LJ Hooker public float may be delayed further: The Australian

LJ Hooker's long-planned $400 million initial public offering may have got delayed further until September, with UK real estate agency Countrywide chairman Grenville Turner flying into Sydney for meetings with potential investors, according to a report in The Australian.

Citi, the lead manager to the IPO, scheduled back-to-back meetings with potential investors to explain the revised listing date, the business strategy and point out the differences between LJ Hooker's float and the December-listing of property agency McGrath Ltd, reported the Australian business column Dataroom. 

LJ Hooker's listing was subject to completion of its merger talks with Victorian real estate firm Barry Plant, as the combined, bigger entity would look to emulate Countrywide by housing both brands in the same corporate structure and yet operating independently, the report said.

The listing would be under the name Empireal and when it lists would have nearly 10 percent market share, making it the largest in the sector.

Countrywide and LJ Hooker entered into a partnership in 2012 to expand their reach. LJ Hooker, an iconic real estate firm launched by Sir Leslie Hooker in 1928, has more than 700 franchise offices across Australia.

Turner was drafted in as a special advisor by Janusz Hooker, the majority shareholder.

The report said Hooker, Turner and Empireal's chief executive designate and the current CEO of LJ Hooker, Grant Harrod, updated investors about the status of the merger talks.

The perceived slowdown in Australia's property market and McGrath's poor show are possibly weighing in on LJ Hooker's IPO.

McGrath, whose shares fell below their IPO pricing on its first day on the ASX, have lost more than a third of their value in three months. They were trading at $1.34 in mid-morning trade on April 13 on the ASX.