$300 million raised in cornerstone book

Real estate debt fund Qualitas has secured its ASX listing after Macquarie Capital closed its IPO bookbuild on Wednesday for its target $300 million.

Qualitas CEO Andrew Schwartz AFR

Investors were told that all the proposed hikes were picked up at $2.50 a share, and that they could expect allocations as early as Wednesday night.

The allotments would be subject to a whopping 10 percent chargeback pending broader institutional and retail marketing next week, investors said.

The IPO would see the Qualitas list in December with a valuation of $700 million.

Qualitas’ broker Macquarie Capital kicked off the two-day cornerstone bookbuild on Tuesday morning. It also hired Canaccord Genuity and E. in&P to pitch the IPO to potential investors.

Management presentations during the bookbuild positioned Qualitas as a fund manager in a growing asset class (commercial real estate debt), with a growing customer base in pension funds.

The price of $2.50 per share was 13.7 times projected EBITDA for fiscal 2022 and 19.1 times projected net income after tax and amortization.

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