Done deal: Johns Lyng raising priced at $5.15, 5.2pc discount
Johns Lyng Group has priced its $65 million placement at $5.15 a share or towards the top end of the bookbuild range.
Johns Lyng chief executive Scott Didier says Smoke Alarms and LinkFire can provide subscription-based revenue. Paul Jones
The final price represented a 5.2 per cent discount to the last close of $5,43.
Broker JPMorgan began taking bids on Wednesday morning, offering the shares within a $5 to $5.20 range, which represented a discount of between 4.2 per cent and 7.9 per cent discount.
It had enough demand to have the book covered by 10:30am when the company began its management presentation, and was able to tighten the discount by 3pm.
The proceeds would fund acquisitions of Smoke Alarms Australia and Link Fire Holdings, which the company estimates would be 5 per cent EPS accretive and a strategic fit for its strata management business.
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