Good evening,

IPO season is hitting full swing!

Tonight, we take a look at the two latest contenders in front of fund managers.

Human services group APM has kicked off a round of cornerstone meetings, telling potential investors to think about a $1 billion-plus raising and $3 billion-plus market value.

APM told potential investors it forecast $1.3 billion in revenue and $155 million in profit for the 2022 financial year, both of which would be up strongly on last year.

It is expected to offer a 30 per cent stake at the IPO. Founder Megan Wynne would hold 35 per cent and private equity backer Madison Dearborn Partners 30 per cent.

It’s big and different from just about anything else on the ASX.

The other one is NZ telco 2degrees, which is readying fund managers for a $700 million to $800 million raising to list on the NZX and ASX.

Interestingly, it’s catching attention because it is listing at the same time as another Kiwi telco, Orcon (formerly Vocus NZ).

Both have polished pitches for their respective IPOs, but fundies are wondering whether their long-term futures are actually very closely aligned.

Elsewhere, we have an update on Finder, which has bankers on board and is talking to potential investors.

Happy reading,

Anthony Macdonald, Yolanda Redrup and Kanika Sood
Street Talk editors