Business
Adore Beauty IPO away, Hipages up next – The Australian Financial Review
The first big bookbuild of the initial public offering season has filled other hopefuls’ hearts with joy.
Whether Adore makes money in the secondary market will not be known for another three to four weeks. For now, the fact small cap investors flooded its bookbuild is as good an indication as any that they think it is ready for the ASX-boards.
At 3.9-times revenue, Adore Beauty was priced slightly below the four to five times fund managers were told to think about earlier this week.
While Adore may have been able to squeeze a slightly higher multiple out of growth fund managers, major backer Quad…
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