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Storm sets IPO date

By Reporter
 — 1 minute read
Storm has finally locked in a date for its IPO.
Financial planning group Storm Financial has finally locked in a December date for its listing after lodging a prospectus with ASIC.

The Queensland-based group is expected to begin normal trading of shares on the Australian Securities Exchange on December 13, 2007.

It was also reported yesterday that Storm has also released an initial share offer prior to its official list.

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Storm expects the offer to raise more than $172 million.

The offer comprises 160 million shares with an indicative price range of $0.92 to $1.08 per share.

It is open to company clients, employees and institutions.

The final price of shares in the offer will be determined through an institutional book build, with total proceeds of the offer expected to be $147.2 to $172.8 million.

It is expected Storm will have a market capitalisation of $424.0 to $497.8 million following the offer.

The group has funds and liabilities under advice currently exceeding $5 billion as at September 2007.

The path to listing has been one of obstacles, with Storm previously planning to launch its initial public offer in August.

This date was pushed back a month due to conflicts with the group's reporting time.

The new October date was also pushed back another month to November. However, the December 13 date is now set.

As well as listing, Storm has gone public about its desire to grow adviser numbers. The group plans to expand its national footprint outside its existing bases in Queensland, New South Wales and Victoria.

It also plans to launch a number of new products and services.

Its expansion plans follow the group's major restructure of its research business earlier this year.

Storm Financial Research was originally created to support Storm Financial with research and financial systems, however, this was rebranded Ignite Financial Systems and Research in April.

Storm sets IPO date
Storm has finally locked in a date for its IPO.
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