EQUITIES: Australia's Largest IPO Of 2010 Mandated
The Queensland government has mandated the IPO of its coal and freight assets, under the name QR National. The deal is likely to be the biggest IPO in Australia this year. The government will retain between 25% and 40% of the company after the offering, but has said it does not intend to remain a shareholder in the longer term. QR National is valued at around A$7bn (US$3.7bn), giving a likely deal size of A$4.2bn to A$5.25bn, although this will depend on how much debt is included in the offering. Credit Suisse, Goldman Sachs JBWere, Merrill Lynch, RBS and UBS have been named joint lead managers. Listing is expected in Q4. A source said it would almost certainly be offered in the US. As usual with a privatisation, fees are said to be low.
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