The much-discussed equity raising/float for Australian hotel and apartment manager, Mantra Group, is tipped to happen this week. According to recent, and somewhat disparate reports, Mantra Group shares will be sold in a book build via UBS and Macquarie to institutional investors for between $2 and $2.60 per security, while the amount to be raised may each AUD450 million.
Assuming this stage of the process is a success, the stock will then be listed on the Australian Stock Exchange. Mantra Group is 60% owned by private equity firm CVC Asia Pacific and 40% by the Swiss Bank UBS, which ended up with its share in a debt for equity swap.
Mantra Group has a total portfolio of 111 properties and over 11,400 rooms across Australia, New Zealand and in Indonesia.
It operates the Mantra, Peppers and BreakFree brands.