Billionaire retail entrepreneur, Brett Blundy, has relaunched the initial public offering of his property company, Aventus, and is hoping to tap public market investors for $303.3m.
The overhauled float has been priced at $2 per unit.
Under the terms of the deal 151.7m units in Aventus will be sold in a book build executed by Macquarie.
According to a termsheet sent to investors the retail component of the deal opens on October 8 while the institutional book build is scheduled for October 14.
The landlord will debut on the stock exchange on October 19.
Earlier this year Blundy, better known for his underwear and jewellery ventures, was forced to withdraw the Aventus offer after retail investors displayed lacklustre support.
However the entrepreneur, who is based in Singapore, is hoping this second attempt will prove more fruitful. The management fees have been reduced in the wake of heavy criticism from investors. He also injected an additional $25m into the business, lifting his stake held with chief executive, Darren Holland, to 34 per cent.
As with the former deal, the money raised from public market investors will be used to repay some $105.3m of debt attached to the portfolio of 14 large format retail shopping centres. An additional $16.9m is needed to cover the costs of the IPO with another $44.8m deployed to cover additional liabilities such as stamp duty.
This article first appeared in The Australian Business Review.