Good evening,

It was a big news day for the IPO market – and there’s likely to be an even bigger punch line tomorrow.

Ventia Services revealed it had secured investment giant Capital Group as its new 5.6 per cent shareholder, securing a $134 million anchor commitment as it embarks on an IPO.

It was a rare move by Capital, which normally prefers to fly under the radar, but its investment was big and early enough to see it outed in Ventia’s prospectus. Ventia’s lead managers broke the news to fund managers when they launched the deal tonight. Ventia will seek to raise up to $1.2 billion to list in the second half of next month.

Meanwhile, GQG Partners, the biggest Australian IPO of this year so far, listed yesterday, finishing at $1.95, which was below its $2 a share offer price. The big one in the market, though, is SG Lottery. It has a bunch of funds on the hook for $3 billion as part of an IPO bid that was put into the lotteries services company’s dual-track auction. Cornerstone investors were told they should hear about the IPO’s fate tomorrow.

In Street Talk tonight, we have a new $500 million fundraising at active buyout firm Five V Capital and have spotted Brookfield getting its house in order for AusNet Services.

Happy reading,

Anthony Macdonald, Yolanda Redrup and Kanika Sood

Street Talk editors