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Spotless to Raise A$1 Billion in Australian IPO to Reduce Debt

Spotless Group Ltd. and its private equity owners plan to raise A$1 billion ($928 million) in Australia’s biggest initial public offering in more than three years.

The cleaning and catering contractor and investors including Pacific Equity Partners Ltd. will sell shares at A$1.60 to A$1.85 apiece, it said today in a statement. Spotless will announce a final price on May 22 and the shares will start trading the following day, according to the release.

Pacific Equity Partners agreed in April 2012 to buy Spotless for A$720 million after a five-month takeover battle for the Melbourne-based contractor, which offers corporate services including facilities management, food and cleaning.

Companies have raised A$1.2 billion in IPOs in Australia this year, almost quadruple the amount in the same period last year, according to data compiled by Bloomberg.

Citigroup Inc., Deutsche Bank AG and UBS AG will manage the IPO.

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