Alinta Energy public offering on hold

Jemena

Preparations for the year’s biggest initial public offering – gas network owner Alinta Energy – are on hold as the company’s owners, advisers and potential investors wait to see how equity markets respond to the US election, according to The Australian Financial Review.

It’s understood Alinta was supposed to launch a prospectus and begin marketing the $1.5 billion share offer early November, but the timetable has been delayed until most likely the second week of December.

The utility holds an estimated 85 per cent of the WA retail gas market and is owned by a ground of funds, headed by TPG.

Alinta is forecast to record $421 million in earnings before tax, depreciation and amortisation in the year to June 30 and investors are expected to value it at up to $4.5 billion, including debt.