The planned stock exchange listing by accommodation manager Mantra Group was sunk late Wednesday by a disappointing response from institutional investors who baulked at the asking price. But CEO Bob East said Mantra will have another go later this year. “It will be presented back to the market in some form – we haven’t exactly worked out how,” Mr East told the Australian.
“We have a lot of interest out there. The business is good and growing, so everybody like that story.” But at what price? Reports suggest Manta’s orginal market capitalisation was to be inititally set between AUD476m and AUD549m, before was reset to AUD449m, a target bankers UBS and Macquarie failed to meet.
“We are obviously going to do a thorough review,” Mr East said.