Bell Potter and Morgans were out with detailed term sheets for South Australian radiator business Adrad’s $22 million IPO on Thursday afternoon, after mailingThe Brokers were offering shares at $1.50 a pop, raising for a $7 million founder sell down and $15 million in fresh shares.
The business was founded by 1985 by Gary and Karen Washington and sells heat-transfer devices in the original equipment manufacturer as well as aftermarket market. It’s got 500 odd employees, eight main sites and 16 warehouses across Australia, New Zealand and Thailand. Fund managers were expected to give Adrad at least a good look, given its family-owned history, well-respected board , big-name and nuts-and-bolts operations after recent years’ flurry of technology and biotech IPO deals.
Source: News Formal (newsformal.com)
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