Good evening,

Fund managers’ wallets are nearing the bursting point.

After a run of major M&A deals, buybacks and big dividend cheques – plus more on the horizon – fund managers are ready to go shopping.

We expect big cap investors to go fishing at the smaller end of the S&P/ASX200, so the competition for any share placements is going to be fierce.

For those that dabble in the pre-IPO space, one opportunity available this week is in gold sample testing company Chrysos.

The company is being pitched to investors by Morgan Stanley and is understood to be hoping to raise $50 million at a $500 million valuation, ahead of an IPO in 2022.

At first glance its multiple looks sky high – 40 times its annualised recurring revenue run rate – but the business has $100 million in total contracted revenue it’s yet to bill.

Elsewhere: Macquarie Capital is on board to help Ingham’s with its run at rival chicken producer Hazeldenes; New York-based PE player Riverstone makes its first Aussie venture investment in battery metals tech company Sicona; and Stonepeak has entered the running for Icon.

Happy reading,

Anthony Macdonald and Yolanda Redrup
Street Talk Editors