs (ACL.AX), meal-kit deliverer My Food Bag (MFB.NZ) and KKR-backed non-bank lenders Pepper Money (PPM.AX) and Latitude Financial (LFS.AX) read more .

That should make the M&A route more appealing. Not at…

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