Good evening,

Private to public. Public to private.

The new week kicked off with one company inching towards privatisation, two trying to get on the board and another reminded that going private isn’t all it’s cracked up to be.

Street Talk can reveal that five years after it controversially quit the ASX in search of a better valuation in private markets, Updater appears to have achieved the polar opposite.

The home relocation technology group is in the middle of raising $US40 million, giving it an enterprise value of about $US260 million. That’s a significant fall from the company’s last publicly available value of $US756 million.

Elsewhere, we learnt Bain Capital’s $3-a-share bid for aged care operator Estia Health is still afoot. The Boston-headquartered buyout fund is preparing to front its investment committee as early as this week for approval to proceed.

If all goes well, Bain and its advisers will dive into a second round of more extensive, confirmatory diligence with a view to putting a binding offer in front of the Estia board, led by veteran dealmaker Gary Weiss.

Also on the agenda is float contender Redox, as joint lead manager UBS feeds key valuation data.

Finally, we spotted MasterCard-owned payments solutions group Cusca eyeing an ASX float with Bank of America.

Who said IPOs were dead?

Happy reading,

Sarah Thompson, Kanika Sood and Emma Rapaport
Street Talk editors