ComfortDelGro's Australian IPO could go both ways for shareholders
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COMFORTDELGRO Corporation is pursuing an initial public offering of shares in its wholly owned Australian land transport subsidiary, in a move it hopes will unlock the value of its business assets Down Under. The listing of this unit on the Australian Securities Exchange could go two ways for shareholders of the group.
ComfortDelGro Corp Australia, the entity to be floated, operates a total fleet of over 4,400 vehicles in New South Wales, Victoria, Western Australia, Canberra, the Northern Territory and Queensland - making it one of the largest privately owned bus operators there.
The terms and structure of the listing are subject to prevailing market conditions and approvals, but CGS-CIMB analysts have estimated that the listing could boost the price of ComfortDelGro's Singapore-listed stock to between S$1.83 and S$2.15.
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