Figtree Holdings seeks $12m in IPO share placement

FIGTREE Holdings has priced its initial public offering on the Catalist board at 22 cents per share in a $12 million fully placed share sale.

Figtree, which designs and builds commercial and industrial facilities, will close its offer of 54.5 million new placement shares on Nov 7 and begin trading on Nov 11. The new shares represent around 20 per cent of the enlarged share capital, and are priced at about 12.9 times FY2012 earnings.

"That is slightly on the high side because the earnings of the company have grown quite significantly over the last half a year," said Andrew Leo, associate director at PrimePartners Corporate Finance, who is the manager, sponsor and placement agent of the offering.