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SECTIONS / WEARABLE TECHNOLOGY

Confirmed: Dick Smith $344M Float

By Oonagh Reidy | Thursday | 14/11/2013

One year after purchasing Dick Smith for $20m, plans to float the CE giant have been announced by owners Anchorage Capital.

Dick Smith today lodged a prospectus for an IPO of its fully paid ordinary shares and listing on the ASX, with Australian Securities and Investments Commission (ASIC). 

The IPO to certain retail, institutional investors is expected to raise A$344.5 million, based on a price of A$2.20 per share, a far cry from the $20m price it paid for the struggling retailer, a year ago.  

156.6 million shares are to be floated. 

The first institutional offers will open next week, November 21, while retail offers open the following day, due to be complete by early December. 

Anchorage is retaining a 'significant shareholding' in Dick Smith, reflecting its  confidence in the company's forecast financial performance, or around 47.3 million shares, according to the prospectus. 

Dick Smith's market capitalisation is valued at $520.3 m. 

The electronics retailer was fully purchased by Anchorage Capital from Woolworths in November last, for a tidy sum of $20m and paid a further $74 m to cut Woolies out of pocketing any future sale proceeds.

Since then, Dick's has undergone a transformation from a dowdy retailer into cool, progressive retail force to be reckoned with.

"Dick Smith is an iconic, trusted and well known consumer brand, product range is skewed positively towards categories that are attractive in terms of margins and growth", Anchorage said in a statement. 

Under leadership of CEO Nick Abouud, it signed deals with David Jones, developing new Move 'fashtronics' stores and developing Apple, Samsung store-in-stores, among other innovations.

Abouud also revamped stores and opened new locations. There is now 359 stores in ANZ - largest network of CE stores in the region-  including five new stores so far in FY14, with plans to open a further 11 this year alone. 

Dick Smith's FY2013 revenue was $1.28 billion, on net profit of $6.7m - up on FY12. 

However, company forecasts predict FY14 revenues will be lower at $1,22 bn, but with net profits, earnings EBITDA set to rise to $40m and $71.8m, Dick Smith prospectus indicates.  

Abboud said: "today is a very exciting day for Dick Smith, our team and our customers."

"Management is very excited about the opportunity to list the company and pursue profitable growth on behalf of shareholders."

With the business transformation largely implemented, management put in place a strategy and plan focusing on key business initiatives which provide a strong platform for growth, he said. 

"The IPO provides investors a great opportunity to share in this continued development and what we believe will be future success," he added. 

Phil Cave, Dick Smith Chairman, said the Board believes the retailer is well positioned to execute its growth strategy.

"Nick and his management team have driven a comprehensive program of strategic, customer,operational and cultural initiatives that have already delivered substantial improvement in financial performance and are expected to deliver additional benefits in the coming years." 

Goldman Sachs and Macquarie Capital Advisers have been appointed as joint lead managers and underwriters. Aquasia will act as adviser to the Board.

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