GIC, Ironbridge eye IPO of Australia's FleetPartners

[SYDNEY] Singapore sovereign wealth fund GIC and Australian private equity firm Ironbridge Capital are planning an initial public offering of FleetPartners Ltd in a deal that would value the leasing and fleet management company at A$750 million (US$613 million).

The IPO was expected to hit the market as early as April, a person with knowledge of the matter told Reuters on Wednesday.

It was not clear yet how much of the company was up for sale but the source said between 50 and 80 percent is likely to be on the block. He did not want to be named as the transaction was confidential.

Credit Suisse is managing the sale for FleetPartners, which manages over 50,000 vehicles across Australia and New Zealand.

REUTERS