collins foods group prospectus, Collins Foods prices IPO at bottom of range

collins foods group prospectus, Collins Foods prices IPO at bottom of range : Australian fast-food group Collins Foods, owned by buyout firm Pacific Equity Partners, has priced its initial public offering at the bottom of the planned range, two sources said, raising A$201.8 million, but that still makes it the largest IPO in the local market this year.

Collins Foods will offer 80.7 million shares at a price of A$2.50 per share, the bottom of the range between A$2.50 to A$2.92, the two sources familiar with the deal told Reuters. They spoke on condition of anonymity because the matter is not public yet. Pacific Equity Partners declined to comment.

The price implies a multiple of nine times earnings and the bookbuild met with solid support from local and Asian institutional investors, one of the sources said. The prospectus is due to be lodged later on Friday.

Collins Foods is the country's largest KFC franchisee and owns all 119 KFC outlets in the state of Queensland, as well as 85 Sizzler restaurants around Australia and Asia, according to its web site.

There has been a drought in Australian share offerings due to soft equity markets, with two floats pulled last month and no IPOs worth more than A$100 million reaching the market.

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