Float

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McGrath Estate Agents hopes to penetrate the Melbourne market ahead of its mooted $200 million initial public offering in spring this year.
The Australian Financial Review's Street Talk column -which has regularly had the inside word - reports John McGrath is looking at the foray by acquiring a Melbourne agency business with earnings of $5 to $10 million before the possible float.
It added that McGrath would be unlikely to pay more than 4 to 5 times earnings and does not need a deal.
Additionally the agency was tipped to open four to six new franchises in inner-Melbourne suburbs.
"McGrath's entry into Victoria is significant, given some of the bigger national chains have struggled to replicate their success in NSW and Queensland in Melbourne, which is dominated by smaller, independent real estate businesses," the AFR noted.
The company also has aspirations of entering Western Australia and New Zealand by 2017.
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jchancellor-FAypfDUnLy

McGrath tipped for inner Melbourne agency acquisition before November float

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The McGrath estate agency was expected to generate earnings before interest and tax of about $20 million in fiscal 2016 and net profit of about $15 million, according to The Australian Financial Review which has again updated details on the prospect that John McGrath intends floating his estate agency around November.
The Street Talk column advised his plans to sell down a meaningful stake in his business as part of a mooted $200 million initial pubic offering.
"Street Talk understands the exact size of McGrath's sell down is contingent upon a number of factors including the sale route and whether the company undertakes a significant acquisition before any transaction," it said.
Increasing loose sources said Bell Potter and JPMorgan are in the box seat to secure the advisory roles.
Luminis Partners is advising the company.
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The sources said McGrath was eyeing a major acquisition that would boost earnings materially before the float. 
The Australian says McGrath Estate Agents is aiming to raise $100 million.
 
 
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